Flexible premium arrangement (FPR): investment pools and monthly cycle (messages 10, 13, 14 and 15)

The FPR monthly cycle: orders, investment pools and units from T-4 to T+3

The final Release 2027 describes one FPR model (issue #124) with two parts: orders (messages 5 and 6) and investment pools (messages 10, 13, 14 and 15). Participants take part in investment pools through units; the cohort pool as a layer between cohort and investment pool has been dropped. The monthly cycle has three moments: T-4 (orders, preliminary value, control information and interest-rate risk profile), T (execution) and T+3 (confirmation, final NAV and payment information). Figures 8 and 9 of the manual show two administrative set-ups, with the CVP unitised or in euros, not two models; in Release 2026 the manual still described two order models.

Steps

• T-4PUO and BAThe PUO sends the trade instruction (5) to the BA; the BA sends the preliminary NAV (13) to the PUO and the net control information (10) to the fiduciary; the PUO sends the pension projection (3) as the interest-rate risk profile to the fiduciary and the LDI manager. With a CVP in euros a cash instruction (message 2) also goes to the fiduciary. 00541 00555b 00553 0001c
• TLDI manager and FM / asset managersExecution on the LDI mandate and the non-LDI portfolios; the executed trades go back to the BA, without a SIVI message.
• T+3BAThe BA sends the order confirmation (6) and the final month-end NAV (13) to the PUO, then the payment information (14) to the fiduciary, who has it settled; cash settlement via SWIFT. 00542 00555b 00556
• Event-drivenAsset-management chain → PUOCorporate actions (15) as soon as dividends, rebates or product changes have been processed. 00557

Source: Handleiding paragraaf 4.3 en 4.3.1 (maandcyclus), figuren 8 en 9; issue #124