PenScope

PenScope is an end-to-end administration platform designed by ITM (Independent Transition Management Limited) to provide comprehensive administration solutions for pension schemes, including defined benefit (DB), defined contribution (DC), career average revalued earnings scheme (CARE), auto enrolment, and hybrid schemes. According to the vendor, this user-friendly platform is suitable for large, medium, and small schemes and is utilized by pension administrators, managers, consultants, third-party pension service providers, and financial institutions.

Key Features:

Simple, easy-to-use interface: PenScope offers a user-friendly interface that, according to the vendor, is designed to be simple and easy to navigate, ensuring a smooth user experience for administrators, members, employers, and providers.

In-built data validation and controls: PenScope includes in-built data validation at the point of data input, which, according to the vendor, helps prevent data errors and discrepancies before they are added to the administration platform. This feature is said to ensure the quality and accuracy of data.

Management indicators and reporting capability: PenScope provides management indicators and reporting capabilities, allowing administrators to track and monitor various aspects of the pension scheme's administration. According to the vendor, this feature enables users to generate reports and analyze data for informed decision-making.

Integration with other systems: PenScope offers integration capabilities with other systems, allowing seamless data exchange and collaboration between different platforms. According to the vendor, this feature ensures smooth data flow and eliminates the need for manual data entry or duplication.

Ongoing support and seamless updates: PenScope provides ongoing support to users, ensuring that they have access to assistance and guidance whenever needed. Additionally, the platform offers seamless updates, according to the vendor, ensuring that users always have access to the latest features and enhancements.

Securely hosted in the UK: PenScope is securely hosted in the UK, ensuring data privacy and compliance with relevant regulations. The platform provides a secure environment for storing and managing sensitive pension data, according to the vendor.

Secure portals for members and employers: PenScope offers secure portals for both members and employers, allowing them to access and manage their pension information conveniently. Members can view personal information, benefit statements, update investments, and use modellers to estimate scheme benefits. Employers can submit employee data and have reassurance of data accuracy through in-built data validations, according to the vendor.

Can be used for auto enrolment: PenScope can be used for auto enrolment, making it suitable for schemes that need to comply with auto enrolment regulations. According to the vendor, the platform streamlines the auto enrolment process, ensuring efficient and accurate administration.

Support for various types of pension schemes: PenScope supports various types of pension schemes, including defined benefit (DB), defined contribution (DC), career average revalued earnings scheme (CARE), master trusts, and hybrid schemes. According to the vendor, the platform can cater to both complex and straightforward administration requirements.

Browser-based administration workflow system: PenScope can be used as a basic browser-based administration workflow system, providing a user-friendly interface for managing pension administration tasks. According to the vendor, the system allows administrators to efficiently handle member records, payments, and other administrative processes.