MN: Complex Wtp transition without compromising on quality

March 23, 2026

_{This article was originally written in Dutch. This is an English translation.}

The past New Year was a special one for fiduciary asset manager MN: the Hague-based advisor and administrator transferred the asset management of two of its largest clients, PMT and Bpf Koopvaardij, to the new system. Financial Investigator looks back with programme manager Ramon van Steekelenburg and Hester Borrie, Director of Fiduciary Advice.

By Jolanda de Groot

The Wtp transition was preceded by a preparatory process lasting more than three years. According to programme manager Ramon van Steekelenburg, the intensive preparation showed that even a complex transition can be realised within the planning, without compromising on quality or continuity. “We didn't want to settle for an implementation that would only meet the minimum requirements,” says Van Steekelenburg. ‘Instead, we deliberately opted for a fundamental overhaul of processes and systems. A transformation that went far beyond the necessary technical adjustments. The aim was to build a stable connection between all components and information needs in the entire chain. Not only with customers, but also within MN’s systems, at the pension administrator and at all other parties involved.’

MN faced an additional challenge during the preparations. During the term of the Wtp programme, the pension management organisation, including the participant and employer administration of PMT and Bpf Koopvaardij, transferred to PGGM.

‘This could have posed major risks to the continuity of the Wtp preparations,’ Van Steekelenburg acknowledges. ‘Clear agreements and careful management of both processes were therefore of fundamental importance. This was taken very seriously by all parties involved.’

Tight governance

Hester Borrie, Director of Fiduciary Advice at MN, was involved in the transition from the start of her career at MN in May 2025. She brought with her experience in large-scale and technically complex transitions of services and new legislation and regulations. The preparations for the transition of asset management for PMT and Bpf Koopvaardij to the new system on 1 January required tight governance, Borrie explains. ‘A successful transition starts with a robust governance structure that is broadly supported by all relevant parties in the chain from the outset. There must be a guarantee that decisions on chain-wide issues and unexpected situations are taken quickly and carefully.’

As an example, Borrie mentions that governance models are ideally designed in such a way that customers, contractors and suppliers jointly manage progress, dependencies and risks. ‘This form of cooperation has proven to be a prerequisite for a predictable and stable transition.’

A successful transition starts with a robust governance structure that is broadly supported by all relevant parties in the chain from the outset.

Quality Management Frameworks (QMF) were drawn up together with the customers, specifying deliverables, concrete milestones and assessment criteria. Van Steekelenburg: ‘This transparency enabled our customers to check whether we were delivering on time and as agreed.

Equally important was a detailed roadmap with a schedule that was supported by all parties involved, describing all steps, dependencies, risks and fallback scenarios. That document provided insight, predictability and control over the schedule and quality.’

Daily management

The transition from PMT and Bpf Koopvaardij to the Wtp in January – and in the near future also from the other funds in MN's customer base – led to adjusted processes in daily operations. Van Steekelenburg: ‘Whereas many administrators are primarily dependent on monthly data from the PUO, we have developed processes that enable daily management. We now actively adjust during the month based on market and portfolio information. We process this immediately in the participants' capital, instead of waiting for the month-end closing and SIVI files from the PUO.’

Borrie adds: ‘This offers significant advantages over the previous routines. The proactive approach prevents transaction peaks, reduces transaction costs by spreading trades, and enables us to stay ahead of market developments. It ties in with our finely meshed and data-driven approach to portfolio and risk management. This not only gives pension funds a better-managed portfolio, but also more control, better predictability and greater accountability towards participants. Whereas many other parties only know how they should have invested when the PUO files arrive halfway through the month, we are now prepared for that outcome on a daily basis.

We do not respond reactively to delays, but proactively and daily to information. Van Steekelenburg: 'Real-time and finely meshed insight into the development of the portfolio offers the fund a more up-to-date and accurate insight into where returns come from and why the portfolio moves the way it does.

The Wtp requires more attention to transparency and comprehensibility than the old situation. With the dataset we are now working with, we can better visualise how choices affect returns, risk and impact. This also enables our clients to communicate transparently with their participants.

Whereas many administrators are primarily dependent on monthly data from the PUO, we have developed processes that enable daily management.

Realistic testing

New processes not only require the conversion of buttons, but also need to become ingrained, Van Steekelenburg noted. 'Our employees had to learn to perform daily and monthly processes correctly and efficiently under the Wtp. We achieved this through targeted guidance and training, combined with phased and realistic testing. For example, we had a fictitious customer operating in our production environment for eight months. In the last three months before the actual transition, we started ‘shadow running’ in production with the PMT and Bpf Koopvaardij data. This intensive and realistic test phase minimised risks and enabled us to refine processes before going live.’

The preparations for the transition of PMT and Bpf Koopvaardij took more than three years. Focus, overview and dedication to the go-live on 1 January 2026 were monitored from the start within the Wtp Programme Team led by Van Steekelenburg.

‘Above the programme organisation, which had around 75 specialists working on the transition every day, there was a management team. That team coordinated process steps, exchanged knowledge and acted as an ambassador in the chain and among stakeholders. This management team will remain active even after the go-live, as an extra layer for coordination and rapid problem solving.’

DNB assessment moments

The preparations for the transition to the new system require more than just technical preparation. Pension funds also have to go through a mandatory and critical process with DNB. As a fiduciary asset manager, MN had an important role to play in this. Borrie: ‘We ensured that all the correct documentation, explanations and advice were in place at an early stage. This enabled our clients to meet the required decision and assessment moments in a timely manner and with the correct information. But we also carefully aligned our own activities with the fund-specific DNB planning.’

Borrie and Van Steekelenburg note that there is enormous pride within MN about the successful transition of PMT and Bpf Koopvaardij to the Wtp at the turn of the year. ‘The future-proof approach and careful, intensive preparation proved to be effective. We were able to show that complex transitions are possible, within the planning and without compromising on quality or continuity.’

Read the original article in Financial Investigator magazine