Profund - ITM

Profund

Software solutions to help you manage pension schemes, payroll and accounting

Profund administration solutions

You want pension software which enables you to run your scheme efficiently, with the governance and controls to provide comfort and assurance, but with the development and innovation to face future challenges. Since 1984, our software has been the technology of choice for a myriad of providers.

Profund has joined the ITM family – enabling us to strengthen and develop upon the long-term success of the software and solutions delivered to its customers.

We support a variety of pension arrangements – defined benefit (DB) and defined contribution (DC), career average related earnings schemes (CARE) and hybrid schemes for an impressive client base covering actuaries, accountants, in-house pension departments, pension scheme trustees and third-party administrators.

Over 100 schemes and 8 million members benefit from our innovative software solutions. Our pension administration systems include:

Pensions administration software

Built on modern technology, oPen2 provides a scalable solution suitable for DB, DC, CARE, and hybrid pension schemes.

It features a real time information compliant pensioner payroll as well as the option to utilise integrated modules for workflow, electronic document management and online member, employer and trustee access.

TELL ME MORE ABOUT OPEN2

In-house schemes and third party administrators use Classic to perform all their day-to-day administration task for their DB, DC, CARE, cash balance and hybrid schemes.

The system provides the following key features:

DB administration

  • Powerful calculation engines that enable all types of calculations to be quickly and easily configured
  • Capability for calculation configuration for CARE and Cash Balance Schemes
  • Comprehensive record keeping and transaction audit
  • User definable fields and histories that can be customised
  • Full compliance with legislative requirements
  • Communication and letter production capability
  • Integration with other platforms and data management tools

DC administration

  • Comprehensive record keeping and transaction reconciliation routines
  • Communication and letter production capability
  • Automatic loading and validation of contributions
  • Bulk processing of investments and switching (including lifestyle arrangements)
  • Full compliance with legislative requirements
  • Integration with other platforms and data management tools
TELL ME MORE ABOUT CLASSIC

Our P3 pension administration system is suitable for SME Defined Contribution, Defined Benefit, Career Average and Hybrid pension schemes.

P3 can be used to administer a number of difference schemes at the same time and all feature additional, integrated modules including things like workflow, electronic document management and online member, employer and trustee access.

To ensure compliance with auto-enrolment requirements, each administration system will enable automated key administrative processes, from the Staging Date/Duties Start Date, to ensure clients can effectively manage additional routines that become necessary.

TELL ME MORE ABOUT P3

Propay is the integrated pensioner payroll solution within our Classic pension administration system. It can be adapted to meet your specific payroll requirements.

One of the key requirements of any pension scheme is to make sure that their pensioner members are paid the right amount on time, every time. Our Propay integrated payroll system is a reliable, robust and configurable system which links up with our Classic administration system to provide a well-rounded administration solution.

TELL ME MORE ABOUT PROPAY

Accounting

Aviary is our intuitive modular pension fund accounting solution aimed at occupational pension schemes and third-party administrators across the UK, Republic of Ireland, Isle of Man and Channel Islands.

Aviary is innovative financial management software which provides automation tools with any pension administration software, banks, payroll software, fund managers and custodians.

Our clients wanted to be able to ‘key once’. Aviary was built upon this philosophy – enabling pension schemes to manage the transfer of their data across multiple software system – ensuring that a process is completed end-to-end without data having to be re-keyed. Not only does this improve accuracy and mitigate human error, it provides full audit trail by being able to trace back directly to the source.

We take this one step further with our integrated report and accounts production tool Aviary Draft Accounts Reporting (ADAR). Finance teams spend a considerable amount of time and effort every year producing the Pension Scheme Report and Accounts with reliance on manual processes and intervention via an array of internal and external documents thus resulting in time and money being wasted on ‘non-value’ activities.

Aviary is an end-to-end solution that provides a more efficient and controlled process, saving time and money.

TALK TO US ABOUT AVIARY

Administration tools

Clarity

Members, employers and trustees can gain secure and easy access to pension information via our Clarity web portal.

FOR MEMBERS: Clarity helps members keep up to date with their pension information including:

  • View contributions and how they have been invested
  • View investments and request fund switches and redirections
  • Access their documents
  • View and update beneficiaries
  • Update personal details

Our real-time retirement modeller helps members make the most of their money when it comes to planning their options at retirement.

FOR EMPLOYERS: Employers can log in for an overview of their scheme:

  • Seeing and emulating a member’s experience – so they can better support them with questions and issues

FOR TRUSTEES: A web portal for secure scheme oversight:

  • A scheme governance module to make overseeing a scheme that bit easier
  • A document repository to store all those important bits in one place

Clarity is the ideal portal for smaller to medium sized schemes and integrates with Profund’s administration platforms.

Profund Web Portal (PWP)

PWP is our member web portal used by larger schemes, white-labelled to provide a seamless experience for members.

Behind a safe and simple login, members can access their pension information including:

  • View contribution history
  • View payment history, payslips and P60s
  • Access important documents
  • View investments and request fund switches and redirections
  • View and update personal details
  • View and update beneficiaries
  • Run real-time calculations

It easily connects with our oPen administration platform for an integrated solution.

TELL ME MORE

Our electronic document management services can dramatically reduce the amount of time it takes you to search, retrieve and view files.

Our integrated document imaging and document management functionality is suitable for storing, organising and retrieving documents such as mail, letters and emails. Space occupied by paper is reduced and documents are held more securely, which also aids disaster recovery and business continuity.

With our software solution you can access your documents directly from either your oPen2, Classic or P3 system.

HELP ME MANAGE MY DOCUMENTS

Our work manager solution replaces paper case files and guides your members of staff through the individual tasks needed at each stage for efficient processes.

You can streamline processes, reduce reliance on paper and offer greater flexibility for remote working with our workflow system.

Our clients use workflow to:

  • Set out the processes used and the activities within them – creating a unified approach
  • Allocate items to teams and individuals so the right expertise is selected for the task
  • Allocate work for particular task, such as checking or for payroll activities
  • Add additional controls so steps cannot be lost or forgotten
  • Measure progress and report against SLAs
  • Produce statistics and measure operational performance and efficiencies

How Workflow integrates seamlessly with our oPen2 and Classic administration systems increasing efficiency and convenience. 

  • If the administrators need to check the member’s contributions, workflow will open up the contribution history.
  • If the administrators need to run a calculation, one click will initiate a calculation for the right member, with the right calculation date and type already populated.
  • If the administrators need to create a letter, it will be produced and filed within the document manager automatically.
FIND OUT MORE ABOUT WORKFLOW
  • Implementation

All our systems and tools come with full implementation support and on-boarding. We’ll help you add new schemes to a database, add or amend calculations, implement additional functions and modules and generally make sure you’re ready to get going.

  • Training

Our experts will support your team, building your internal knowledge and systems expertise. We’ll provide courses on pensions and payroll systems, set up and configuration, and support tools like workflow and document management so you can make the most of the modules on offer.

  • Support

We’re on hand to help if things don’t go to plan and have organised and efficient support models designed to provide quick access to the help you need, when you need it. We pride ourselves on building strong, personal relationships with all our clients, enabling us to adapt the support we offer to suit your needs.

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