Dunstan Thomas - Imago Administration

:: DT Imago :: DT Application Lifecycle Management :: Amplify ::

Overview

Imago Administration is the key platform of the Imago Back Office, providing policy administration, across SIPP, SSAS, group schemes to Bonds, ISA's, OEICs and others.

Features


Accounting	The finance and accounting module been designed to be very configurable to embrace the many different accounting models that different pensions products might require. The accounting system uses double entry book keeping and also allows for sub accounts within an account which allows for earmarking of funds. The finance and accounting module also handles banking requirements such as payments and receipts and interfaces to external banking systems such as Royline and BoSLink. Additional interfaces can be developed for other banking systems as required. The finance and accounting module also includes the facility to supports cash reconciliations between the bank and the system. The system supports the concept of “expectations”. Expectations are defined expected events that trigger a cascade of further events such the automation of recordings and transactions. Features include: Paying fees & commission Creating evaluations and reviews Checks for thresholds Identification for future contributions Shortfall analysis Dividend, distribution of dividends to client accounts Paying interest and income tax Daily reconciliations Earmarking of funds Defining account structures within products Managing pooled & individual accounts Reconciliation of bank accounts Viewing of current balances and transactions for accounts Configurable accounts structure Supports product level bank accounts and control accounts Priority of sub-accounts for allocating funds Double entry and thus self-balancing books Accounting entries always generated by business transactions Reversals of postings made non-visible as required Tracing of postings back to business transactions

Arrangements	Establishment of vested and non-vested arrangements Size expressed in segments and percentage of total fund Option for discrete arrangements for new increments (transfers and contributions) Tracking of movements and valuations for each arrangement Notional portfolio splitting to arrive at arrangement value

Banking	Reconciliation from statements or regular balance and transaction feeds Three stages; Expectation = receipt, generate transactions Account postings = bank account movements Balance checking Manual reconciliation receipts form to enter and fulfil expectations, tick off matches items and tick off balance Automatic reconciliation from a bank feed Interest accrual and capitalisation Cheques received process

Business Transactions	Integrated solution delivers a high level of control and ease of use. The business transaction is the only user interface needed for :- Making payments Posting to accounts Reversing Refunding On receipts side, expectations generate business transactions Configurable rules for all transaction types; Requirement for supervisor approval by value Selection of posting rules Applicable VAT rate Preferred methods of payment User override for method of payment Drill down view to payments, allocation to receipts and account postings

Contributions	Set up for single and regular contributions Member, employer and benefactor Contribution limit checking Refund transactions Accept group contributions with schedule Contributions tax claim for scheme

CRM	The CRM module is where all the key contact information for members is held. It is also where details of third parties are held e.g. IFAs, stockbrokers, fund managers, employers etc. The system allows storage of different contact types and also how and when these third parties have relationships with the client. It is possible to view the history of these relationships, so that it is possible to see when a client switched IFAs or stopped working for an employer. The CRM module provides functionality to hold all contact related data information associated with the product provider. This means it manages information for users and all parties with vested interests in that respective provider. The CRM module enables: Creating/modifying/disabling contacts Adding and disabling multiple addresses Linking contact to a providers, advisors and employers Data migration capabilities

Document Management	The document engine is responsible for all reporting and letter generation. It also incorporates the recording of versioning of documents produced to provide a contact history for a client record. This module will also be able to produce valuations depending on the system configuration and the data feed from other enterprise systems. Features include: Acceptance letters, Pension Schedules, Fees taken letters, Fees outstanding letters – request for funds/notice of disinvestment. Contribution Tax Relief - Sending details to Inland Revenue, Receiving actual tax relief transaction details from bank. Support for tri-annual and ad-hoc reviews with Imago Reviews.

Drawdown	The income drawdown module is designed to interface to and external system for the purposes of illustrations for quotes and reviews e.g. Illustrations, Reviews. It will administer the conversion of a quote into and active tranche and management of the payment schedule information and the payment of tax free cash. This module also co-ordinates the tracking of minimum and maximum payments and the tracking of review schedules. The income drawdown system is designed to interface with an external payroll system in order to calculate PAYE contributions. The system handles making payments to clients and to the Inland Revenue, updating system accounts and the tracking of vested and non-vested fund values. Features include: Setup and drawdown management Creation of benefit statements Benefits analysis and planning Support for annuity purchase and death benefits The system also supports the following forms of other benefits including: Annuity purchases Beneficiary payments Inland revenue payments Interface to Imago Front Office Calculation of tax free lump sum including certificated amount Production of benefits agreements Establishment of vested arrangement Supervisor approval before benefits paid Payment of tax free lump sum Regular and ad-hoc income payments Calculation of PAYE via embedded tax routines Alternate interface payroll products Annual reviews Triennial reviews and merging of review dates

Expectations	All receipts pass through the expectations process. Expectations handle all receipts: Regular receipts Single receipts Ad hoc (unexpected) receipts Configurable rules for expiring old, unfulfilled expectations Bank transaction feed triggers automatic fulfilment Fulfilment rules for each transaction category Fulfilment may generate one or more transactions of the same or different type Partial fulfilment possible though manual, user interface Multiple fulfilment also possible, one receipt covering several expectations Automatic multiple fulfilment.

Fees	The fees module can be configured to support the tracking and collection of management fees, fixed and percentage fund fees and transaction fees. This module is also the platform for fee invoicing. Features include: Raising invoices Raising statements Processing payments Specifying charge schedule

Investments & Assets	The asset management module supports the recording and tracking of externally managed assets, such as TIPS and discretionary funds. This includes the tracking of cash movements and current value of the asset. It is designed to interface to an external system. This module receives fund valuations, and optional records of assets held in funds (for valuation purposes, regulatory checks, permitted investments, reconciliation etc) from the external asset management system. The Asset management module manages the respective assets invested with the fund and asset manager. Features include: Creating/Modifying/Disabling a new asset manger Creating/Modifying/Disabling the charge profile associated with each of the assets. Externally managed assets Discretionary Fund Management TIPs In-house dealing system Record money Record valuations Import capability for assets and current values Interface to Property Management System (PMS); Purchase/sale in Policy Administration Import unit prices from PMS Derive valuations May share member and advisor data with PMS

New business processing	The new business processing module deals with the process of creating new clients and policies. This can be a complex process and the system provides configurable eligibility criteria which will help provide future proofing of these often changing legislative restrictions. After eligibility the system allows the setup of beneficiaries, investment options and earnings records. The system is also configurable to set up the required accounts automatically, making the process more efficient. The new business processing module guides the business user through the new business application process, including: Applying for policy Regulatory checks. Viewing details of a policy including drawdown options, assets and charges Validating applications Creating bank accounts Welcome letter, dispatch Contribution schedule Transfers in Set up fees

Payments	Supports multiple payment methods Dynamic selection of payment method for transaction Supports multiple banks and payment systems within a product Automatic overdraft protection Configurable approval of payment instruction by value Allocation of funds for payments in progress Payment confirmation triggers accounting entries Configurable rules to retry failed payments Netting of payments to third parties

Pension policy / plan	Deferred enforcement of application validity Supervisor approval for application acceptance Links to CRM for Members, Spouses, Advisors, Employers, Benefactors, Beneficiaries. Automatic allocation of bank account to policy Pooled or individual bank accounts Configurable eligibility criteria, rules for pre & post A day Earnings and evidence Fees tied to investment options

Products	Each approved scheme has a provider, trustee and administrator A scheme may support a number of products A product may offer different investment options, different banking arrangements and may be open or closed for new business A product has a defined structure for administration fees A product may also support different brandings and fee rates through its sub-products A product has at least three accounts, one for scheme monies, one for administration company monies and one as a cash or control account

Refunds	Refund for a receipt generates payment Refund for a payment generates expectation to receive Partial refunds possible Refund multiple transactions Links to original transactions - over refunding Refunds of refunds possible Reversal of refunds Refunds always visible

Reversals	Reversed/Reversing transactions made non-visible as required Reversing a receipt de-allocates the expectation fulfilment Reversing payments/receipts prevented if transaction is reconciled Original transaction is flagged as reversed Copy is created with reversing movements Original and copy cross-linked Cannot reverse reconciled transactions Once approved transactions cannot be modified only reversed Reversing a receipt reactivates expectation

Transfers In	The transfers module collates the necessary information for handling and processing transfers from other pension schemes, including: AVC Section 32 Personal pensions (group and individual) Occupational schemes. The system records the expected transfer details for in-specie, as well as the tracking of historic transfer from a previous pension for purposes of protected rights and tax free cash analysis. Deferred enforcement of application validity Supervisor approval for application acceptance Transfers “in drawdown” tied in with Income Drawdown process Recording In Specie transfers Recording of certificates, protected rights and early retirement for previous transfers Discrete arrangement for each transfer-in Recording of divorce and bankruptcy orders Creates expectation for cash receipts Allows later miscellaneous receipts to be recorded

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