PensionBox PEPP

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The EU Pan-European Pension Plan (PEPP) is a new pension proposed by the European Commission to provide a secure retirement for citizens of the European Union.

The plan is intended to provide a measure of financial security to those who move between countries in the EU, allowing them to take their pensions with them and giving them the assurance of a guaranteed pension income for life. The PEPP is funded through contributions from employers and employees, as well as from public funds, and would be a portable, lifelong pension for all EU citizens.

To provide some context the PEPP was initially conceived in 2013 to support a rapidly growing customer base of European workers who travel for work, often living and working in different countries. 4.8% (16 million) European workers work cross border today, a figure that doubled from 2003 to 2018.

The PEPP however has not been adopted by domestic pension providers as the pension platforms that they typically use were designed for a single domestic market. Most do not have the flexibility to handle other countries pension products or tax regulations.

The pension technology platforms that are taken for granted in the UK have been designed for an often more expansive pension range and providers who use platform functionality as a competitive advantage.

CTC Pensions Technology strategic decision to enter the PEPP platform market was made given the competitive advantage of its existing PensionBox Platform which already underpins many of the UK’s pension schemes.

None the-less it took a highly specialised team of developers comprising actuaries, digital development specialists, UX consultants and IT infrastructure engineers, as well as pension-specific sales and marketing consultants to re-task the existing UK product for a continental workforce.

PensionBox PEPP is the only End-to-End SaaS Technology platform providing a comprehensive pension platform solution for any pension or financial services organisation looking to provide a comprehensive PEPP. It is both fully compliant with all UK regulations and with all European Insurance and Occupational Pension Authority (EIOPA) rules and regulations.

As with all CTC Pensions Technology solutions PensionBox PEPP has the provider and their end customers in mind, with compliance guaranteed and an excellent customer journey.

For financial advisers, which covers a large variety of organisations across Europe, CTC’s PensionBox PEPP adviser hub allows them to manage everything from one platform.

CTC Pensions Technology is attracting interest from across the EU, with expressions of interest from Pension regulators and Providers, especially those based in the Netherlands and Belgium; global fund managers who typically have cross border expertise, and European pension consultants.

In summary, CTC PensionBox PEPP is the ideal solution for any pension or financial services organisation looking to provide a comprehensive and compliant Pan European Pension Plan. It is 100% cloud-based, allowing you to perform all your administration tasks from one individual dashboard. The dashboard is fully automated, so an administrator can oversee everything that’s going on with minimal intervention.

PensionBox PEPP has been designed with end-users in mind, and is mobile-first, with an in-portal notifications system, improved pension summary and management, and easy integration with additional modules. It is also API-driven, making it easy to integrate with existing platforms (provider and adviser) through APIs without a worry of any interferences.

Key Features

What is included with CTC PensionBox PEPP

Pension Administration

PensionBox PEPP is 100% cloud-based, allowing you to perform all your administration tasks from one individual dashboard. The dashboard is fully automated, so an administrator can oversee everything that’s going on with minimal intervention.

Administration consists of pensions and wrap cloud-based business processing, providing communications, contribution processing, and full administration to diverse pension providers from auto-enrolment, Workplace, to SIPPs and SSAS.

Actuarial Product Configuration layer

PensionBox PEPP utilises CTC’s actuarial product engine which contains 30 years of pensions development of over 200 Pension Providers and spanning over 15 Regulatory Regimes.

All shapes of pension provided with any number of permutations, all broken down into minute level of detail. This means products can be set up and configurable for every territory, covering product frameworks from EU and the UK including territory tax rules implementable at every product level.

Products contain the following overarching elements; Investments, Contributions, Charges, Withdrawals. The product engine can configure the following on all product types allowing for full administration and illustrations, taken to market at speed.

User Interface

We utilise our extensive actuarial background and our powerful calculations engine to underpin the foundations of the project, taking care of the financial details, while our design expertise provides the creative digital mindset by putting the user at the centre of everything PensionBox PEPP. We ensure every solution meets the WCAG 2.1 accessibility guidelines making your platform easy to understand, simple to use, and jargon-free, when possible.

This does mean that absolutely everything could be done in one place on the customer hub, including planning for their retirement or customer engagement if paired with our Digital Microservices Portfolio. The idea is for members to be able to map everything out and have a summary in their hands where they can revisit and manage it at any time.

Key features of PEPP Cube

·Cover all EU countries / Multi language.

·Limitless product configurations

·Actuarial Product Configuration layer

·Tax treatment at product layer (Instead of by the customer)

·Digital self-service front end

·Assisted adviser option.

·Legislation configurable in real time- Local tax relief, Pension rules, Charging, Reporting

·SQL data structure makes integration very simple

·Website member portal – including member self-service.

·Standardised member communication - e.g EU, country, or member specific

·Real-time member and adviser access / valuation

·Full domestic regulatory reporting including a real-time ABS

·Scheme-level tolerances

·Both unitised and valuation fund reporting

·Manual and / or automated reconciliation

·Direct debit, standing order and one-off contributions

·Most advanced data security, including cyber security

·Flexible data storage under a SaaS, Cloud, or local servers

·CTC has ISO 27001 and 9001, which is the overarching pan-European standard.

Key Benefits

How PensionBox PEPP helps an organisation.

CTC understands that every company wants to own their own applications but achieving an in-house built solution can take a huge commitment of both time and money.

PensionBox PEPP has been designed with all the functionality a business would need (and more) to have their pension business up and running in days.

Improved usability

PensionBox PEPP has been designed with end-users in mind. The processes are well thought out and simple for customers to follow through the process without having to visit your advisory organisation.

Mobile-first approach

No matter which device customers decide to use, our technology adapts to the user’s screen size to ensure a flawless experience.

In portal notifications system

Easily view any updates on their account, our technology will ensure to send customers any changes notifications.

Improved pension summary

Imagine having a full summary of your retirement financial life all in one platform, including plans on how you plan to view it. By allowing customers to visually see how everything is from the bird’s eye view, it has been scientifically proven to help.

Improved pension management

No matter in which areas of their lives their money is coming from, where it is saved, and how they plan to allocate and use it.

Easy integration

with additional modules including Income Drawdown process and retirement planning.

API driven.

PensionBox can integrate with existing platforms (provider and adviser) through APIs without a worry of any interferences.

Saving the cost and hassle of hosting applications, CTC typically provide its applications under a SaaS model. CTC can support an on-premises deployment if required.