CitiStreet add new defined benefits service
Citistreet has expanded its retirement services adminstration offering with the addition of a new defined benefit model which can be used as stand-alone product or as part of an accumulation offering.
The provision of the new service adds to those retirement services already carried out by CitiStreet which include accumulation, allocated pensions and non superannuation services which can be used in conjunction with industry and corporate funds or master trusts.
CitiStreet managing director Gary Cox says though defined benefits are dropping away in popularity they will still be in use for some time and it was important that this part of the market was serviced for the next 30 years at least.
The system will be web based and was designed to remove the manual work in administering defined benefit plans according to CitiStreet senior business analyst Liz North. Other features include surcharge handling capabilities, retention of members’ salary, benefit category and work history, configurable benefit calculation routines, automatic recalculations of statements due to changes in member details and benefit calculations.
CitiStreet is also looking at converting clients out of defined benefits and is currently converting the defined benefit businesses of two of its clients onto the new system - one a retail master trust and the other an industry fund.
AUTHOR
Jason Spits
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