Profund launches new enhanced pension administration system

24 April 2014

Profund, the leading provider of pension software in the UK and Ireland, has launched oPen2, the next generation of its pension administration system which introduces end-to-end administration and payroll services from a single data source./p>

oPen2 gives the trustees of in-house pension schemes and third-party administrators the functionality and processes required by the day-to-day administration of either single or multiple defined benefit, defined contribution, CARE or hybrid pension schemes./p>

Designed to streamline pension payroll processes, oPen2 calculates benefits directly from administration benefit sources and automatically outputs all types of benefit payment extracts and HMRC’s Real Time Interface (RTI) files.

The payroll configuration is designed with efficiency and simplicity in mind, while offering a comprehensive set of parameterised core features which reduce operational risk whilst improving data quality as no manual intervention or custom coding is required./p>

oPen2 can be installed either within a client's own IT infrastructure or deployed in the Profund Private Cloud, and is available with straight through processing (STP), workflow, electronic document management and member self-service functionality./p>

The new features include:/p>

  • Global payroll configuration for use by multiple schemes held within the same database and with the same pay date
  • Extensive choice of payroll frequencies
  • Parameterised pay date rules, including alternative ‘February’ dates
  • Substitute dates for BACS processing in holiday periods
  • Scheme level processing rules and calculation parameters

Malcolm Johnson, Managing Director, Profund, commented: “oPen2 builds on our principle of making the lives of pension and payroll administrators easier, increasing the level of automation to mitigate data accuracy risks and streamline processes whilst freeing up a user’s time./p>

The release of oPen2 follows the recent launch of the Profund Private Cloud hosting service. Technology is evolving at a fast pace and we are investing heavily into our product development in order to provide our clients with the most advanced and efficient pension administration software solutions.”/p>

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Notes to Editors 

Enquiries:

Smithfield Consultants:

Fay Israsena | T: +44 (0)20 7903 0633 |E: fisrasena@smithfieldgroup.com

Julia Cooke | T: +44 (0)20 7903 0674 | E: jcooke@smithfieldgroup.com

About Profund Solutions Limited

As a leading provider of pension software since 1984, Profund Solutions Limited (Profund) has been developing, implementing and supporting systems specifically designed for those with the responsibility for running pension schemes.

Profund is trusted by an impressive client base covering actuaries, accountants, in-house pension departments, pension scheme trustees, the majority of UK third-party administrators and Registered Administrators. Geographical territories extend to Republic of Ireland, Channel Islands, Isle of Man, mainland Europe and the Caribbean.

Profund provides a range of innovative pension software solutions and related consultancy services.

Profund is part of JLT Employee Benefits Group.

About JLT Employee Benefits

JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.

JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.

Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc. www.jltemployeebenefits.com

About Jardine Lloyd Thompson Group plc

Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.

JLT is quoted on the London Stock Exchange and owns offices in 39 territories with some 9,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.

www.jlt.com