Pension Fund Administration

Setup

Menu setups, User rights and privileges, Product definitions (system supports
provident and Pension schemes for individual and group/occupational), product features,
retirement ages, Annuity tariffs, tax tables, types of claims and withdrawals and interest
setups.

Interest Processing

Calculation of interest based on transaction dates. Supports interim
interest amounts using provisional interest rates in the course of the year.

Proposals

System provides for setting up of different plans/products, premium rates, agents and
agency units, interest rates, claim types, reinsurance treaties etc.

Policy Maintenance

Capturing of Client details, member details, and conversion of proposal to
scheme

Scheme Maintenance

Creation of schemes, scheme endorsements (e.g. addition of
members, change of beneficiaries, change of scheme details), excel uploads of member and
beneficiary details. The system also supports transfer of members from one scheme to
another.

Premium Collections

Capturing of member receipts, upload of monthly contribution
schedules (options exist where schedules can be copied from previous periods, or from default
member installments), approval of schedules, allocation of receipts to schedules, distribution
of member amount to normal/registered and extra/unregistered.

Premium Payments

System provides for setting up of different plans/products, premium rates, agents and
agency units, interest rates, claim types, reinsurance treaties etc.

Commission Processing

System maintains intermediary accounts (linked to General
Ledger), calculates commissions due to intermediaries, generates and posts commissions to
intermediary sub accounts, and maintains intermediary statements.

Claim Processing

Supports Resignations, Retrenchments, Retirements, Death,
Expatriation, and Withdrawal on medical grounds. Calculation of tax using different tax tables
for each scenario.

Annuities

Supports fixed and variable annuities, deferred and immediate annuities, annuity
purchase (for internal and external schemes), different annuity payment frequencies (monthly,
quarterly, semi-annually, annually), annuity maintenance (member details, reconciliations,
10suspension and reinstatements), various annuity reports.

Online Portal

Online viewing of statements and scheme
information, customer relations module that supports online correspondences.

Reports

Various standard reports exist e.g. member statements, commission statements,
withholding tax statements, member certificates. New reports can be developed and added to
flexible reports menus (access to various reports controlled by User rights).