Pensions Administration Software. Supporting in-house administration excellence

Transcription

1 Pensions Administration Software Supporting in-house administration excellence

2 The pensions landscape The UK pension market has gone through significant change over the past decade and complex reforms have led employers and administrators to reassess how they manage their pension schemes. The technology used to support pensions administration has also evolved significantly over the last five years, reflecting the changing needs of sponsors, trustees and scheme members. To resolve these issues and keep pace with changing regulatory requirements, evolving benefit structures and ever-shifting demographics, organisations see modernising their pensions administration systems as the single most effective way to prepare for the future.

3 Transforming the pensions administration process Few companies in the software applications industry can match Capita s focus, experience, expertise and successful track record in delivering advanced products and services to streamline and automate the pensions administration process. Our focus ensures that we continue to supply world-class software applications in our clients respective specialised fields. For over forty years our pensions administration software has helped public and private pension funds enhance service capabilities, lower operating costs, and respond to complex and frequently changing business requirements. Our fully owned portfolio of software is at the cutting edge of pensions administration software solutions and is used by 35 different in-house administration teams across the UK to administer their 1,750,000 pension scheme members. We provide the most advanced technology you ll find, and the breadth of products it manages is unmatched anywhere. This allows you to pick and choose the elements that fit your organisation s objectives, and puts you in control of managing your pensions. Our in-house pensions administration software is a highly functional and flexible browser-based system which can be easily and speedily installed and implemented to meet the full requirements of any pension scheme. The scalability of the software enables us to meet the demands of clients ranging in size from a few hundred to over 600,000 records. Our solution is used extensively by our clients to manage the full range of occupational pension schemes, including DB, DC, CARE and other hybrid schemes, in both the private and the public sector. Based on Microsoft s latest database and development platforms, our solution gives you a fully integrated, paperless pensions administration solution with unmatched flexibility to grow, adapt and evolve along with your needs.

4 A genuinely seamless experience Our solution supports an inherent flexibility which allows the system to reflect the management structures and working procedures of any organisation. We also provide a web portal that will meet the increasing expectations of your members and administrators. We are able to meet all specific requirements with limited configuration; including displaying real-time member data, delivering straight-through processing and providing access to relevant employer data and MI. Through our digital services we enhance the user experience and we maximise automation and straight-through processing for both administrators and employees. Member self-service We pride ourselves on having one of the most advanced online experiences in the market. Not only does it facilitate greater self-service, but it also delivers an intuitive user experience that is a resource members will use on an ongoing basis. Clearly, member self-service is one of the key aspects of cost control; however, it is just one element of the process, the initial step of which is getting people to use the digital services. We have worked with many pension schemes, to produce communications that drive engagement, education and training via our digital services. This has delivered greater online adoption and resultant cost savings to these schemes. Seamless implementation We can provide you with market-leading software and a hassle-free implementation process. All implementation projects are managed and controlled in accordance with PRINCE 2 methodology, providing an internationally recognised and proven structure. A number of recent client software implementations have led to an overall cost saving when compared to their previous software platform, and this is even after the cost of implementation has been factored in.

5 Key benefits Our in-house pensions administration solution is web-based, comprehensive in scope and easy to use. It has been designed with the needs of service-centric organisations in mind, ensuring significant operational savings, flexibility and an immediate return on investment. Additional benefits include: Automated workflow processes Our solution removes unwanted manual processes, improving both operational efficiency and your ability to track and monitor key performance indicators (KPIs) and critical success factors (CSFs). Microsoft Office integration We have created a Microsoft-based pensions administration system that is fully automated. This overall web platform not only takes advantage of popular Microsoft solutions, but also allows for interoperability with other data sources, applications, systems and programming languages. Enhanced user experience We offer one of the most advanced online experiences in the market. Not only does it facilitate greater self-service, it also delivers a secure, intuitive user experience that is a valuable ongoing resource for members. Management information at your fingertips Our solution meets all your specific requirements with limited configuration, including displaying real-time member data, delivering straight-through processing and providing access to relevant employer data and information (MI). Proven implementation delivery Our implementation methodologies are tried and tested, and we have an excellent record of completing projects within time and cost. Reduce the cost of upgrading We can assess your current technology and ensure that you are not wasting time and money with unnecessary, disruptive upgrades. We offer a risk-based approach to delivering the compliance and reliability you need. No hidden costs We know how important a clear pricing structure is to our customers, so we don t want you to have any surprises. Therefore, we deliver cost certainty to your implementation project and the opportunity to reduce costs over the contract term. Future-proof Our solution s benefit calculations are configured to provide the required accurate automation of all pension benefits correctly in accordance with a scheme s rules and associated regulations. Managing complex plan rules Designed with inherent flexibility, our solution enables you to adapt to changing regulatory requirements and incorporate new plans, plan options and calculation rules.

6 Capita the perfect partner for pensions administration software Many organisations struggle to successfully manage and communicate their pension and benefits schemes. There may be a number of contributing factors for this, but in our experience a common feature is that the supporting technology being employed actually hampers rather than enables the application of the corporate benefits strategy. Custom designed for you Off-the-shelf software propositions have proved quite popular in the past but many, unfortunately, have struggled to cope with the evolving demands of legislators, regulators and corporate goals. An outdated platform materially impacts on effective risk management, payroll processing, document management, cost control, legacy schemes, employee engagement, administration and the provision of essential MI. Ultimately this leads to the necessity for increased manual intervention and higher costs. Based on extensive market and customer research programmes, Capita has significantly invested in the development of a single platform pensions administration system which combines the dual benefits of commercial off-the-shelf software with the unrestricted flexibility of custom design. System for the future Every organisation is unique. Your business model, your organisation s size, the industry in which you work, the makeup of your human resources department and your IT strategy are just some of the factors that dictate the right pensions administration system for you. Over many years and hundreds of successful deployments, Capita Employee Benefits has developed pensions administration solutions to fit all of our customers unique requirements. Whether you ve outgrown your current pensions applications or your organisation needs a better way to handle the complexities associated with your particular industry, our pensions administration solution is designed to improve your productivity, reduce your costs and speed your growth, all with the highest value, lowest risk and best member satisfaction available.

7 Pensions administration software in action

8 Pensions administration software in action Employer user Validation report Pensions administrator P Pensions database Checker Secure messaging Key features Fully integrated, automated and paperless Browser-based system Flexible open platform Powerful, easy-to-use report writing HR HR/Payroll database Periodic (pay period) Employee pay group pay run E Employer data load Data validation Active employee record to: - generate new employee record in pensions - Data change to drive pensions processes (e.g. leavers) Y Errors Holding data +! N H! Bulk calculation benefits/other Bulk calculation: - Leaver benefits - Retirement options Y Errors N Authorisation Authorised data changes straight through Y N Workflow started = Calculation results M Member options Checking Post Self service Wait response Direct integration with Microsoft Office End-to-end process management Client configurable workflow All pension scheme types supported 100% calculation automation Secure member self-service Flexible record keeping Document imaging Advanced interfaces Report and letter production Fully integrated pensioner payroll Benefits modelling

9 Pensions Administration Software Supporting in-house administration excellence 1.8 million administered pension scheme members 40 years of pensions administration experience Used by 35+ different in-house admin teams 3.7m+ records validated each year 60+ dedicated transaction staff 45 system supply clients

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11 Employee CapitaEB Capita Employee Benefits CL16001 Capita Employee Benefits is a trading name of Capita Employee Benefits Limited and Capita Employee Benefits (Consulting) Limited. Part of Capita plc. Capita Employee Benefits Limited and Capita Employee Benefits (Consulting) Limited are registered in England & Wales No: and respectively. Registered Office: 17 Rochester Row, Westminster, London, SW1P 1QT. Separately authorised and regulated by the Financial Conduct Authority.