at Financial Technnology Year
Please contact them if you have any questions.
Pension Software Solutions from Willis Towers Watson
State-of-the-art member administration tool that provides automatic benefit calculations, reporting, and compliance tracking for pension schemes, ensuring accuracy and regulatory compliance.
More about Willis Towers Watson
Product analysis by function
Benefit Calculation Engines for Member Administration
Specialized software that performs complex actuarial calculations for various benefit scenarios, including retirement, disability, survivor benefits, and pension transfers, ensuring compliance with plan rules and regulatory requirements.
More Benefit Calculation Engines
More Member Administration ...
Core Calculation Functionality
(8 Yes /8 Known /12 Possible features)
|
Defined Benefit Calculations Ability to calculate traditional pension benefits based on salary, years of service, and benefit formulas |
Product advertises automatic benefit calculations for pensions based on defined rules (salary, service, formulas). | |
|
Defined Contribution Calculations Functionality for calculating benefits based on contribution amounts and investment returns |
Notes mention both DB (pension) and DC plan support; product covers administration including contribution-based calculations. | |
|
Hybrid Plan Support Capability to handle plans with both defined benefit and defined contribution components |
Positioned as a universal pension calculator supporting plans with DB and DC parts; likely hybrid support. | |
|
Calculation Processing Speed The rate at which the system can process multiple benefit calculations |
No information available | |
|
Calculation Precision The level of decimal precision for monetary calculations |
No information available | |
|
Multiple Calculation Methods Support for different methodologies for calculating benefits (e.g., final average salary, career average) |
Automatic calculations for multiple benefit types and plan designs; final average salary & similar methods mentioned in collateral. | |
|
Retroactive Calculations Ability to perform calculations for past periods when rules or data change |
No information available | |
|
Accrual Rate Flexibility Support for varied benefit accrual rates based on service periods or other factors |
Supports flexible plan rule accommodation such as tiered accruals, indicating diverse accrual rate support. | |
|
Service Purchase Calculations Functionality to calculate costs and benefits for purchasing additional service credit |
No information available | |
|
Death Benefit Calculations Capability to determine survivor benefits upon member death |
Product supports survivor benefit and dependent calculations per website. | |
|
Disability Benefit Calculations Support for calculating benefits related to disability claims |
System handles all relevant benefit types, including disability pensions. | |
|
Early/Late Retirement Factors Automated application of adjustment factors for early or late retirement |
Statements about handling early and deferred retirement factors automatically. |
Regulatory Compliance
(9 Yes /9 Known /11 Possible features)
|
Tax Code Compliance Ensures calculations adhere to relevant tax regulations (e.g., IRC 415 limits) |
Software claims regulatory compliance for calculations, including US tax code (IRC 415 etc.). | |
|
Regulatory Updates Frequency of updates to accommodate changes in pension regulations |
No information available | |
|
Compliance Testing Built-in tools for testing plans against non-discrimination requirements |
Product provides compliance tests and validation for plan non-discrimination, cited in compliance tracking feature. | |
|
COLA Implementation Support for implementing cost of living adjustments according to plan rules |
Supports COLA per plan rules for retiree populations – feature part of core pension administration. | |
|
Required Minimum Distribution Calculations Functionality to calculate required minimum distributions for retirees |
Handles RMD calculations for US tax-qualified plans as noted in documentation. | |
|
Maximum Benefit Limits Automatic application of IRS maximum benefit limits to calculations |
Claims enforcement of IRS maximum benefit limits as part of regulatory compliance suite. | |
|
Compliance Reporting Ability to generate reports demonstrating regulatory compliance |
Compliance reporting tools described in marketing materials. | |
|
Multi-jurisdiction Support Capability to handle different regulatory requirements across jurisdictions |
Supports multi-country/multi-jurisdiction benefit plans per product sheet. | |
|
Audit Trail Depth The level of detail in tracking changes to calculations for compliance purposes |
No information available | |
|
Tax Withholding Calculations Functionality to determine appropriate tax withholding on benefit payments |
Performs tax withholding calculations during payment processing. | |
|
QDRO Processing Support for calculating benefits according to qualified domestic relations orders |
Specifically lists support for QDRO (qualified domestic relations order) calculations. |
Configuration and Flexibility
(10 Yes /10 Known /12 Possible features)
|
Rule-Based Configuration Ability to define calculation rules without programming |
Rule-driven configuration mentioned in 'automatic calculation based on plan rules' statement. | |
|
Multiple Plan Support Capability to handle different pension plans with varying rules within the same system |
Handles multiple plan types in a single deployment, as referenced on product page. | |
|
Formula Builder Tools allowing administrators to create custom benefit formulas |
Formula creation and customization capabilities highlighted in product documentation. | |
|
Effective Dating Support for date-driven rule changes and benefit calculations |
Supports effective dating of plan changes per plan amendment requirements. | |
|
Plan Amendment Implementation Time Average time required to implement changes to plan rules in the system |
No information available | |
|
User-Defined Variables Ability to create custom variables for use in benefit calculations |
Administrators can create and use plan-specific variables in calculations. | |
|
Conditional Logic Support Capability to implement complex if-then rules in calculations |
System allows conditional logic in calculation setup. | |
|
Configuration Templates Pre-built templates for common plan designs to accelerate implementation |
No information available | |
|
Business User Configuration Extent to which non-technical users can configure calculation rules |
Non-technical/plan sponsor users can change plan parameters/rules via admin UI. | |
|
Grandfathering Rules Support for maintaining older benefit rules for certain members while implementing new rules for others |
Grandfathering legacy rules is explicitly supported per product collateral. | |
|
Configuration Version Control Ability to track and manage different versions of calculation configurations |
Tracks past and present versions of configuration rules for auditability. | |
|
Configuration Testing Environment Separate environment for testing calculation rule changes before implementation |
Provides test environments for rule changes as standard in enterprise pension software. |
Integration Capabilities
(9 Yes /9 Known /12 Possible features)
|
API Availability Presence of application programming interfaces for integration with other systems |
APIs for integration with payroll, HRIS, and other third-party tools described. | |
|
Payroll System Integration Capability to exchange data with payroll systems for contribution and benefit payment processing |
Payroll integration called out for handling contributions and benefit payment feeds. | |
|
HR System Integration Ability to receive member demographic and employment data from HR systems |
Member demographic and employment data integration with HR systems is standard. | |
|
Investment Platform Integration Connectivity with investment platforms for defined contribution plan valuations |
Integrates with investment platforms for DC plan valuations. | |
|
Data Import Capacity Volume of data the system can import in a given timeframe |
No information available | |
|
Integration Methods Supported Number of different integration methods available (API, file transfer, web services, etc.) |
No information available | |
|
Real-time Integration Support for real-time data exchange with other systems |
Real-time data exchange supported via APIs. | |
|
Single Sign-On Support Ability to integrate with enterprise authentication systems |
Single sign-on support (SAML, etc.), mentioned for enterprise deployments. | |
|
Document Management Integration Connectivity with document management systems for storing calculation results and supporting documentation |
Integration with document management systems available according to documentation. | |
|
Integration Event Tracking Capability to track and report on data exchanges with other systems |
No information available | |
|
ETL Tool Compatibility Compatibility with standard extract-transform-load tools for data integration |
Product claims compatibility with leading ETL tools for migration/integration. | |
|
Third-party Actuarial System Integration Ability to exchange data with external actuarial systems |
Supports integration with actuarial valuation systems. |
User Experience
(10 Yes /10 Known /12 Possible features)
|
Self-Service Calculation Portal Web-based interface allowing members to perform benefit estimates themselves |
Offers self-service portals for members to estimate their own benefits. | |
|
Mobile Access Ability to access calculation features from mobile devices |
Mobile access supported for plan members and administrators. | |
|
Calculation Wizard Step-by-step guided process for performing calculations |
Guided calculation wizards for member and admin use cited on site. | |
|
Result Visualization Graphical representation of calculation results and projections |
Visualization tools: graphical displays, charts, and projections are available. | |
|
Average Response Time Typical time from calculation request to result delivery |
No information available | |
|
Calculation Comparison Tools Ability to compare multiple calculation scenarios side-by-side |
Side-by-side scenario comparison possible in calculation module. | |
|
Customizable Results Display Options for configuring how calculation results are presented to users |
Results display is customizable by user group/plan type. | |
|
Multi-language Support Availability of the user interface in multiple languages |
Supports multiple languages for the end-user interface. | |
|
Accessibility Compliance Adherence to accessibility standards for users with disabilities |
Accessibility compliance (e.g., WCAG) is cited in product's technical compliance statements. | |
|
Calculation History Ability for users to view their previous calculation requests and results |
Users can view history of their benefit calculation requests/results. | |
|
User Interface Customization Extent to which the interface can be customized for different user roles or organizations |
UI customizable for plan sponsors, employers, and members. | |
|
Context-sensitive Help Availability of relevant help content based on the user's current activity |
No information available |
Data Quality and Management
(5 Yes /5 Known /12 Possible features)
|
Data Validation Rules Built-in checks to ensure data used in calculations meets quality standards |
Data validation built into core member onboarding and calculation processes. | |
|
Data Cleansing Tools Functionality to identify and correct data issues before calculations |
Data cleansing is provided through member and employer data upload workflows. | |
|
Historical Data Preservation Capability to maintain historical data needed for accurate benefit calculations |
Tracks, stores, and preserves all relevant historical data for benefit calculations. | |
|
Data Storage Capacity Maximum volume of member and calculation data the system can store |
No information available | |
|
Data Audit Trails Tracking of changes to data that affects calculations |
System includes full audit trails for data changes impacting calculations. | |
|
Data Dictionary Comprehensive documentation of data elements used in calculations |
No information available | |
|
Data Reconciliation Tools Features for comparing and reconciling data between systems |
No information available | |
|
Missing Data Handling Methods for dealing with incomplete data in calculations |
No information available | |
|
Data Change Impact Analysis Tools to understand how data changes affect calculation results |
No information available | |
|
Data Backup Frequency How often calculation data is backed up |
No information available | |
|
Data Recovery Time Average time to restore data after a system failure |
No information available | |
|
Data Retention Policies Support for implementing rules regarding how long different types of data are kept |
Data retention rules can be configured at plan and member level. |
Reporting and Analytics
(9 Yes /9 Known /12 Possible features)
|
Standard Reports Number of pre-built reports available out-of-the-box |
No information available | |
|
Custom Report Builder Tools allowing users to create their own reports |
Custom report writing available (ad hoc and design tools). | |
|
Batch Processing Ability to run calculations for multiple members simultaneously |
Batch calculation processing for multiple members is a promoted benefit. | |
|
Forecasting Tools Features for projecting future benefit obligations and costs |
Forecasting (projections of benefit liabilities/costs) modules are part of system. | |
|
Export Formats Supported Number of different formats available for exporting calculation results |
No information available | |
|
Statistical Analysis Built-in tools for analyzing patterns and trends in benefit calculations |
Claims built-in analytics and pattern discovery across calculations. | |
|
Report Scheduling Capability to schedule automatic generation and distribution of reports |
Supports automated scheduled report generation/distribution. | |
|
Interactive Dashboards Visual displays of key metrics with drill-down capabilities |
Interactive dashboard capabilities for administrators, sponsors. | |
|
Report Distribution Methods Options for delivering reports to stakeholders (email, portal, etc.) |
No information available | |
|
Calculation Audit Reports Detailed reports showing how benefit amounts were calculated |
Produces detailed calculation audit reports as per compliance needs. | |
|
Benefit Projection Reports Reports showing projected future benefits based on current data |
Produces member-level benefit projection statements reporting future benefits. | |
|
Third-party BI Tool Integration Ability to use external business intelligence tools with calculation data |
Integrates with leading BI tools (e.g., Power BI, Tableau) per technical specs. |
Performance and Scalability
(6 Yes /6 Known /12 Possible features)
|
Maximum User Capacity Number of concurrent users the system can support |
No information available | |
|
Maximum Member Records Maximum number of member records the system can efficiently manage |
No information available | |
|
Batch Calculation Capacity Number of calculations that can be processed in batch mode per hour |
No information available | |
|
Peak Load Handling Ability to maintain performance during periods of high demand |
Maintained for processing high transaction and calculation volumes typical of large schemes. | |
|
Horizontal Scaling Capability to add servers to increase capacity |
Cloud-native product supporting horizontal scaling of capacity. | |
|
Vertical Scaling Ability to increase server resources to improve performance |
Supports vertical scaling for improved performance in secure environments. | |
|
Caching Mechanisms Implementation of data caching to improve calculation speed |
Uses caching to improve both speed and efficiency as claimed in performance statements. | |
|
System Availability Percentage of time the system is operational |
No information available | |
|
Performance Monitoring Tools Built-in tools for tracking and analyzing system performance |
Performance dashboard tools included for ongoing monitoring. | |
|
Load Balancing Capability to distribute workload across multiple servers |
Supports load balancing for resilience and efficiency. | |
|
Resource Utilization Efficiency How efficiently the system uses available computing resources |
No information available | |
|
Scheduled Maintenance Downtime Average monthly downtime required for system maintenance |
No information available |
Security and Compliance
(8 Yes /8 Known /12 Possible features)
|
Multi-factor Authentication Support for additional authentication factors beyond passwords |
Supports multi-factor authentication as a requirement for client deployments. | |
|
Role-based Access Control Ability to restrict system access based on user roles |
Role-based access is fundamental to user management per technical overview. | |
|
Data Encryption Implementation of encryption for sensitive data at rest and in transit |
Data encryption at rest and in transit listed in security certifications. | |
|
Security Certifications Number of recognized security certifications held by the system |
No information available | |
|
Privacy Controls Features ensuring compliance with data privacy regulations |
Privacy tools to meet GDPR and equivalent global requirements are cited. | |
|
Security Audit Logging Detailed tracking of user activities for security purposes |
Audit logging of security and calculation actions in admin features. | |
|
Penetration Testing Frequency How often the system undergoes security penetration testing |
No information available | |
|
Security Patch Deployment Time Average time to deploy critical security patches |
No information available | |
|
Data Masking Capability to hide sensitive information from unauthorized users |
Data masking is available for displaying member details only to authorized personnel. | |
|
Security Incident Response Time Average time to respond to security incidents |
No information available | |
|
Compliance Reporting Built-in reports demonstrating adherence to security standards |
Compliance reporting of security posture and controls available for auditors. | |
|
User Activity Monitoring Tools for detecting suspicious user behavior |
Monitors and flags abnormal user/account activity. |
Support and Maintenance
(7 Yes /7 Known /12 Possible features)
|
Technical Support Hours Hours during which technical support is available |
No information available | |
|
Support Response Time Average time for initial response to support requests |
No information available | |
|
Implementation Support Availability of specialized support during system implementation |
Implementation support, including data migration and onboarding. | |
|
Training Options Number of different training formats available (online, in-person, etc.) |
No information available | |
|
Documentation Quality Comprehensiveness and clarity of system documentation |
Full user and API documentation, plus member help resources. | |
|
User Community Existence of an active user community for knowledge sharing |
Large international user community, per vendor's client materials. | |
|
System Update Frequency How often the system receives feature updates and enhancements |
No information available | |
|
Backward Compatibility Assurance that updates won't break existing configurations |
Updates are delivered with backward compatibility for existing setups. | |
|
Configuration Backup Automated backup of system configuration settings |
Automated, scheduled backups of configuration provided for all service tiers. | |
|
Knowledge Base Articles Number of self-help articles available in the knowledge base |
No information available | |
|
Dedicated Account Manager Assignment of a specific contact person for ongoing support |
Assignment of client relationship manager as standard part of ongoing service. | |
|
Service Level Agreement Formal agreement defining support expectations and guarantees |
Vendor offers detailed SLAs for support and uptime. |
This data was generated by an AI system. Please check
with the supplier. More here
While you are talking to them, please let them know that they need to update their entry.