Retirement benefit projections are set to be on members’ statements within six months, following Provisio’s upgrade to its rapid advice delivery software.
Funds such as ESI Super use the Provisio software with an eye on integrating Web-based tools and call-centre intra-fund advice, said Cameron O’Sullivan, a director of Provisio Technologies.
The object-oriented software, developed mostly in Java, could be used either in-the-Cloud or on an intranet, said O’Sullivan. “The smaller funds are opting for the online hosted in-the-Cloud solution, while the larger funds are going for a more integrated solution on their own intranets.”
O’Sullivan said the software was unique in its ability to integrate all advice channels – call centre, web, or face-to-face – with the retirement projections.
Legislation is in the wind compelling funds to include projections about retirement benefits, and the Institute of Actuaries last week criticised funds for little or no reporting of such projections.