Pension administration software for insurers, pension funds, and scheme administrators

Pension administration software is the system a pension fund, insurer, or third‑party administrator uses to run schemes: employer and scheme structures, member and dependent records, contributions, investment allocation, member accounts, and benefit payouts.

A policy administration system manages policies. Pension administration software handles schemes and the member accounts within them, including contributions, fund allocation, valuations, and balances. A policy system has no place to store a member’s fund balance, which is why the two are usually run side by side.

Yes. The employer, scheme, member, and beneficiary records are shared, and the difference is what happens to the money: group life pays a benefit on an event, while pension contributions buy fund units that are valued and drawn later.

The platform takes contribution files in bulk, splits them into employer and employee portions, and allocates them to member accounts according to the scheme’s rules. The platform reconciles allocations against the invoice, handles exceptions separately, and posts the result to the GL.

Each scheme has a default allocation for new members, and members can hold their own split across one or more funds. Members can redirect future contributions and switch existing balances between funds, with every movement recorded in the transaction ledger.

Yes. The member portal shows the account balance, units and holdings, the funds those contributions bought, and the movements behind the current value. Members can also submit life event and servicing requests there instead of contacting the administrator.

Claims intake, document collection, assessment workflow, and claim tracking run against the same member record, and the platform processes benefit payouts against the account. Group term life, accidental death and dismemberment, and long‑term disability are covered within the scheme.

Scheme parameters, benefit structures, eligibility rules, workflows, and approval chains are configured rather than developed, so setting up a new employer or scheme structure is configuration work.

Whether member balances and transaction history can be migrated and reconciled, whether scheme changes can be configured without a development request, and whether the system can run scheme by scheme during cutover rather than all at once.

Delivery runs from four weeks to nine months, depending on how many schemes, integrations, and how much member history are in the first release. The timeline is agreed upfront rather than revised as the project goes, and go‑live runs scheme by scheme.