Software groups turn on to TAPs
The rush to offer term allocated pensions (TAPs) to the market has led US-based Computer Sciences Corporation (CSC) and wealth management systems provider Syscorp to develop software specific to this market segment.
The pair already have an established alliance, which was struck 18 months ago, that has seen them combine to launch a range of unit trust, allocated pension and personal super software products.
In terms of the TAP software, CSC head of sales Iain Dunstan says no name has been decided on yet but the product will completed for roll out over the next month or so.
Meanwhile Liddell says CSC's products and systems integration capabilities will assist the group to extend its presence in the wealth management space.
“CSC and Syscorp are working collaboratively towards delivering a functionally rich and flexible package which will enable providers to rapidly design and deliver products to market,” Syscorp managing director Chris Liddell says.
The move follows three more fund managers, Zurich, Credit Suisse Asset Management (CSAM) and Asgard rolling out TAPs this week just in time for government legislation allowing the new retirement income streams to hit the market on Monday.
These offerings follow other such products from the likes of AMP, Mariner, ING, Navigator and Macquarie.
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