Posted on Sep 6, 2021 by Staff Writer
Administration of funds requires a certain skill set and due diligence. A lot of things can go wrong if funds are not handled accordingly. The changes in the financial markets and the triumph of technology have since demanded fund administrators to always be up to date with what is going on in the financial markets.
Fund administrators go through a lot and their due diligence is what makes them different from any other type of investor. Managing risk is one of their key strengths since they deal with money. Fund administrators are trusted with so much and still need to reach targets at all times.
Choosing a retirement administration company can be tricky for employers. They need to make sure that their employees’ life savings are investments and are managed by reliable agents. Therefore, choosing one retirement administration company over a bunch can be cumbersome.
Partnering with a retirement administration agency like Momentum can make the lives of the employer and the employees easy. Momentum involves the fund administrators, the employer, and the unions to deliver the intended outcomes of the fund they administer.
Momentum also mitigates risk through insurance. Insurance is taken to manage the risks involved in investing to ensure that members have sufficient cover to deal with unexpected events.
What is Momentum Retirement Administrators?
Momentum Retirement Administrators is a retirement fund overseeing solutions that aim at engaging the trustees of the retirement fund, unions, and employers. The vehicle is there to help members of a retirement fund to access information that is viable and understandable to enable them to make better financial decisions.
The vehicle puts members of the retirement fund first and helps them make sound retirement investing decisions. Not only does the solution help members make good and informed decisions, but it also advises members to ensure that they save enough money for retirement.
Why choose Momentum Retirement Administrators?
Momentum Retirement Administrators focuses on each member’s journey to financial success. This is done through meaningful engagement and appropriate solutions. Momentum has been issuing fund administration services since the early 1900s, they have over a century of fund administration services.
Momentum has since been providing fund administration services to a number of retirement funds. The company offers services to retirement funds with over 600 000 members with R250 billion in assets under administration.
By choosing Momentum Retirement Administrators, you choose flexibility. It provides high levels of flexibility and customisation since not all funds are the same. The solution allows for flexible investment options, pooled investment arrangements, life stage models, and member investment choices.
Capabilities of the Momentum Retirement Administrators
Momentum Retirement Administration has done well for many since its inception. The solution now manages 40 retirement funds with some being complex. Retirement Administrators solution retains the overall control of decision making for your fund making the solution a key decision-maker to your retirement fund.
Here are the capabilities of the Momentum Retirement Administrators solution
The Momentum Retirement Administrators handle complex data of various formats. The solution uses a fully integrated contribution process to allocate and invest contributions. Management of the contributions adheres with section 13A of the pension fund act
Member Data Management
The retirement fund solution provides employers with member data whenever they need it. Momentum has a real-time and fully integrated web-based tool that provides easy access to member information, online claim management, and data submission.
With the data management capabilities, Momentum Retirement Administrators can provide data whenever needed. The data will be more accurate and efficient since it will be seen in real-time.
Insurance Benefit Management
This solution helps members of the group insurance solution to access their claims and other benefits timely. Either insured by Momentum or another insurer, it allows for self-insurance meaning you can insure with other insurers.
The solution allocates insurance benefits to members accordingly and also manages the claiming process making sure that policyholders don’t get to do the administrative work.
Momentum embraces technology for the betterment of its clients. As a member of the Retirement Administrators solution, you can now make claims online by simply submitting a claim on the Momentum employers and members portal.
The company’s online process validates the accuracy and completeness of the information captured before submitting. This eliminates the turnaround time of claims as employers can interact with Momentum on their web service for timely results.
Momentum uses a robust governance process to ensure the best outcomes for beneficiaries of Unclaimed Benefits. Momentum engages with numerous tracking agents to allow for quick and easy claim payment and settlement of tracing fees.
To help members make more money from their Unclaimed benefits, the Unclaimed benefits remain invested until they are paid up.
Communication is key when you have an investment portfolio that your future relies on. Momentum tailors your member communication and explains the benefits in an understandable way. This helps members to make good financial decisions before and in retirement. Communication is done through newsletters, member booklets, benefit statements, and education material.
The solution can administer life, living and hybrid annuities which makes it a versatile retirement administration solution. It uses an automated monthly process to pay pensioners and provide them with payslips. It allows for the deduction of taxes where applicable and other deductions.
The solution offers a fully integrated accounting package that is able to keep records up to date. Annual financial statements are produced according to the requirements of FSCA (Financial Sector Conduct Authority). Furthermore, management accounts can be customized according to the fund’s needs.
Member and Pensioner online application
Members and pensioners can use the Momentum app or online portal to transact securely. Other features available to members and pensioners include switching of portfolios and viewing correspondence.
Momentum Retirement Administrators solution is a solution that is there to help members and employers of a retirement fund to achieve their desired outcomes. The solution helps in communication, claims, investment administration, and more. If you want your fund to be administered by professionals then Momentum Retirement Administrators solution is for you.
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