JLT to provide Straight-Through Processing for Clients and Members
14th October 2009, London: JLT Benefit Solutions Ltd (JLT) has signed a contract with Altus for its Altus Instruction Gateway product, enabling JLT to introduce straight-through processing (STP) for clients and their members, including on-line and requested member investment switches and employer contribution investment.
Malcolm Reynolds, Commercial Director at JLT, said: "JLT's full STP will be very different from other solutions in the market in that it gives us the ability to provide fully-automated investment processing for clients and members, removing manual intervention completely and the potential resultant errors that can be so costly and difficult to unravel. JLT's STP facility places us and our clients at the forefront of our industry."
Using JLT web facilities and the oPen administration system supplied by Profund, integrated with Altus Instruction Gateway, JLT will provide a fully-automated link from the end-user through JLT administration systems to the investment manager, then back again to JLT systems which will automatically confirm to the member or client completion of the transaction.
Ben Cocks, Products Director at Altus said: "It's really good to see JLT embracing the STP initiative with such enthusiasm and with an eye on the ultimate goal of creating a market leading service for their clients. They share our broader view on the role of STP in pension administration and we're delighted to have been selected to help them realise their ambitious plans."
Mark Adamson, Client Director says: "For our clients, this provides ground-breaking functionality for them and their members, with a big practical and reputation gain, as well as the peace of mind that these crucial transactions do not rely on human intervention. The reporting suite and audit trail add further comfort for clients."
Phase 1 of JLT's STP service goes live this quarter, linking in to BGI, Fidelity and Legal & General, the three investment managers who have been invited to take part at this stage. The managers will provide daily unit prices and unit holdings which will be loaded automatically into the JLT systems, enabling clients to see this data instantly through their on-line facilities. Phase 2, enabling fully-automated end-to-end on-line transactions by members, will go live in 2010.
Jardine Lloyd Thompson
Tel: 020 7558 3387
Ben Cocks, Products Director
Tel: 01225 472833
About JLT Benefit Solutions Limited
JLT Benefit Solutions Limited (JLT) is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, wealth management, Self Invested Personal Pensions (SIPPs), Small Self Administered Schemes (SSASs) flexible benefits, healthcare, benefit communciation and financial education.
Authorised and regulated by the Financial Services Authority, JLT employs over 1000 professional staff in 11 offices in the UK with revenues of some £87.6m. JLT supplies the pension administration for over 1 million members, paying £750m in pensions every year. Through its Healthcare businesses JLT places cover for a ¼ million people each year.
Other pensions and employee benefits companies within the JLT group of companies include: Profund Solutions Limited, Independent Trustee Services Limited and Pension Capital Strategies Limited.
JLT Benefit Solutions Ltd is part of Jardine Lloyd Thompson Group plc. As well as being a major provider of employee benefits services and related consultancy advice the Jardine Lloyd Thompson Group of companies is a leading risk management adviser, insurance and reinsurance broker.
Jardine Lloyd Thompson Group plc is quoted on the London Stock Exchange and is the largest European-headquartered company providing these services and is one of the largest firms of its type in the world. It operates out of more than 120 offices in over 36 countries and employs more than 5500 personnel.
Altus is a financial services solutions company specialising in Information Logistics. The Altus Instruction Gateway automates the end-to-end investment instruction process for pension administrators and employs the ISO 20022 messaging standard and ViaNova market practice. The Altus e-filing Gateway is the only comprehensive pensions e-filing solution formally recognised by HMRC. For more details please see our website at: http://www.altus.co.uk/