Driving Pension Administration
FundMaster is specifically crafted to address both the business and technical demands of pension and retirement benefit fund administration. Its integration with multiple software components makes it a comprehensive solution designed to meet the growing needs of regulatory compliance and efficient service delivery. The system is highly flexible, being parameter-driven, which allows for easy customization and adaptability to different organizational requirements. Its comprehensive rule-based engine ensures automation of complex processes, improving accuracy and reducing manual intervention. Additionally, FundMaster is equipped with robust reporting and business intelligence tools that provide real-time insights, helping administrators make informed decisions and stay ahead of emerging trends in the pension industry. FundMaster’s integration of these features enables streamlined operations, improved regulatory compliance, and enhanced strategic planning for pension fund managers.
The Future of Pension & Retirement Benefits Management
FundMaster is a powerful, cost-effective solution designed to simplify pension and retirement benefits administration. With low development and deployment costs, minimal ongoing maintenance, and seamless software change management, it ensures efficiency and adaptability for evolving business needs. Built for high-performance, FundMaster can handle large transaction volumes while offering easy integration with legacy systems. It also comes pre-configured with pension acts and tax legislation guidance, ensuring compliance and accuracy.
FundMaster Key Capabilities
- Multi-Scheme Support – Manage multiple pension schemes effortlessly.
- Multi-Currency & Multi-Tax Regimes – Adapt to diverse financial and regulatory environments.
- Multi-Employer & Sponsor Management – Accommodate various organizational structures.
With FundMaster, you get a scalable, compliant, and future-ready pension management solution, empowering administrators with seamless operations and long-term sustainability.
FundMaster Self-Service Portal
FundMaster’s Self-Service Portal empowers administrators to engage with all pension stakeholders—members, pensioners, sponsors, service providers, agents, and the general public—at any time, from anywhere. This online platform offers a seamless and efficient way to manage interactions and provides a central forum for communication. The portal is fast, secure, and universally accessible across different devices, ensuring stakeholders can access the system with ease. It supports multiple languages to cater to diverse audiences and is fully scalable to accommodate growing user demands. By utilizing the internet and smart devices, FundMaster’s Self-Service Portal brings services closer to your customers, offering an efficient and effective way to manage pension-related tasks and enhance user experience.
Powered for All Stakeholders
FundMaster is designed to serve a broad range of stakeholders, including administrators, IT teams, internal and external customers, as well as sponsors and employees. The system is built for stability and security, ensuring that all stakeholders can efficiently manage their tasks while benefiting from streamlined workflows, particularly for administrators. The platform features an intuitive customer portal, enabling members, pensioners, and other stakeholders to easily query the system, perform transactions, and generate comprehensive reports. Whether for pension management or administrative tasks, the user experience is simplified through an easy-to-navigate interface. Additionally, FundMaster includes a mobile app, extending accessibility for members, pensioners, and other stakeholders on the go. This mobile solution ensures they can access their information, perform transactions, and complete necessary tasks anytime, anywhere. For IT teams, FundMaster’s robust integration capabilities allow for seamless connections with banks, mobile money platforms, and regulators, ensuring smooth data exchange and compliance with external systems. With these powerful features, FundMaster provides a secure and efficient solution for all stakeholders across the pension management ecosystem.
FundMaster Core Modules
FundMaster offers a robust set of core modules that streamline pension and retirement benefits administration. From setting up scheme rules and managing member and pensioner records to handling real-time accounting and investment tracking, each module is built for accuracy, flexibility, and efficiency. The system also includes tools for managing fees, commissions, and automated workflows to ensure smooth operations. With a secure administration panel for controlling user access and system settings, FundMaster delivers end-to-end functionality tailored for the unique needs of pension fund management.
1. Scheme Setup
The Scheme Setup module in FundMaster allows you to configure all the necessary rules to efficiently run and manage a pension scheme. With an embedded calculation engine, calculating benefits and managing contributions becomes seamless, eliminating the need for programming skills. Users can easily set up new products, benefits, and scheme rules with minimal effort. The module provides extensive parameterization, allowing full control over key aspects such as contribution rates, retirement ages, interest rates, actuarial factors, commutation factors, annuity rates, and vesting scales. Setting up a scheme is straightforward, covering everything from scheme details and contribution rates to retirement ages, service providers, trustees, vesting formulas, withdrawals, retirement, death-in-service provisions, and year-end parameters.
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Everything is accessible in one place, ensuring a smooth and efficient setup process. FundMaster is designed to work with any pension and retirement benefits scheme across the African market, providing flexibility and adaptability to meet diverse regulatory and operational requirements.
2. Member Register
The Member Register module is a vital tool for employers, scheme managers, and administrators, enabling them to maintain an up-to-date database of all scheme members. It simplifies key administrative functions, including onboarding new members and managing their records throughout the scheme lifecycle. With this module, scheme managers can efficiently handle member-related activities, such as viewing the scheme’s member listing, registering new members, deactivating accounts when necessary, and resetting member access to the self-service portal in case of login difficulties. Additionally, the module facilitates contribution management by allowing scheme managers to initiate billing and load monthly contributions seamlessly.
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Beyond contributions, the module also plays a crucial role in tracking claims processing and pension payments, ensuring transparency and efficiency in the administration of benefits. FundMaster’s Member Register module enhances accuracy and simplifies pension scheme administration, making it easier for employers and scheme managers to serve their members effectively.
3. Pensioners Register
The Pensioners Module manages information on scheme members who have become eligible to receive their annuities or pensions upon retirement. It includes a dedicated portal that allows pensioners to define how they would like to receive their annuity or pension through self-service options, providing flexibility and convenience. This module also enables direct deductions from the annuity or pension for contributions to other schemes, such as medical covers. Pensioners can add beneficiaries to inherit their annuities in the event of their passing, ensuring a smooth transition of benefits. Additionally, the module allows scheme administrators to suspend or re-enable pension payments based on the pensioner’s status.
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With a comprehensive set of features, the module facilitates pension payroll processing for both pensioners and beneficiaries, ensuring timely and accurate disbursements. It supports pension payroll reconciliation, certificate of existence updating, pension liabilities processing, and paypoint register administration. Further, it provides tools for pension revision, pension purchase, and commutations, making pension management seamless and efficient for both administrators and pensioners.
4. Accounting Module
The Accounting Module is a fully integrated financial management system designed to handle all accounting functions seamlessly across the platform. It enables straight-through processing for receipts and payments, ensuring that financial transactions flow effortlessly from other modules. Contribution receipts and benefit payments are automatically posted to the General Ledger, allowing for real-time financial reporting and reconciliation. This module offers a user-definable and flexible chart of accounts, providing adaptability to different financial structures. The General Ledger serves as the central repository for all financial transactions, while the system allows for seamless mapping of fund processes to their respective accounts.
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Additionally, the module supports bank reconciliation and cash management, helping organizations maintain accurate financial records. It manages financial periods, company budgeting, and fixed assets, ensuring comprehensive financial oversight. Statutory payments, financial journals, and exchange rate management further enhance compliance and accuracy. The Intercompany Transaction Register allows for efficient tracking of transactions across different entities, while the staff payroll feature ensures smooth processing of employee salaries. With these capabilities, the Accounting Module provides an end-to-end financial management solution, streamlining operations and improving financial accuracy for pension scheme administrators.
5. Investments and Asset Management
Members expect high yields from their contributions, making investment a critical aspect of pension fund management. To maximize returns, pension funds invest in diverse financial instruments, requiring a robust system to track and manage these investments effectively. The Investment Module in FundMaster provides pension fund administrators with the tools they need to monitor and optimize fund growth, ensuring that investments are strategically allocated for maximum benefit to members. This module supports investments across real estate, debt, and equity instruments, allowing administrators to track performance, manage risks, and ensure compliance with investment strategies and regulations.
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FundMaster’s Investment Module includes a property submodule that manages both commercial and residential real estate, ensuring proper tracking of property-related investments. It features an equities register that covers listed and non-listed equities, handling purchases, sales, valuations, bonuses, and dividends. It also supports government securities, including treasury bills and bonds from both primary and secondary markets, tracking their valuations and coupon payments. For corporate investments, the module facilitates the management of corporate bonds and commercial papers, monitoring valuations and coupon payments. A term and call deposit register helps administrators keep track of current fixed-term deposits. Additionally, the module provides a register of scheme property managers, stockbrokers, and fund managers, ensuring efficient portfolio management and adherence to strategic allocations and regulatory compliance. By integrating these features, the Investment Module enables pension fund administrators to make informed decisions, maximize returns, and maintain transparency in fund management, ultimately securing financial growth for members.
6. Fees and Commissions
The Fees and Commission Module is a specialized liability management tool designed for pension administration. It enables pension fund administrators to track and generate reports on fees, levies imposed by regulators, and commissions paid to agents and brokers. This ensures transparency, accurate financial reporting, and compliance with regulatory requirements. Through this module, administrators can view and monitor these unique categories of liabilities efficiently. It provides a register of all service providers, categorizing them based on their roles in pension administration. The module also manages invoices from service providers, ensuring proper tracking of payments and expenses.
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Additionally, it includes a register of agents and brokers, allowing administrators to track the volume of business generated and the corresponding commissions earned. The module facilitates the calculation of fees charged for scheme administration, using a structured scheme administration fees calculation matrix to ensure accuracy and consistency in financial management. By integrating these features, the Fees and Commission Module enhances accountability in pension fund management, helping administrators maintain a clear record of financial obligations while ensuring that service providers, agents, and brokers are compensated appropriately.
7. Workflow Management
The Workflow Management Module streamlines and automates core pension administration processes, ensuring efficient work distribution and task execution. This module manages key operations such as claims processing, payroll management, contribution receipting, and member registration by assigning tasks to different users. With a structured stage-by-stage execution system, it enables a seamless and well-coordinated workflow. At the heart of the module is the Process Register, which maps workflow processes and assigns profile timelines to ensure timely task execution. Task assignment ensures that responsibilities are clearly designated, while task analysis provides insights into completed, overdue, and pending tasks.
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The module also includes task instances, allowing administrators to track and reassign tasks to specific individuals when necessary. Additionally, it offers process performance analysis, comparing workflow efficiency against predefined timelines, and individual performance analysis, which evaluates user productivity in relation to set benchmarks. By integrating these features, the Workflow Management Module enhances accountability, optimizes productivity, and ensures smooth pension fund administration with minimal delays or bottlenecks.
8. Administration Panel
The Administration Panel is a critical module that ensures control, security, and accountability within the system. Given the substantial funds managed through the platform, this module enables administrators to assign permissions to various users, ensuring that tasks are executed within predefined access rights. Through this module, the System Administrator can grant or revoke user privileges, manage passwords, and define system rights. It provides a centralized interface for overseeing existing users and their roles, allowing for structured access control across different scheme functions. The panel also manages profile permissions, ensuring that only authorized individuals can perform specific actions.
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The module includes password policy settings, enhancing system security by enforcing best practices for password management. Additionally, it offers user audit trails, allowing administrators to track user activity for compliance and accountability. The system also provides backup instructions, ensuring data protection and recovery readiness. With capabilities for system configurations and scheme-level access management, the Administration Panel ensures that each user has the appropriate level of access while maintaining overall system integrity and security.