Pensions Software Solutions (PSSL) - the business set up by Clive Hallworth and Roger Betts last year - has launched a fully automated pension administration system, Aurora, in a bid to improve efficiency and cut costs.
Hallworth and Betts - a pair who have previously been involved in the development of software and systems such as Key, Genesys and P3 - said the cloud-based solution, launched today (January 3), is aimed at third-party administrators and will provide the first fully automated pension platform with multiple dashboards used to initiate the daily processes.
The Aurora dashboards will be specifically customised for clients and will provide an interface with members, HR staff and other necessary parties. PSSL says that each dashboard will include automated forms, payroll, training tutorials and a plan website and be available with a one-off set up cost of £10,000.
The firm said the annual price tag for the Aurora solution is £2,500 per annum for the first 500 members plus £2.50 per annum for each additional member.
The team believe the new software is an advancement of technology that will offer a new approach to administration in the pensions sector, with no manual input needed after initial set up meaning the risk of errors or delays is reduced.
Head of operations Clive Hallworth said: "A series of secure online dashboards present intelligent forms and tiles to upload files, call reports, quotations, statements and letters. The processes are fully automated using our own Nova application. This means that administrators now simply check and authorise the updates."
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