Issue: April/May 2007
Edutorials
Old Mutual Corporate

Key considerations when assessing your pension fund administrator

The choice of a reliable administrative platform for pension funds is critical for fund trustees, as they can be personally held liable in cases of mal-administration.

A reliable and well governed fund administration system is a crucial element to ensure that this does not happen,” says Seelan Gobalsamy, Executive General Manager of Old Mutual Corporate.

“Trustees need peace of mind that their retirement fund administrators provide the very best systems, that they are robust and meet the needs of members of the fund and employers,” he says. We can expect an increase in regulation into the future and an administration system needs to be able to adapt to meet these requirements.

Gobalsamy says trustees and employers alike want to know that their service provider has configured their systems in such a way that the risks to all parties are minimised.

Make sure your administrator can ensure that:

  • data integrity is maintained;
  • internal controls are in place;
  • investments are made timeously according to members’ elections;
  • accurate member records are maintained for members to access at their convenience; and
  • benefit claims are processed accurately and according to contracted timeframes.

Old Mutual embarked on a journey to adapt its administration capability in line with the demanding requirements of trustees, employers and members. The end result was the Mosaic retirement fund administration platform that integrates the best people, products and processes with technology. “We realised that it wasn’t processes, systems, technology or people on their own that would differentiate us, but the successful integration of all these elements.”

“A reliable and well governed retirement fund administration system is crucial”

For more information, contact Corporate Consultant Mark Dotchin on 021 509 1094 or (cell) 082 457 3076 or (e-mail) mdotchin@oldmutual.com