Arranging pensions for your employees? Find out how easy it is.

Many employers would like to arrange pensions for their employees, but keep putting it off. The most commonly cited reason for this is: it's too complicated and takes me too much 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 take a sneak peek and show you how onboarding works at Vive. 

Step 1: Contact us

This might be the hardest step because, threshold fear... But we'll make it as easy as possible for you. So... take a deep breath and take that step! Schedule an appointment with us here. Choose a day and time that suits you, enter your name, email address and the number of employees you have. Once you schedule the appointment, we'll send you an invitation for a video interview. During the call, we'll explain everything you need to know about retirement planning for your employees through Vive. 

Step 2: We send a cooperation agreement

If after the interview you have become so enthusiastic that you decide to arrange pension for your employees through Vive, we will send you a cooperation agreement. This agreement contains all the conditions and 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. 

Step 3: Decide how much you want to put in for each employee

How much you put in for each employee is entirely up to you. You can make it relative, then think 1%, 5%, or 10%? Or maybe you prefer a fixed amount? However much it is, we add up the total amount and you can transfer it to us each month by direct debit. So you don't have to bother with transferring different amounts to different accounts. Our system does the distribution to your employees' accounts. Should you want to make adjustments. Just contact us. We will take care of it right away. 

Step 4: Provide your employees' contact information.

To create accounts in our app (for retirement), we need your employees' (and maybe you) contact information. 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. Then each employee enrolls themselves through the app. There they can then create a retirement plan. Your work is now done. The rest is up to the employee.

What your employees should do once they have downloaded the app

When your employees start using the app, we ask them a few questions. We want to know their age, the age at which they want to retire (if earlier or later than the eligible retirement age) and how much they want to add per month themselves. They have control over this. 

To verify the identity of your employees, we ask them to use the camera on their phone to take a scan of their passport or ID card. This is part of the KYC process (more on this later in the blog). Then they also take a selfie so we can check it against the scan of their ID. And finally, they digitally sign a contract themselves.

Then their plan is complete and they can start investing for retirement. We calculate for them, based on their individual situation (time to retirement, employee contributions, employer contributions, all economic scenarios, et cetera) how much is the minimum, maximum, and average return they can expect. 

The KYC process

Now you know all the steps you and your employees go through to take care of retirement. Like any financial services company, we are required to screen all of our customers. This is called Know Your Customer (KYC). For your employees, we do this screening with the scan of ID and their selfie. 

Your company itself must also be screened. For this we check your company structure in the UBO register. Then we also check that your company is not on a sanctions list and we check that there are no political figures associated with your company. After all, it is difficult for us if you are the nephew of a dictator. 

If this is all right, you can start setting up pensions for your employees right away. Compliance checks happen in the background and usually do not affect the process of setting up retirement for your employees unless there are special circumstances. On average, this entire process takes two weeks.

What does retirement planning at Vive cost?

Well, brace yourself, because you've probably never seen this before. Pension for your employees will cost you after the one-time implementation fee (setting up the app, KYC, CDD) of €45 per employee only €6.25 per employee per month. How can we keep these costs so low? It's because we deploy technologies that most traditional pension funds have never heard of. And instead of pocketing that difference, we prefer to keep pensions affordable for everyone. That makes us feel good and you a nice and affordable better retirement. 

When will you take that first step to take care of your employees' pensions?

Hopefully it's clear to you by now that arranging retirement for your employees doesn't 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 fringe benefit without a lot of administrative burden. From initial contact to completing compliance checks, everything is focused on ease and efficiency. With just a few steps, you can set up retirement for your employees and put them in charge of their own financial future.