Driving Pension Administration
FundMaster is uniquely tailored for the business and technical needs of any pension and retirement benefit fund administration. Integrated with multiple software components, it is aimed at meeting the growing demands of compliance and service delivery. It is parameter-driven with a comprehensive rule-based engine, and a robust reporting and business intelligence system.
Its Features
With FundMaster, you get low development and deployment costs, minimal on-going maintenance, smooth and easy software change management, high capacity to handle anticipated volumes and easy integration with legacy application. It comes integrated with guidance on pension acts and tax legislation, multi scheme capabilities, multi-currency capabilities, multi tax regime capabilities, and multi-employer/sponsor capabilities.
Self Service Portal
Engage with your members wherever, whenever. FundMaster provides the administrator with a forum to engage all the pension stakeholders be they members, pensioners, sponsors, service providers, agents and the general public online. The portal is fast, secure, universal, multilingual and scalable and can be accessed via any smart device via the internet. Get your services closer to your customers in the most efficient and effective manner.
Powered for All Stakeholders
FundMaster is built for multiple players such as administrators, IT technicians, internal and external customers, as well as sponsors or employees. It’s a stable and highly secure system, built to enable the user to manage different tasks including workflow features for administrators. It boasts of an intuitive customer portal that allows for easy system querying and robust reporting. Moreover, the IT team can manage third party integrations like Oracle thanks to its added capabilities.
Core Modules
1. Scheme Setup
The Scheme setup module is where you configure all the rules required to run and manage a scheme. Thanks to the embedded calculation engine, calculating benefits and managing contributions has been made seamless. This means that users can easily set up new products, benefits and scheme rules without any programming skills. You can define benefits, define contributions, and construct any type of scheme by making use of the extensive parameterization that is built into the system.
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Even more, you get access to various parameters including contribution rates, retirement ages, Interest rates, actuarial factors, commutation factors, annuity rates, and vesting scales.
The scheme module enables you to set up: Scheme Details, Contribution Rates, Retirement Ages, Service Providers, Trustees, Vesting Formulae, Withdrawals, Retirement, Death in Service, and Year-End Parameters.
Think about all the tools you need to set up a new scheme as per the stipulated trust deeds and rules.
Yes, you get to access them all in one place.
And yes, we’ve set it up to work with any pension and retirement benefits schemes existing within the African market.
2. Member Register
This module is critical to employers as it helps them through their scheme managers or administrators, to maintain a database of all their members. Through this, they are able to carry out different functions including onboarding new members into a scheme.
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Other capabilities for the scheme managers are:
- To view scheme’s member listing
- To register new members
- To deactivate a member’s account
- To reset a member’s account in case of difficulty in accessing the Member Self Service Portal
- To initiate contributions billing and load monthly contributions
- To track claims processing and pensions
3. Pensioners Register
The pensioners module contains information on members of a scheme that have become eligible to receive their annuities/pension upon retirement. It comes with a portal that allows the pensioner to define how they would like to receive their annuity/pension through self-service options. The module allows for direct deductions from the annuity/pension to go into other schemes like medical covers.
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The pensioner is also able to add beneficiaries to take up their annuities once they die. Depending on the status of the pensioner, the annuity/pension can be suspended or reenabled from this module.
The panel provides access to the following features:
- Pension Payroll processing (Pensioners and Beneficiaries)
- Pension Payroll reconciliation
- Certificate of Existence updating
- Pension liabilities processing
- Pay points register administration
- Pension Revisions
- Pension purchase and commutations.
4. Accounting
The accounting module features a fully-fledged seamlessly integrated accounting package with capabilities to handle straight-through processing for Receipting and Payments from all the other modules. For example, all contribution receipts and benefit payments are seamlessly posted to the General Ledger and financials prepared in real time.
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It comes with full financial accounting functions such as accounts receivables, accounts payables, cash management, asset management, general ledger, and budgeting.
Here are the components you will find in the module:
- User definable and flexible chart of accounts
- General Ledger to record all the financial transactions
- Mapping of fund processes to their specific general ledger accounts
- Bank Reconciliation and Cash Management
- Financial periods
- Company’s budget
- Fixed Assets
- Statutory payments
- Financial journals
- Exchange rates
- Intercompany transaction register
- Staff Payroll
5. Investments and Assets Management
Members hope for a high yield from their contributions, hence the need for the fund to be invested. All pension funds take this into account and seek to grow their member contributions multiple folds. Given the diverse investment vehicles that they engage in, it is necessary to keep track of all these investments.
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The module allows the pension fund administrators to keep track of how their member funds are growing. Our investment module handles investments in Real Estate, Debt and Equity Instruments.
The features of the module include:
- A Property sub-module that handles all aspects of real estate (Commercial and Residential).
- An Equities Register which handles all aspects of Listed and non-listed equities (Purchases, Sales, Valuations, bonuses, dividends etc.)
- Government Securities that handles Treasury bills and Treasury bonds (dealings from the primary/secondary markets, valuations, coupons)
- Corporate Bonds and Commercial Paper (dealings from the primary/secondary markets, valuations, coupons)
- Term and Call Deposits Register which provides a listing of the current fixed term deposits.
- A register of the scheme property managers.
- A register of scheme stock brokers.
- A register of fund managers.
- Portfolio Reports in line with Strategic allocations and compliance to the regulatory limits.
6. Fees and Commission
The fees and commission module is a special category of liabilities unique to pension administration that helps generate reports on Fees, Levies by regulators and commissions paid to agents and brokers.
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Through the module, administrators are able to view and monitor these special categories of liabilities:
- A Register listing all service providers and their categories.
- Invoices from service providers.
- A Register of all agents/brokers, volume of business generated and commissions earned.
- Fees charges for scheme administration.
- Scheme administration fees calculation matrix.
7. Workflow Management
This workflow management module enables a work distribution system that automates all core processes such as claims, payroll processing, contribution and member registration. By assigning tasks to different users, the module allows for stage-by-stage execution of tasks, allowing for a fluid symphony.
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This is designed around a decision-chain model that relies on milestones to map out the processes and ensure there is corporate-wide visibility in monitoring adherence to the Service Level Agreements that the scheme has promised her members.
The following components of the module allow for the execution of the processes:
- Process Register – mapping workflow processes and assigning profile timelines
- Task assignment
- Task Analysis – Complete Tasks, Overdue tasks, Pending tasks
- Task Instances – view task instance and assign to individuals
- Process Performance Analysis – process performance vis-à-vis set timelines
- Individual Analysis – individual performance vis-à-vis set timelines.
8. Administration Panel
The administration panel is where permissions are assigned to various system users to execute different tasks. Given the huge amount of funds that flow through the system, this module helps provide control and accountability. The module enables the system administrator to assign rights, privileges, and passwords for the users of the system.
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The panel allows the admin to interact with the following features:
- Existing Users and their Roles
- Profiles in the System
- Profile Permissions
- System Rights
- Password Policy Settings
- Users Audit Trails
- Backup Instructions
- System Configurations
- Scheme Level Access