Many employers would like to arrange a pension for their employees, but keep putting it off. The most frequently mentioned reason for this is: it's too complicated and takes up too much of my time to figure it all out. But is that really the case? To give you an idea of how easy it can be, we'll lift the veil a little and show you how the onboarding process at Vive works.
This may be the hardest step, because of, fear of commitment… But we make it as easy as possible for you. So… take a deep breath and take that step! Schedule an appointment here with us. Choose a day and time that suits you, fill in your name, email address, and the number of employees you have. As soon as you have scheduled the appointment, we will send you an invitation for a video call. During the conversation, we will explain everything about arranging a pension for your employees through Vive.
If you are so enthusiastic after the conversation that you decide to arrange a pension for your employees through Vive, we will send you a cooperation agreement. This agreement contains all the terms and conditions and the agreements we adhere to. You can sign the contract digitally. Once this is done, we will send you an invoice with the costs for the onboarding and the annual subscription fee we charge for our services.
You decide entirely how much you contribute for each employee. You can make it relative, so you'd be thinking of 1%, 5%, or 10%? Or perhaps you'd prefer a fixed amount? Whatever the amount, we total it up, and you can transfer this total amount to us monthly via direct debit. You don't have to bother with transferring different amounts to different accounts. Our system handles the distribution to your employees' accounts. Should you want to make adjustments, simply contact us. We'll arrange it for you immediately.
To create accounts in our app (for pensions), we need the contact details of your employees (and perhaps yourself). This is standard and nothing complex. We need your employees' first name, last name, email address, mobile phone number, and date of birth so we can personally invite them all to download the Vive app. Subsequently, each employee registers themselves via the app. There they can then create a pension plan. Your work is now done. The employee does the rest themselves.
When your employees start using the app, we ask them a few questions. We want to know their age, the age at which they wish to retire (if this is earlier or later than the statutory retirement age), and how much more they want to contribute monthly themselves. They have control over this.
To verify your employees' identity, we ask them to use the camera on their phone to scan their passport or ID card. This is part of the KYC process (more on this later in the blog). They then also take a selfie so we can check it against the scan of their identity document. And finally, they also digitally sign a contract themselves.
After that, their plan is completely ready, and they can start pension investing. Based on their individual situation (time until retirement, employee contribution, employer contribution, all economic scenarios, et cetera), we calculate for them the minimum, maximum, and average return they can expect.
Now you know all the steps that you and your employees go through to arrange a pension. Like any financial service provider, we are obliged to screen all our customers. This is called Know Your Customer (KYC). For your employees, we perform this screening using the scan of the identity document and their selfie.
We also have to screen your company itself. For this, we check your company structure in the UBO register. We then also check whether your company is not on a sanctions list and we check whether no political persons are associated with your company. After all, it's difficult for us if you're the nephew of a dictator.
If all of this is satisfactory, you can immediately start arranging pensions for your employees. The compliance checks happen in the background and generally do not affect the process of setting up a pension for your employees, unless there are special circumstances. On average, this entire process takes two weeks.
Well, brace yourself, because you've probably never seen this before. The pension for your employees costs you only € 6.25 per employee per month after the one-time implementation fee (setting up the app, KYC, CDD) of € 45 per employee. How can we keep these costs so low? This is because we utilise technologies that most traditional pension funds have never embraced. And instead of putting that difference in our pockets, we prefer to keep pensions affordable for everyone. That gives us a good feeling and you a great and affordable better pension.
Hopefully, it is now clear to you that arranging a pension for your employees does not have to be complicated or time-consuming. At Vive, we make the process simple, transparent, and affordable, so that as an employer, you can offer your employees a valuable secondary employment benefit without much administrative burden. From the first contact to the completion of the compliance checks, everything is focused on ease and efficiency. With just a few steps, you can set up the pension for your employees and give them control over their own financial future.