Roles
Roles in the VB-PUO chain
What each party in the chain sends, receives and checks: pension administrator, fiduciary manager, investment administrator, custodian, LDI manager, broker, self-administering fund, APF, insurer and PPI.
Pension administrator (PUO)
The PUO keeps the participant and cohort administration and is the starting point of almost every information flow.
Sends: 0001a, 0001b, 0001c, 00541, 00553, 00556 · Receives: 00002, 00542, 00555b, 00557, feedback
Fiduciary manager (FM)
The fiduciary manager receives the fund's positions, flows and projections, translates them into instructions to operational asset managers and LDI managers and keeps a shadow administration.
Sends: 00002, feedback · Receives: 0001a, 0001b, 0001c, 00553, 00555b, 00556
Investment administrator / asset service provider (BA)
The independent investment administrator, often the custodian, keeps the leading investment administration (ABOR).
Sends: 00002, 00555b, 00553, 00556, 00557, feedback · Receives: 0001a, 0001b, 0001c
LDI manager
The LDI manager manages the mandate that hedges the interest-rate risk of the expected payments.
Sends: feedback · Receives: 0001c
Custodian
The custodian holds the investments, independently determines value and performance and settles the cash flows via SWIFT.
Sends: 00002, 00555b, 00542, feedback · Receives: 0001a, 0001b, 0001c, 00541
Broker, transfer agent or order desk
The executing party in the direct order model: receives trade instructions (5), executes and confirms (6).
Sends: 00542, feedback · Receives: 00541
Self-administering fund (ZAF)
A fund that runs administration and asset management in-house plays the PUO role and parts of the VB roles at the same time.
Sends: 0001a, 0001b, 0001c, 00541, 00553 · Receives: 00002, 00542, 00555b, 00557
General pension fund (APF)
An APF runs several compartments, each with its own scheme and often its own chain partners.
Sends: 0001a, 0001b, 0001c, 00541 · Receives: 00002, 00542, 00555b, 00557
Insurer and premium pension institution (PPI)
Insurers and PPIs are pension providers within the meaning of the standard and appear in code list AFDIDP.
Sends: 00541, 0001a, 0001b · Receives: 00542, 00002, 00557