Imago & Ascentric

Ascentric Wrap is arguably the most successful of the new breed of wrap platforms. The launch of its own SIPP in May 2009, called the Ascentric Pension Account, has helped accelerate the company’s growth to the point where the platform now has £2.87bn assets under administration. Ascentric partnered with Dunstan Thomas - using Imago Back Office to manage key administration and reporting tasks for the Ascentric Pension Account.

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Challenge

Denise Gravatt, Head of SIPP Administration of Ascentric, faced the challenge of launching a new SIPP, to be available exclusively on the Ascentric Wrap, by mid-2009. In a very tight timescale of less than six months she had to build a team, design the Ascentric Pension Account so as to differentiate it from other SIPP offerings already on the wrap and build an IT system to manage APA customers. Ascentric needed to build a back office administration infrastructure for the APA so that assets could be transferred into it from day one, together with handling administration around key at-retirement events. In view of the tight timescales naturally it chose to find an IT administration partner to support it.

Solution

After reviewing 10 pensions system providers, Dunstan Thomas Imago Back Office was selected because of its strong pedigree in handling all aspects of SIPP administration and Dunstan Thomas’ clear market knowledge and proactive approach. Dunstan Thomas Imago Back Office’s modular design and flexibility meant that Ascentric were able to use Imago Transfers In module to make the process of taking on assets smooth from launch in May 2009 while Imago’s Workflow module enabled Ascentric to validate processes around the migration process to ensure accurate and compliant record keeping.

enise Gravatt explains: “Having Imago behind us gave us the confidence to launch the APA very rapidly knowing that Dunstan Thomas had the capability to handle all aspects or SIPP administration and even advise on future administrative changes that would be needed as new regulatory changes were coming through. The fact that its open architecture means that it can be easily integrated with Ascentric’s own investment platform Blue Button was also a major plus point.”

More recently Imago’s Payroll module has been used to set up pension payments via two payroll runs which Ascentric runs for over 120 clients each month. There is rising demand for payroll transacting as customers reach retirement age.

Results

The Ascentric Pension Account’s success speaks for itself. More than two thirds of the £1.2 billion of new business moving onto the Ascentric Wrap in 2010 went straight into the APA. Dunstan Thomas Imago Back Office has provided Transfers In administration as well as underpinned compliant movement of assets onto the APA through its Workflow module.

Ascentric anticipates using Imago’s Document Management functionality to support client reviews and bulk mailings associated with communicating the implications of new rules coming out of upcoming legislative or regulatory changes. Imago’s integration with Ascentric’s own investment system Blue Button, is likely to follow as more and more administrative processes are handled via Blue Button supported by feeds running in from Imago.

Denise Gravatt summarised: “In Dunstan Thomas we have a genuine partner that understood our business, has deep pensions administration expertise, and offers the functionality in Imago that we were looking for. They provide us with regular updates on Imago developments as well as market and regulatory changes likely to affect the system in the coming months."

“To have a technology provider who is advising us on the implications of future regulation and reforms was a breath of fresh air for me. Dunstan Thomas analyses the implications of the future changes and makes their systems ready for these changes within weeks of government or FSA announcements.

“This proactivity has enabled us to accelerate new proposition development safe in the knowledge that Imago would be capable of handling administration around new calculations such as the new Annual Allowance and post-retirement transfers associated with ASP policy migration to new capped drawdown arrangements.”

Dunstan Thomas’ Imago Back Office has proved a vital platform to augment Ascentric’s existing investment platform as it went to market with its own SIPP. It contributed significantly to enabling Ascentric to get to market rapidly with its hugely successful Ascentric Pension Account in mid-2009 and has helped it implement numerous reporting and Disclosure changes efficiently and rapidly as soon as they come through from the Government and FSA.

Dunstan Thomas’ pre, at and post retirement market expertise; combined with the maturity of the highly modular, flexible and extensible Imago Back Office software; and its intent to build long-term relationships with its clients, collectively has made the Dustan Thomas-Ascentric working relationship so successful over the last three years.