Are the right systems available to deal with defined contribution administration?
Definitely. The high pace of change over the past 10 years, both within pensions and information technology, has resulted in the emergence of some ‘high tech’ administration systems. Substantial investment has been made to ensure the longevity of this new generation of systems. Key features include easy customisation, proactive processing, extendable record keeping and integration with other office systems. Internet facilities are increasingly being used to deliver services beyond standard member access by adding; self service and shared ownership in many areas such as the contribution cycle, benefit calculations and scheme reporting functions. We believe that taking advantage of the internet not only serves to break down traditional access barriers, it also makes the service much more transparent and in turn more accurate with faster response times. c. Do we have the right training, experience and services in place in the industry to deal with defined contribution administration? Defi
