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.
The Scheme Setup module provides the tools necessary to setup a new scheme and configure the various parameters as stipulated in trust deeds and rules.
- Scheme Details: Configure the scheme core parameters
- Contribution Rates: Setup Contribution Rates.
- Retirement Ages: Setup retirement ages.
- Service providers: Add new, view details or delist service providers.
- Trustees: Add new, view details or delist trustees.
- Vesting Formulae: Configure the vesting formulae.
- Withdrawals: Create settings for those withdrawals.
- Retirement: Manage settings for those retiring.
- Death In Service: Setup parameters for those who die in service.
- Year End Parameters: Configure year end parameters.