Isn’t the effort involved in implementing this for 3a providers enormous?
According to the regulation:
- Customer must apply for this in writing (manual process)
- Customer must provide various information (manual process)
- 3a Provider must keep the information for 10 years
- 3a Provider must provide the information to new provider (manual process)
- Tax authorities must control this etc. (manual process)
I mean: Sure, it’s not all that much. But VIAC and co. currently only exist because not so much manual work is necessary per customer. I know, for example, that True Wealth doesn’t do this itself these days for early capital withdrawals, but outsources it. These are all costs that have to be covered somehow and makes it more complicated for new providers to enter the market. It also makes it more complex for the user to understand how 3a works and what is possible with it (the financial advisory industry is certainly pleased).
I am a fan of: Keep it simple, stupid.