What the handover consists of
The valuation model
The projected unit credit engine demonstrated in the Valuation Lab, populated with the Embassy's own census and plan provisions rather than the synthetic demonstration data, with the approved assumption basis locked in and every computation traceable.
The conformity checker
The routine that re-derives contributions, credited interest, benefits and fees from the plan's own terms and tests reported figures against them, including the guaranteed return by contribution generation. Run it against next year's insurer statement and it will tell you what does not reconcile.
The documentation
The assumption basis with each value's source and as-of date, the data dictionary for the census, the maintenance schedule below, and the re-certification rules. Written so that a successor actuary, ours or anyone else's, can pick it up.
What you plug in to keep it correct
The engine stays right only if these are refreshed on schedule. The panel below is live: it holds the current published values and shows how each one ages. Move the valuation date to see what would need attention.
| Input | Who supplies it | Cadence | Current basis and why it ages | State |
|---|
Where AI helps, and where it is not allowed to
What the tooling does
- Census intake. Reads the insurer's file, maps it to the data dictionary, and flags what is missing, contradictory or out of range before anyone models anything.
- Reconciliation. Ties headcounts and reserves back to the insurer's own totals and reports the breaks.
- Regulatory monitoring. Watches the published sources for movement in the guaranteed return, the health index, statutory ages and mortality tables, and raises a flag when a value the engine depends on has changed.
- Drafting support. Assembles the routine sections of the report from the model's own output, for review.
What it does not do
- It does not select assumptions. Those are recommended by the actuary and approved by the CORs and the Comptroller in CGFS. The engine applies what it is given.
- It does not interpret Belgian law. A statute changes what the plan owes. Reading that correctly is legal and actuarial judgment, not pattern matching.
- It does not certify. The actuarial certification is a professional act by a named credentialed individual who has reviewed the basis.
- It does not decide anything about a member. No individual entitlement is determined by tooling.
The four events that stop the engine
These are the circumstances in which output must not be relied on until a credentialed actuary has reviewed and re-based the model. They are written into the handover documentation.
A change in law
Belgian pension legislation is moving. The statutory retirement age reaches 67 in 2030. The guaranteed return moved for the first time in nine years in 2025 and is formula-driven, so it can move again. Reform packages remain in progress. Any of these can change the benefit itself, not merely a rate the engine multiplies by.
A change to the plan
An amendment to the plan rules, a new insurer contract or tariff basis, or a change in the pensionable salary definition. The engine encodes the current design; change the design and the encoding is wrong.
A challenge or dispute
A member complaint, a supervisory query, an audit finding or litigation touching entitlement. In those circumstances the figure that matters is one an actuary will defend, not one a model produced.
Drift in the data
A census that no longer reconciles to the insurer's totals, or a gap in the contribution record. The conformity checker is designed to surface exactly this, and its findings are a stop signal rather than a footnote.
What this is worth to the Embassy
Between reviews
A funded-position estimate for budget planning at any point, on a documented basis, rather than waiting five years to learn the direction of travel.
At the next review
Whoever performs it starts from a reconciled position with a documented prior basis. That is faster, cheaper and more defensible than starting from a PDF.
For CGFS
An interim IAS 19 figure for departmental reporting can be produced on request, clearly labelled as an unaudited management estimate pending actuarial review.