Profund 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.
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.
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.
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.
The new features include:
• 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.
“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.”
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