MIP Funds, Benefits & Annuities currently administers hundreds of South African retirement funds consisting of over 1,000,000 members. Our powerful, dynamic, and fully integrated Funds, Benefits & Annuities administration and financial software solution has proven its capability and value to MIP’s extensive client base. The flexible and process-driven system also maintains high levels of integrity through automated real-time validations that enforce data verification throughout. Full audit capabilities complete the essential data change control and management measures.

SYSTEM BENEFITS

• Secured access
• Billing and contribution management
• Investment management
• Exit management
• Loan management
• Reporting

MIP FUNDS, BENEFITS & ANNUITIES SOLUTION

A passionate, skilled, and experienced team of client service managers, business analysts, technical architects, developers, quality assurance, and project management personnel with over 200 combined years of experience in the industry. This experience includes every aspect of the implementation and support of this critical solution, as well as all the business, legislative, and technological factors that drive change in the retirement funding industry.

An all-in-one integrated and automated Funds, Benefits & Annuities administration web-based solution built on Services Orientated Architecture (SOA). This facilitates streamlined, effective, and efficient business processes. It also means that our clients do not need to create and manage a complex matrix of software suppliers, systems, additional costs, and interfaces that need to operate with their core administration system. The comprehensive functionality included in this solution is:

• Member Management
• MIP Financials
• Decision Rules Engine
• Document Management
• Workflow
• Call Centre
• Communications
• Multi-Media
• Mobile Applications
• Gamification
• 3rd Party Functions and Solutions

Software-as-a-service Model (SaaS), which means that there is no initial capital outlay. This further reduces the risk to our clients. The system is installed, managed, and enhanced based on a fixed monthly fee linked to a key performance indicator, such as the number of members or assets under management. This fee structure is designed as a risk-sharing proposition for our clients and includes all licensing, bespoke and general enhancements, data migration, and solution support functions.

MAXIMUM SOLUTION FLEXIBILITY

The design of the MIP Funds, Benefits & Annuities solution makes extensive use of user-defined multi-level parameters, and can be quickly and easily changed by authorised system administrators. The parameters, therefore, provide a simple configuration mechanism for all new schemes, as well as for the underlying financials.

The multi-level parameters are defined for fund option levels, employers, pay-point or participating employer levels, category levels, and member levels. The following parameters are some of those available:

• Defined Benefit or Defined Contributions
• Risk Products
• Investment Portfolios
• Investment Options
• Member Choice
• Trustee Choice
• Life Stages and Life Stage Rules
• Bonuses
• Contribution Rates
• Exit Categories (or types)
• Exit Sub-Types with GL Accounts and Cost Centres
• Age parameters
• Minimum and Maximum Joining Ages
• Normal Retirement Age
• Early Retirement Age
• Late Retirement Age
• Contribution Cessation Age
• Risk Benefits
• Life Stages
• Salary types (including the related calculations)
• Loan types

EXTENSIVE PRODUCT RANGE

All administration aspects of an extensive product range are supported, including:

• Retirement Funds
• Private Funds
• Public Sector Funds
• Pension Backed Home Loans
• Beneficiary Funds
• Living Annuity Funds
• Trust Funds
• Group Risk Schemes

All requirements for annuity-based funds for Living Annuities and Trusts are supported, including:

• Investment Choices
• Annuity Payment Runs
• Individual Member Accounts
• Annuity payment options – per member choice, payment amounts, and scheduling
• Revenue Services - Tax deductions and IRP5 processing

Group Insured benefit deductions and payments are easily facilitated by:

• User-defined risk products, including approved and unapproved insured benefits.
• Risk premiums and benefits that are catered for in a premium to benefit calculation, including age/salary/maximum ranges as well as free cover limits and statuses.

SECURED ACCESS

There is an increasing need for access to information for members, trustees, employers, and brokers.
The MIP Funds, Benefits & Annuities system is fully secured in terms of:

• All system access, including that from the secure website and mobile applications, is limited to allow only authorised stakeholders to view and update only specific and relevant information.
• All system access is strictly controlled and limited by individual user login and password accounts that are each managed per the functions applicable to their profile, roles, and responsibilities. This includes supervisory levels per user and workgroups.
• Audit trails and audit reports at field level are available on all data updates and can be specifically customised per client requirements.

MEET OUR TEAM'S MANCO

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