The client is an upcoming, "Corporate Trustee" from Ghana, Africa licensed by the National Pension Regulatory Authority (NPRA) of Ghana which serves its customers in Insurance Industry. The organization offers and manages pension schemes authorised by NPRA. They help to protect retirement income through strategic asset allocation and preserve the purchasing power parity of contributions. As a licensed corporate trustee, they manage pension scheme registration, appoint fund managers and custodian to ensure regulatory compliance as well as manage investments on behalf of the customer. In addition to pension investment, they also provide consultancy and training on pension-retirement planning and investment.
Being a private pension trust, the client desired to have a system that simplified pension processes as well as in line with the recent pension reform governed by the Government of Ghana Act 766.
Key objectives of developing the online system were:
- The system should satisfy the regulatory norms and standards.
- The application should automate, simplified and streamlined pension processes.
- The system should enable bio-metric identification of pensioner and beneficiaries.
- Integration with Sage accounting system.
- Migrate the legacy data which are in the form of paper files and/or Excel files into new solution with auto calculating any penalty, due, interest and arrears.
TatvaSoft UK delivered a web application called Pension Management System helping the client to convert its challenges into outstanding business benefits covering the following features:
- Employer and Employee Registration: Manages employee beneficiaries, investment fund details and risks profile of employer and employee
- Employer update monthly contribution and payment details. After validation and verification, monthly contribution details and payment made to the custodian bank
- Maintain Members Account in detail as specified in Section 57 and 58 of the regulations
- At the end of every month, system updates member's (employee or individual) account when contributions are received from employer and custodians update the Investment Fund.
- System enables members to transfer schemes within the trust or provides the ability to change trust. On scheme transfer, the system calculates payments without any human intervention, also keeps track of pending penalty for member's transferring to different trust.
- An Employee can apply online by logging on to the Employer Portal to create a Charge/Pledge/Lien/Judgment debt against accrued benefits
- Using the custodian interface, authorized user updates, manages contribution and late surcharge payments details. On receiving payment information member accounts are updated, both in terms of the additional money that has come in and a number of shares that have been allocated to the Member.
- Custodians can transfer funds to the specified Fund Managers according to the predefined percentage for each asset class.
- Once the system has been set up with all Initial Employers, Employees, and Contribution details the initial Unit Price Value is calculated and accordingly, each member's accounts are updated automatically
- For every outstanding, the payment the penalty is calculated as Simple Interest at the end of each month.
- System notifies the members via SMS or Email every of their dues.
- System updates members account with accrued interest due to late contribution payments
- At the end of the month, a process to generate all the Accounting Transactions will be exported to client's Sage General Ledger system
- During benefit process, identification of beneficiary is verified by fingerprint and signature.
- Customer Relationship Management (CRM) module handles all enquiries, complaints, from all stakeholders in a coherent manner
- Comprehensive set of reports for quick information
- Data migration module that helps to migrate legacy data, as well as auto, calculate arrears, interest, penalties and due payments
- Admin setup process to manage Business Activity, Employee Type, OPS Type, PFS Type, GPPFS Type, Nationality, Investment Fund Type, Asset Class Type, Custodian Banks, Fund Manager, Contribution Payment Type, Accounting Codes etc.
Pension management system helped the client to get NPRA's license for Corporate Trustee and manage pension process and contributions for various funds in Ghana effectively.