Within Africa, governments are facing the issue of old-age poverty which is forcing retirees to depend on their families for financial support despite having worked for decades. Although having an organisational pension scheme is not mandatory in a majority of African countries, it is a good idea to have one or support your employees to save up for retirement.
Setting up and managing a pension scheme can be difficult and time-consuming, however, pension administration software, like Fundmaster, has been designed to simplify this process. Additionally, such software is made using high technology that meets the ever-growing demands of compliance and service delivery. Making use of pension administration software is a sure way to keep your pension scheme up to date and in line with government regulations across all countries.
FundMaster: The Pension Administration Software You Need
FundMaster was designed specifically to meet the unique needs of pension administration in Africa. By integrating this software into your pension scheme, you receive lots of benefits such as low deployment costs, easy integration, high capacity to handle anticipated volumes among others.
It is designed to simplify pension administration across different industries and comes with a stable and highly secure system to ensure your data remains protected.
Core Modules
FunMaster comes with 8 core modules that ease the process of integrating it into your pension scheme.
1. Scheme Setup
Here, pension administrators get to set and configure all the rules and parameters required to run and manage their scheme. This includes contribution rates, retirement ages, service providers, actuarial factors, and annuity rates among others.
2. Member Register
This is where pension administrators create and manage a database of all their members and can easily add or remove individuals.
3. Pensioners Register
This is where administrators can find the details of scheme members that have become eligible to decide their annuities. The interface allows the individual members to define how they would like to receive their pension.
4. Accounting
This features an integrated accounting package that has the capabilities to handle processing for receipting and payments from all the different modules in the system.
5. Investments and Assets Management
Pension funds need to be invested. This module allows for the administrator to keep track of the performance of all investments that they make with member contributions.
6. Fees and Commission Portal
A special portal that deals with liabilities unique to pension administration that helps generate reports on fees, and levies by regulators and commissions that are paid to agents and brokers.
7. Workflow Management
This module creates a work distribution system that helps in pension administration through the automation of all core processes such as claims, payroll processing, contribution, and member registration. Different tasks are assigned to different users allow for the creation of a simple work structure.
8. Administration Panel
In this module, permission can be granted to different users to execute different tasks. This allows for control and accountability to be created within the administration of software in your scheme.
Managing a pension scheme is no easy feat. For scalability and accountability, it is best to invest in pension administration software that can automate certain tasks and help you better manage your pension scheme.
