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.
22 July 2008 00:00
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Investments
Ian Patrick, chief investment officer of the $370 billion Australian Retirement Trust, says that integrated balance sheet management will “beyond a shadow of a doubt” become a more prominent feature in the superannuation industry as funds grapple with the compounding effects of their growing size, systemic importance and the liquidity needs of servicing a larger cohort of retirees.
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