FUNDMASTER Xi CORE MODULES
FundMaster incorporates a revolutionary, parameterized calculation tool which allows users to build calculations without the need for programming skills. Calculations appropriate to Defined Benefits, Defined Contributions and Hybrid Schemes can all be constructed.
FEES & COMMISSION
A special category of liabilities unique to pension administration, and which go towards reporting to the regulators. Through this module, administrators are able to view and monitor these special category of liabilities.
A necessary and critical requirement considering the huge amount of funds that flow through the system. For accountability and transparency, every action in the system must be attributable to a person and all persons must be accountable. System rights and privileges play a key role in ensuring this happens
FundMaster incorporates a revolutionary, parameterized calculation tool which allows users to build
calculations without the need for programming skills. Calculations appropriate to Defined Benefits,
Defined Contributions and Hybrid Schemes can all be constructed.
The Scheme Setup module of FundMaster is where the scheme rules are implemented. All factors that
go into the calculation of benefits are configured in the benefits calculations matrix. Parameters
including actuarial factors, commutation factors, annuity rates, retirement ages, interest rates, vesting
scales are inputted into the system at this point.
Features a fully-fledged accounting system that includes a general ledger, chart of accounts, accounts payables, accounts receivables, cash management, budgeting etc.
INVESTMENTS & ASSET MANAGEMENT
Growing and prudent management of pension funds of necessity require investment of the member contributions. Thus, pension funds are major investors across most investment vehicles. To keep track of all the investments and how they are growing is important to pension fund administrators and hence the importance of this module
MEMBER SELF SERVICE
My Pension Online is a secure online (browser based and platform independent) facility which enables members of a pension scheme in FundMaster access their personalized pension information online from any mobile device.
FundMaster Workflow management system aims at distributing work by automating core processes e.g. movement, payroll processing etc. This is achieved by routing tasks and documents to the users responsible for working on them, through sequential progression of work activities. The workflow system has been designed based on the decision-chain process model that uses the milestones and decision points to map out the processes.
REPORTING & BUSINESS INTELLIGENCE
FundMaster Xi is supplied with standard reporting facilities to cover requirements that are common to most users including:
- Scheme level reports for pension review and valuation extract
- Member reports on individuals or a range of members
- Retirement reports, including members approaching retirement or state pension date
- Audit trail reports
- File and letter report