t24 pension fund administration & custody solution by fehintolu joseph adenuga - product manager...
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T24T24PENSION FUND ADMINISTRATION & PENSION FUND ADMINISTRATION &
CUSTODY SOLUTIONCUSTODY SOLUTIONBY
FEHINTOLU JOSEPH ADENUGA - PRODUCT MANAGER16th May 2013
T24’s FLEXIBILITY REVOLUTIONISES PENSION BUSINESST24’s FLEXIBILITY REVOLUTIONISES PENSION BUSINESS
THE INLAKS APPROACH THE INLAKS APPROACH
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CONTENT INLAKS PROFILE & SAMPLE CLIENTS PENSIONS BEFORE THE ADVENT OF PENSION REGULATIONS iPENSION MODULES EMPLOYER AND EMPLOYEE SETUP CONTRIBUTION OF FUNDS EMPLOYER DISBURSEMENT TO EMPLOYEES EMPLOYER TO EMPLOYER PAYMENTS BENEFIT PAYMENT OF FUNDS WHY iPENSION? QUESTIONS?
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INLAKS COMPUTERSCompany Profile
- Was established in 1982.
- Business Partner of TEMENOS since 1993.
- Tier-1 Information Technology (IT) Company.
- Consistent high growth annually since inception.
- Reputation for Professionalism & Commitment to customers.
- Core area of Operation is Financial Institutions
- Established GLOBAL SOLUTIONS in Ghana over 10 years ago as a foremost IT Services Company.
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SAMPLE INLAKS CLIENTSRetail BankingCentral Banking / Mini-Central Bank
Microfinance & Community Banking
Pension Administrators & Custodians
Other Financial Services
MortgagesEcobank Microfinance
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PENSION BEFORE THE ADVENT OF PENSION REGULATIONS
Before the enactment of the Pension Reform Act, there were problems such as:
Delays and accumulation of pension arrears and other payments.Inadequate and untimely release of funds to retirees.Malpractices.Poor coverage of schemes.
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iPENSION MODULES
BENEFIT PAYMENTCONTRIBUTION
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Management of employer fund and its disbursement to the respective employees
It involves maintaining employer deposits, account statements, and balances.
It also involves allocation of employer deposits to their employees taking care of needed charges.
CONTRIBUTION
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EMPLOYER TABLE
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EMPLOYER BALANCE
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EMPLOYEE TABLE
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PENSION FUND ADMINISTRATOR
LINK TO EMPLOYER
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EMPLOYER DISBURSEMENT TO EMPLOYEESEmployer lodgments (deposits) are matched (by amount, narration,
schedule ID, etc) to process employer schedule (disbursement)
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SELECT EMPLOYER DEPOSIT TO PROCESS SCHEDULE
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REPORT SHOWING PROCESSED AND UNPROCESSED EMPLOYER DEPOSITS
ALL EMPLOYER REPORT
SINGLE EMPLOYER REPORT
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EMPLOYER – EMPLOYER PAYMENTSUsed to transfer payments from one employer A to another employer B.
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DONATING EMPLOYER
RECEIVING EMPLOYERS
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BENEFIT PAYMENT
ALLOCATION OF FUNDS TO RETIREES
SINGLE PAYMENT TYPE (ONE OFF)
MULTIPLE PAYMENT TYPE (Periodic or Standing order based on frequency – monthly, quarterly, half-year, yearly, etc)
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SAMPLE STANDING ORDER PAYMENT SCHEDULE FOR EACH RETIREE
Retiree Code Standing Order Amount
Auto-generated payment schedule
After inputting and authorizing a standing order, the system automatically generates a payment schedule for each retiree based on the stated frequency for each retiree. On due date, payment is made to respective retiree automatically.
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DAILY STANDING ORDER PAYMENT REPORT
This is a sample benefit payment file generated on due date (from standing order schedule). The above shows only two retirees will be paid their benefit on the 18th April, 2011 (20110418).
Payment Date
Benefit Amount
Retiree bank details
Retiree Code/PIN
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RETIREE ACCOUNT STATEMENT SHOWING STANDING ORDER PAYMENT
Benefit Payment17 16th May 2013
WHY iPENSION? Maintains payment instructions from Pension
Administrators and the Pension regulatory body.
Handles many Pension Administrators under a single Pension Custodian.
Tracks payment remittances
Keeps track of each employer payment and the corresponding disbursement schedules.
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Contact Us
INLAKS COMPUTERS LIMITED3/5 ADEYEMO ALAKIJA,VICTORIA ISLAND,LAGOS – [email protected]+234-806-118-3431+234-708-862-6843+234-808-663-4326
GHANA OFFICE:GLOBAL SOLUTIONS LTD42 GIFFARD ROAD EAST CANTONMENTS ACCRA - GHANA [email protected]+233-302-773-273+233-289-773-273+233-233-000-200
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THANK YOU!!!THANK YOU!!!
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QUESTIONSQUESTIONS??????
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