Enterprise HR Solutions
CorePension
Reducing administrative costs, increasing pension accuracy and ensuring legislative compliance
Enterprise Pension Solutions
The administration of modern pension schemes manually, has become a legal quagmire and bureaucratic nightmare for pension managers and administrators. It is now universally agreed that the crucial element of successful pension administration is the technology employed by the pension administrator. Proper use of an accurate reliable pension management system, can bring the essential benefits of consistency and speed to an organisation's pension administration whilst improving accuracy and removing data duplication.
Employers are coming under increasing pressure to comply with complex pension rules and legal requirements. CorePension can alleviate your HR department of the burden associated with intricate pension calculation and benefit statement creation, while ensuring that you are meeting your legal requirements.
Leading organisations such as Bord Gáis, FÁS, the Department of Justice and Enterprise Ireland trust Core Pension to deliver their critical day-to-day administration of employee pension schemes.
- Perform lump sum calculations
- Create ad-hoc and annual Benefit Statements
- Model "what-if" situations
- Normal Retirement Benefit Statements
- Early Retirement Benefit Statements
- Death in Service Benefit Statements
- Death after retirement calculations
- Salary Protection Statements
- Produces Deferred Benefit Statements
- Allows pre/post integration calculations for a pension scheme
- Multi-level user security
- Ad-hoc, forecast and management business intelligence reports
- Facilitates multiple "Salary" definitions
- Performs Social Welfare Integration calculations
- Optional averaging of salary
- Inclusion of specified Pensionable Allowances e.g. Bonus Acting Allowances
- Complete integration to CorePay
- Analyse pension, overtime and all other payroll transaction types
- Optional commutation calculations
- Full visibility on all aspects of salary calculation
- Allows for Transferred Service
- Captures Notional Service and Bought Service
- Calculates additional service secured over specified time frames
- Allows for periods of part-time work
- Allows for periods of non-pensionable service
- Full tractability and breakdown of all elements of service
- Reduce the administration associated with the calculation of pensions, creation of Benefit Statements and handling of queries from staff
- Enjoy substantial cost savings due to reduced administration and printing
- Ensure the legislative compliance of your pension management now and in the future as legislation changes
- Notably increase accuracy of pension information
- Reduce time spent by HR staff in calculating statements and producing Benefit Statements
- Provide quick and accurate creation of ad-hoc and annual Benefit Statements
- Maintain full employee pension history including career breaks salary changes etc
- Utilise a dynamic pension management solution that is updated in line with changes in legislation as and when they occur
- Availability of employee self service facilities including online pension calculator and ability for employees to print Benefit Statements on demand
- Implement a pension management solution that is fully integrated to the CoreHR suite or to 3rd party HR and payroll solutions as required by your organisation
Case Studies
University of Limerick
"Since the
implementation of CorePension at the University, the administration of our employee pension schemes is quicker,
easier and more accurate. Administration and employees are delighted with the ability to produce benefit statements at the
touch of a button, a facility that has proved indispensable. We can now rest assured in the knowledge that any future changes
in legislation will be reflected in the CorePension solution, allowing the University to move forward safe in the knowledge that whatever changes lie ahead we
have the solution to handle them."
Tommy Foy - HR Manager, University of Limerick
National Roads Authority
Key points:
- Ensure the quality and accuracy of their employees' pension information and can produce Benefit Statements not only annually but on an ad hoc basis as needed
- Model "what-if" scenarios based on work pattern changes, salary increments or bought service, etc.
- A state-of-the-art solution which was operational from start to finish within 3 months
Enterprise Ireland
Key points:
- Improvement in the speed and efficiency of Enterprise Ireland's entire pensions process
- Complete integration to CorePay, ensuring pension payments are made on time and correctly
- CorePension solution's ability to manage Enterprise Ireland’s multiple salary definitions
"Since the implementation of CorePension at the University,
the administration of our employee pension schemes is
quicker, easier and more accurate. Administration and
employees are delighted with the ability to produce benefit
statements at the touch of a button, a facility that has proved
indispensable. We can now rest assured in the knowledge that
any future changes in legislation will be reflected in the
CorePension solution, allowing the University to move forward
safe in the knowledge that whatever changes lie ahead we
have the solution to handle them."
Tommy Foy, HR Manager, University of Limerick
About University of Limerick
The University of Limerick (UL) is one of Ireland’s leading and most respected universities. UL’s mission is to promote and advance learning and knowledge through teaching research and scholarship in an environment which upholds the principles of free enquiry and expression. With an enrolment campus of some 10,534 students, a faculty complement of over 450 and an alumni body of almost 36,000 graduates, UL is now a vibrant and rapidly growing community of scholars.
Key Objectives
University of Limerick staff and management were more than aware of the increasing complexity facing public sector organisations in fulfilling their pension administration requirements at present and in the future. It quickly became clear that manually handling pension administration for their employees would soon become a logistical nightmare in light of forthcoming legislative changes. A key objective for the University was to provide a solution that would not only accurately calculate pension entitlements and print benefit statements but would alleviate the burden on pension administration staff who were feeling the strain of manually managing an intensely complex and intricate aspect of the HR process.
What was done
Due to Core’s experience in the public sector and proven track record in providing critical HR solutions to some of Ireland’s leading public sector organisations, UL had no hesitation in selecting the EduCore edition of the CorePension solution. The CorePension team implemented the solution in UL within a matter of weeks and provided detailed training and support to users throughout.
The benefits
Since the implementation of the Core solution, the pension administration workload for University HR staff has been significantly reduced through the streamlining of their entire pension management process including:
- Calculations that were previously carried out manually from paper based records are now automatically computed by CorePension at the touch of a button
- Pension Benefit Statements can be created instantly when requested by an employee, allowing the University to fulfil its legal requirements with minimum effort
- Benefit Statements covering such situations as Normal Retirement Date Benefits, Death in Service Benefits, Spouse Pension Benefits, Disablement Benefits etc. can all be created instantly
- CorePension caters for the pension administration of the Universities diverse workforce including part time and full time employees of varying pay grades
The National Roads Authority (NRA) was formally established as an
independent statutory body under the Roads Act, 1993 with effect from 1 January, 1994.
The NRA's road development programme forms part of the Government's overall strategy
for the improvement of national infrastructure.
Core Modules in Place: CorePension, Core Business Intelligence, Core Employee Self Service
Implementation Date of CorePension: 2006
Challenge
To provide a stand alone pension administration solution that could be operational in a short period of time whilst providing the highest possible levels of service and quality
Solution
The National Roads Authority chose to utilise not only the back office CorePension solution but to improve their return on investment by strengthening their system with the addition of CorePension Business Intelligence and CorePension Employee Self Service.
Benefits
- The National Roads Authority can now ensure the quality and accuracy of their employees' pension information and can produce Benefit Statements not only annually but on an ad hoc basis as needed
- Core's employee self service facility allows staff to view their pension details on line. Employees can model "what-if" scenarios based on work pattern changes, salary increments or bought service etc. This has resulted in fewer calls to HR requesting pension information as employees can gain access to their own information as and when they need it
- The National Roads Authority were provided with a state of the art solution which was operational from start to finish within 3 months. This allowed the NRA to immediately focus on their mission critical operations, secure in the knowledge that their employees pensions were adequately catered for and that they were fulfilling their legal requirements
Enterprise Ireland are the Irish state development agency focused on
transforming Irish industry. Their core mission is to accelerate the development of
world-class Irish companies to achieve strong positions in global markets resulting in
increased national and regional prosperity. Through their extensive network of 13 Irish
offices and 34 international offices, they work with clients to assist them to compete and
to grow.
Number of Employees: Over 1,000 in Ireland
Core Modules in Place: CorePay, CoreTime, CorePension, CorePersonnel, Core Business Intelligence, Core Employee Self Service
Implementation Date of CorePension: 2003
Challenge
Due to their varied workforce and high profile position Enterprise Ireland needed a solution that could guarantee the accuracy of their pension administration.
Solution
A key requirement for Enterprise Ireland was to implement a solution that would increase the efficiency and accuracy of their entire pension process from recording employee information to modelling "what-if" scenarios in relation to career breaks etc.
Benefits
- Improvement in the speed and efficiency of Enterprise Ireland's entire pensions process
- Complete integration to CorePay, ensuring pension payments are made on time and correctly
- CorePension solution's ability to manage Enterprise Ireland's multiple salary definitions
- Ability to capitalise on underlying pension information through CorePension Business Intelligence. Management can run ad hoc and scheduled reports allowing them to monitor retirement trends, analyse pension expenditure by group and review projected trends such as salary increases, etc.
