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.
Further, the following configurations are managed from the Scheme Setup module;
- Reserve Fund configuration
- Bonuses/service gratuity configuration
- Single or umbrella scheme configuration
- Unregistered contributions configuration among many others
Information regarding the scheme including scheme descriptive details, service providers, and scheme
documents are captured and stored via the Scheme Setup module.
Derived benefits from this parameter driven approach are;
- Reduced time needed for building calculations
- Reduced requirement for programming skills
- In environments where many plans are in operation or under development, the time needed for
building calculations to support a portfolio of schemes is cut dramatically.