Pension Administration Software

Tender description

Oxfordshire County Council, require a replacement of their existing Pension Administration Software and Hosting service prior to the expiry of the existing contract in January 2020. Through use of this software they currenty adminster the pension records of circa 70000 members of a number of schemes including the Local Government Pension Scheme (LGPS), The Fire Service Pension Schemes (FPS) and the Teachers’ Compensatory Added Years (CAY). To meet their obligations as pension administrators Oxfordshire County Council require an efficient and effective pension administration software product that can hold necessary information and make calculations in line with all pension and overriding pension legislation. The pension administration software is used to run a monthly payrol to pay the pensions to around 17,000 pension members amounting to c£6,300,000 each month. The administration software is also used, as above, to hold records; calculate and pay benefits for Fire Pension Scheme members and whilst the numbers are much smaller there is far more complexity here with 5 schemes (sets of regulation) to use in calculating benefit entitlements. Keywords: Software, Hosting, Pensions, Administration