Pension Administration
PENSION ADMINISTRATION
Regent currently use the P3 pension administration system, originally written by Genesis and known as the Creation System. Creation System uses the very latest in thin client technology and can thus offer advanced functionality for both Defined Contribution and Defined Benefit Schemes - as well as, of course, hybrid ones.
Some of the advantages built into our system are:
| Defined Contribution: | General: | |||
| • | Multi-level investment portfolio management | • | Web enabled for integration with employer's Intranet | |
| • | Flexible benefit and asset valuation / | • | Library of standard forms, reports etc. | |
| projections | • | On line data, booklets calculators and | ||
| • | On-line member access | change of personnel data | ||
| Defined Benefit: | • | Full integration with employer's payroll / | ||
| • | AVC Modeler | accounts and HR systems. | ||
| • | Tailorable valuation extracts | |||
| • | Maximum and minimum benefit checks |
The operation of this system is based in Wiltshire which helps us keep costs lower.
We believe that the key to effective administration is good regular communication with the scheme members as well as the employer. Although there is an apparent cost to this it cuts out many of the queries that are otherwise received from members which then increases administration costs. We believe that well informed members are better able to appreciate the benefit that is being provided for them, understand the way that a scheme works and hence be able to make decisions as and when they become necessary.
Communication
It is important to keep the members well informed on all matters concerning their future retirement wellbeing and this can only be achieved by clear, regular communications avoiding as far as is possible any pensions jargon. This is particularly important if it is decided to offer any options to members and a decision or help and input from them is required. For instance, in many cases the scheme members can help trace missing members and help by commenting on their own data if this is necessary.At Regent we have the necessary skills to communicate successfully. In wind up situations, for instance, one always has to balance the gain from any exercise against the cost. In some cases, however, it can be cost effective to arrange to meet the scheme members and give a presentation on the various issues being faced by the Trustees and how these are being tackled.
It is important members realise that the Trustees and their advisers are working hard for them to achieve the best result possible - often in difficult situations.
