Dunstan Thomas, the pensions software specialist, has launched its pensions administrations platform called Imago:Administration in preparation for A-Day. The platform offers providers and third party administrators a comprehensive set of components for administration of more complex and flexible pensions that will become more mainstream post A-Day.
Dunstan Thomas, which has been building administration solutions for the SIPP marketplace for more than 10 years, has decided to utilise its expertise to build this modular platform for pensions administration.
The first version of the product contains the CRM, Product Manager, Portfolio Manager, Account Manager, Charge Manager and Asset Manager modules. Additional modules will be phased in over the next six months and the product will be completed ahead of publication of guidance notes relating to Pensions Simplification.
Chris Read, chairman, Dunstan Thomas explains the timing of this departure for the company:
“From April 2005 once all the government’s guidance notes have been published, providers and administrators will be going hell for leather to build new products and administration systems for those products so they are well positioned come A-Day and beyond. From this time, if not before, we predict a major upswing to the already lively demand for SIPP and SIPP-like products. We will be ready to offer a full version of Imago:Administration for these companies.”
The details of the functionality of modules in Version 1 of the product released this week are:
CRM holds all contact-related data information. It offers the facility to add contacts, add and modify contact methods (email, phone, mobile etc), link contacts to a company and assign a role to a contact
Product Manager offers the facility to create and modify policy provider details. Each provider can have contacts and charging profile associated with it. It is also possible to link a charge profile to each policy. It also identifies the assets that policyholders could expect to invest in including access to drawdown, premium payment methods, use of fees or commissions as well as annuity, death or transfer out claims. Product Manager opens up potential for ad hoc allocations
Portfolio Manager provides viewing of more than one policy for a contact at the same time. Specifically members created in the CRM module will be linked to products and policies together with status section which provides details of progress of new policy applications; as well as offering viewing of details; options and charges on each policy; as well as providing options for life styling of portfolio, contribution definition, tracking of uncommitted funds and creation of benefits statements
Account Manager is responsible for the management of all transactions including members paying in money, making income tax payments, investing in assets, paying charges, receiving income and any other activity classed as a monetary transaction. This module allows users to see current or expected future transactions for a particular account
Charge Manager enables users to create, disable, or modify charges and charge portfolios as well as specifying how, when and how often the charge will be calculated
Asset Manager manages all asset classes such as investments and bank accounts. A section will be included for handling property investments in version 2 of the product. It treats each asset class separately as it has different characteristics associated with it. It enables creation, modification and disabling of details of assets as well as the assets themselves.
For further information please contact:
Chris Read, Chairman
Tel: 01239 282 2254