Procentia launches a Smart ISP+ for its existing clients who are currently leveraging its IntelliPen pension administration software to connect to the pensions dashboard.
The pension software specialist has also launched its Smart ISP, a solution available to large pension schemes, master trusts, insurance companies or third-party administrators (TPAs) that do not currently use its IntelliPen software as a core administration platform but still wish to connect to the dashboard dynamically.
Although similar to the services of generic integrated service providers (ISPs), Procentia’s solutions are set to potentially rival those of its competitors with an ability to run calculations via a dynamic API, supported by the configuration of its IntelliPen software. Live calculations enable more accurate representations of the projected retirement income of a scheme member to be shared.
“The framework for Procentia’s Smart ISP+ solution links through a dynamic API directly into our IntelliPen pensions software, thereby increasing performance efficiencies, removing barriers to automation and eliminating the need to continually run batch processes,” explains Steve DonkinCEO of Procentia.
Procentia is in preparations to participate in the beta testing phase of the pensions dashboard; something that had originally been delayed. Originally timetable to begin in May, the beta phase is now set to start in September 2022.
Once the approved API specifications are published, Procentia’s team will complete the development and testing of its Smart ISP solutions.
“Several of Procentia’s clients are set to become early adopters by joining us in the beta phase. Thanks to our diverse client representation in these areas, including master trusts and largely defined benefit pension schemes, our ISP solution will be tried and tested, and our partnerships will mean all our clients can onboard with confidence in the future,” Donkin added.
To become an efficient and effective ISP requires new software and infrastructure to be developed and maintained. An additional cost is therefore expected for using Procentia’s ISP solutions. Fees are likely to be based on a per-member basis, although this has yet to be confirmed by the company until final technical details are published by the pensions dashboard programme.
Procentia has also announced that some initial set-up fees may also be required for its clients to connect to its ISP. For example, calculations may need to be adjusted to ensure all necessary output data from a client’s pension system correctly matches the required estimated retirement income (ERI) format that the money and pensions service (MaPS) confirms the pensions dashboard will use.
Procentia’s IntelliPen pension administration system has been designed to work both for in-house scheme administrators who need a complete one-stop solution, and third-party administrators who wish to implement a best-of-breed product.