Scottish Life has added to its third-party administration business, with the creation of DC Solution...
Scottish Life has added to its third-party administration business, with the creation of DC Solutions, a defined contributions pension system.
DC Solutions covers administrative services to defined contribution arrangements, including group money purchase, Group Personal Pension (GPP) and group AVC schemes.
The group also believes the system will be able to cope with the changes that will result from the introduction of stakeholder pensions.
Using internet technology, DC Solutions, will allow online access to enquiries and transaction facilities for trustees, pension scheme managers and scheme members.
It also features a flexible package of options, which will allow clients to choose the best fit with their own in-house systems.
For example, bulk process such as contribution processing, can be achieved by direct links to payroll, online data entry or file transfer by e-mail.
Scottish Life's service is part of the group's plan to expand its third-party administration (TPA) business, which to date has focused on providing back office services to life offices.
Ian Buchan, business development manager for TPA at Scottish Life, said: "We recognise that some companies will want to take full advantage of the available technology, whereas others might not want to have technology solutions forced on them."
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