AcuPen provides solutions for managing multiple pension schemes on behalf of multiple sponsoring employers. It is also designed for efficient administration of multi-member and individual private pensions.
AcuPen builds on the core of Acumen to provide additional HR functions to enable pension administration service providers to offer an efficient pension administration service to clients.
AcuPen provides the ability to define multiple pension schemes on behalf of multiple scheme sponsors and sponsoring employers and perform the record keeping, management and reporting related to those pension schemes.
AcuPen supports multiple options for how beneficiaries can contribute to schemes, how funds are invested and managed including the provision of Pension Web Portals to enable beneficiaries to track the progress of their pension.
Core Acumen functionality manages the structures (e.g. trusts, unitised funds, contracts) and accounting records involved in the constitution of the pension scheme, whilst automation of data acquisition and processing drives down the cost of administration.
In order to drive down administration costs and duplication, the HR team of the sponsoring employer maintains the beneficiary details directly and can report on schemes and members directly.
Beneficiaries can access their Pension details directly via the web.
For sponsoring employers the ability to access AcuPen and manage and maintain member data provides complete transparency and control of the pension process. Reviewing and managing contributions, access to scheme and beneficiary reporting means that the sponsoring employers have all of the tools at their fingertips for the efficient administration of the pension scheme.
AcuPen supports the ability to offer a wide range of investment choices to offer members. The funds or investments that the member can select, the switches that they make, provide flexibility to make the schemes offered by the employer flexible and attractive.
Members / Beneficiaries want to know how their pension is performing and automated functions provide for pricing of investments and online access on demand for contributions, valuation statements and transaction details.
Utilising the standard functions of Acumen, administering all aspects of pension scheme structures is intuitive and comprehensively provided for.
The Trust and Corporate structures utilised are maintained in the entities database with a full set of trust and company secretarial functions to ensure that statutory obligations are met. The General Ledger accounting system provides for all aspects of the financial administration including automation of banking and reconciliation.
Your administration business is also run within the back-office function incorporating time recording and fee billing functionality to manage the relationship between you and your clients - the sponsoring employer of the schemes.
Having all your pension administration functionality contained within one application provides substantial efficiency gains compared to other styles of solutions.