Pillar Administration has implemented Financial Synergy’s flagship software, Acurity, to automate the benefit payment calculations for another of its superannuation clients.
The Police Superannuation Scheme (PSS) went live with Acurity in April this year. Mark Luciano, general manager of marketing and business at Pillar, said that automation with Acurity would significantly enhance the speed and accuracy of calculating benefit payments, improving the efficiency of the administration process. One of the oldest defined benefit schemes, the PSS has a complex set of rules governing payments. “It [calculating payments] could be a long and complicated process,” Luciano said. The scheme has been closed to new members since 1988. Luciano added that no jobs at Pillar had been cut as a result of the move towards automation. “We are invariably in the middle of, or coming out of, fund transfers, and there are invariably opportunities in other parts of the business,” he said.
There is one investment area where Insignia’s $180 billion super arm has not lost money for the past 17 years, which is what it calls the insurance-related investments. The alternatives strategy is gaining popularity among asset owners due to its diversification benefit, but Insignia’s super and asset management investment chief Dan Farmer warns it is a space where investors can suffer if they “stumble in without doing the homework”.
Darcy SongJanuary 23, 2025
