Pension Management System to automate pension processes by complying Government norms and standards
06/16/2016

TatvaSoft, a leading software development company based in London, UK has developed a Pension Management System for client based in Ghana Africa.

Online PR News – 16-June-2016 – London, United Kingdom – This application was developed by complying Government of Ghana Act 76. The application focused on streamlining, simplifying and automating the pension processes. The system has easily handled the member’s pension accounts and automated the process by replacing the paperwork or excel files, thus got rid of the hurdles of managing the traditional process.

TatvaSoft has leveraged its ASP.NET development expertise to enable client with a web based pension management system. The application provides an opportunity to the member with purchasing parity and helps them to protect their retirement income following strategic asset allocation. This a web application designed to perform the activities and few of them are:

- Admin: Facilitated with managing Business Activity, Employee Type, Nationality, PFS Type, Investment Fund Type, Custodian Banks, OPS Type, GPPFS Type, Asset Class Type, Fund Manager, Accounting Codes etc.- Employer and Employee registration: Manage beneficiaries of employee, the risk profile of both employer and employee and investment fund details.

- Account management: The monthly contribution of every member is updated by the employer. The payment is verified and send to custodian bank. At the end of every month, account detail of the members are updated according to the employer contribution and custodians update the Investment Fund. The account details of all members (employee or individual) are mentioned in detail as specified in Section 57 and 58 of the regulations.

- Payment management: Members can also transfer any scheme within their trust or change a trust. The system automatically calculates the payments and maintain the record of any penalty faced by the member’s while transferring to different trust.

An authorized user can manage the contribution and late surcharge payment details by using the custodian interface. After receiving the payment, the member account gets updated, both in terms of the additional money that have come in and a number of shares that have been allocated to the member.

Every outstanding payment penalty is calculated as a Simple Interest at the end of each month.

- Custodians: Facilitated to transfer the funds according to the predefined asset class percentage to the specific Fund Managers.The system calculates the Unit Price Value once it gets the updated details of all Initial Employers, Employees, and Contribution details, and similarly, the member’s accounts are also updated automatically.

- Communication: Every member receives their dues reminder via. Email or SMS.At the end of every month, Accounting transactions are generated and exported to the client’s Sage General Ledger system.

- Customer Relationship Management (CRM): This module manages all enquiries and complaints, from all stakeholders in a coherent manner.

- Data Migration: Easily migrate legacy data, including interest, auto calculates arrears, due payments and penalties.

The Pension Management System has helped the client to get the NPRA's license for Corporate Trustee. This has also assisted them in managing the member’s pension process and their contributions for various funds in Ghana effectively.