Headlines

January 2009 - Milestone for Superpartners

2009 New Year marks important delivery milestone for Superpartners (electSP)

While many team members enjoyed a break over the New Year period, work did not stop on electSP.

Another major milestone was achieved on 31 December, with the delivery of CapitalX v8.1 by Syncsoft.

This new version provides all the functionality required for standard Accumulation Fund management, with Unit Trusts & Pensions functionality due in mid-February.

CapitalX v8.1 has been successfully installed on Superpartners’ environment, and technical and functional audits are commencing this week.

Special thanks go to David Nicholls (Superpartners) and David Tuke (Syncsoft), who stayed back on New Year's Eve to install the software.

December 2008 - Superpartners in $70m IT upgrade

Fran Foo | The Australian | December 11, 2008

update: THE financial crisis has failed to put a dampener on Superpartners' bid to overhaul its computer systems, setting aside $70 million on the project to fulfil a target of going paperless in three years.

Australia's largest administrator for industry superannuation funds today named Tata Consultancy Services (TCS) and Synchronised Software as key partners for the transformation program, with more suppliers to be revealed in future.

The company went to market for three areas: administration, enterprise resource planning (ERP) and IT infrastructure managed services.

For the administration segment TCS will provide systems integrations services while Synchronised Software's CapitalX application will replace a mish-mash of programs, in particular, R2, an in-house developed application.

The new administration platform is slated to be ready in January 2010.

The business transformation project would be underpinned by a new ERP application to replace its Landmark product, she said.

German software giant SAP is largely tipped to be chosen as the ERP vendor but the Superpartners spokeswoman said an announcement would be made by Christmas. Superpartners will move to the new ERP system by July 2009.

Superpartners chief executive officer , said the upgrade was required in order to better serve its growing base of customers.

"Superpartners has doubled in size over the past five years, reflecting the growth of Industry Super. We now serve approximately six million members and 700,000 employers," Mr Camm said.

"This growth is destined to continue as Industry Funds grow on the back of their lower costs and superior returns. We need to be able to keep up with their growth in size and sophistication," he said.

Mr Camm said the new systems would bring significant benefits and deliver a platform for streamlined employer transactions, coupled with a simplified structure for individual members to access account information.

"Superpartners processes about $1 billion in superannuation contributions every month and over 80 per cent of these are paper based."

He said Superpartners aimed to be fully electronic by 2011.

"We receive about 80 tonnes of paper mail every year, and by promoting online contributions we'll make an impact beyond just efficiency for its own sake."

March 2008 - Super SA set for full IT review

by Michael Bailey Investment & Technology

Super SA will replace Talent2's Supero with a new payroll system for its 15,000 lifetime pensioners from the start of the financial year, and then review systems for its allocated pension and general member administration requirements.

The $11.5 billion, 170,000-member fund will use Synchronised Software's Capital system to administer 2008/2009's first pay period for its pensioners, following an internally-run procurement process to replace Supero, which was out of contract for Super SA and no longer supported.

Super SA's chief executive, John O'Flaherty, said the fortnightly pension payment was a "fairly straightforward payroll" paid directly into recipients' accounts, and that customers would notice little difference following the move to the new system.

The major improvements would be felt in the quality of management reports on the pensioner base.

"In the lead-up to something like the Better Super changes, under the old system there was a lot of manual extraction of data to ensure we wrote relevantly to members. The new system will make that process a lot simpler and easier," O'Flaherty said.

Super SA will now embark on a "high level strategic review" of all its systems, O'Flaherty said, including the core member administration system which is currently Bravura's Superb 2000.

"That's a pretty old system so we'll be looking at an open tender process with everyone's best-of-breed products," O'Flaherty said, adding that the fund would definitely continue to self-administer.

March 2008 - Super SA signs with SyncSoft

Lorna Thornber

Super Review

Superannuation software provider SyncSoft has won a key contract with the South Australian State Government that will see its flagship product, Capital, used as the payroll system for the latter’s 15,000 lifetime pension recipients.

John O’Flaherty, chief executive of the South Australian Government’s superannuation fund Super SA, said he was impressed by Capital’s outstanding processing speed, security and reporting features as well as SyncSoft’s experience with other government clients.

The new system will be introduced for the first pay period of the new financial year and O’Flaherty expects it will make business processes more efficient and effective, with reduced runtimes and greater flexibility in payment methods and payments.

SyncSoft expects the system to offer further benefits in the near future, with the company’s new Microsoft-based platform, XPlatform, also operating as a web portal.

Super SA has about 170,000 members and $11.5 billion in funds under management.

March 2008 - Super SA selects SyncSoft

Super SA has signed up SyncSoft to provide the payroll system that will handle the SA government’s 15,000 lifetime pension accounts.

John O’Flaherty, Super SA’s chief executive said SyncSoft’s Capital software is particularly strong in reporting, processing speed and security. “Capital also has experience with other government clients with similar pension requirements to Super SA,” he added.

The new system will be up and running in the new financial year and is expected to help reduce runtimes and provide more flexible payment methods and timing.

Super SA has more than 170,000 members and more than $11.5 billion in funds under management.

Michelle Baltazar

The Financial Standard

December 2007 - The Revolution is Coming...

XPlatform Interview by Investment & Technology Magazine
XPlatform Investment and Technology.pdf

December 2007 - UniSuper boom

Capital's Pension Product Competitive for UniSuper.

December 2007 - Low Cost Capital

Low Cost Capital delivers value to memebers.

December 2007 - Syncsoft Kiwisaver on time

Syncsoft Kiwisaver Project on time and on budget despite significant challenges.

July 2007 - Editorial in the Asia Insurance Review

2007 Editorial in the Asia Insurance Review looking at Australia's leading Retirement Regime as it exists under Simpler Super supported by an article penned by John Parrent, BDM for SyncSoft.

See attached article: AIR July-SynSoft.pdf

May 2007 - Successful Simpler-Super Early Release

SyncSoft has announced a successful early release of their ‘Simpler Super’ CAPITAL V.6.5. "We released this version early in April to give our clients ample time before 1 July 07 to bed the code down in each of their unique production environments," said SyncSoft Marketing Manager, Steve Miles. "A key part of the success was keeping our clients well informed in advance of events and ensuring that everyone was on the same timeline. It was a great example of communication and collaboration. We are working with remarkable clients," he added.

SyncSoft’s release also provided an opportunity for clients to upgrade to the latest version of CAPITAL. "It was an opportune time to bring everyone up to the latest version of Workflow and Event Processing and roll out some of the requests that we have had through the year," said Steve Miles.

"The most notable request we have had in version 6.5 would allow super funds to provide benefit projections to individual members - should the government pursue reforms permitting this. This would allow members to see the outcome of their current savings pattern and help them plan better for their retirement, and that has to be of significant benefit to members. We are hoping the Government sees this as a practical initiative and moves to provide a standard basis for projection", he said.

April 2007 - GESB Implements Capital for Simpler Super

GESB, the largest WA-based superannuation fund with an $8 billion investment portfolio, launched GESB Super last Monday, the new flagship scheme developed in response to the Commonwealth Government's superannuation changes using SyncSoft’s CAPITAL Superannuation Administration Software.

From April 16, all new WA Public Sector employees will automatically have a GESB Super account opened for them.

GESB Super is a taxed 'accumulation' style superannuation scheme and will have a range of investment options for members to choose from, including a Responsible Investment option in MY Plan.

One of the key elements of GESB Super is the insurance provisions to be delivered in conjunction with AIG Life. GESB is delivering an insurance design unique to the Australian market. It features higher default levels of cover; a focus on delivering appropriate levels of cover for GESB's membership rather than being bound by the $1 per week structures that exist in the market; and automatic salary continuance insurance for all occupations including those usually excluded, such as police emergency services.

A note from Jason Smith, GESB IT Development…….

Months of hard work culminated with a successful systems implementation of GESB Super over the weekend, with the major activities completed ahead of schedule early Saturday afternoon.

This was a sensational team effort by all parties given the amount of change to be implemented and the number of GESB partners involved.

I’d like to say many thanks to those who were either on site or on call over the weekend, or otherwise involved throughout the project to ensure a smooth transition. Your efforts are very much appreciated.

Many Thanks,

Jason

September 2006 - GESB appoints Syncsoft

The Government Employees Superannuation Board (GESB) with more than $6 billion in funds invested and over 270,000 members is to use the CAPITAL Superannuation Administration System developed by Synchronised Software to make major improvements in the efficiency of its operations and to unlock new business opportunities.

GESB is the largest Western Australia-based superannuation fund and operates as a not-for-profit organisation for current and former employees of the WA Public Sector and their partners. Their focus is on providing competitive super and retirement products, sound investment returns, while delivering friendly and professional service to their members.

SyncSoft, as a major supplier to Banks, Government, Industry-wide Super Funds, Life Insurance companies and other Financial Services organizations, offer an innovative customer focused approach to the delivery of retirement and savings products to an estimated 3 million Australians who have their superannuation running on CAPITAL.

In August 2005, GESB went to the wider market and initiated a full review of potential vendors for an administration system for their fund. After a detailed review and selection process the Australian owned Synchronised Software was nominated as the preferred vendor based on the (CAPITAL) systems’ product development flexibility, ability to support marketing and service business processes and the ability to reduce the overall cost of administration.

"Several of GESB's Investment Plans were ranked amongst the best in Australia by a leading industry research organisation due to their strong investment performance, and the subsequent growth in members and funds under management mandated a transition to SyncSoft’s premier administration system" GESB CEO Michele Dolin said. "As an organisation whose members represent more than 25 per cent of the State's workforce, GESB is meeting the challenges of a changing superannuation landscape and the shifting needs of our membership. GESB's focus has and will continue to be on providing our members with security in an evolving super environment. Our growth in member numbers and funds under management will help to ensure that investment and administration costs remain competitive for members when compared to the market and the CAPITAL system helps us do that".

Rory Wainer, Managing Director of SyncSoft said that the constant legislative changes and product development that typifies financial services presents a challenge for software developers. "We designed CAPITAL with an adaptive architecture so we could add any new functions requested by clients and to simplify the addition of future products and modules, GESB found our system to be the most cost effective method of delivering a full range of investment and retirement products with the customer as the prime focus. GESB members can easily view their account on-line, can change their contact details, can manage their investment portfolio mix and print statements whenever they want. Members have a lot of control over their account."

Steve Miles, Marketing Manager for SyncSoft said. "By designing a rules-based system that focuses on customers rather than products, SyncSoft has delivered best-practice standards to superannuation processing. What that means for GESB and their members is that CAPITAL will meet member expectations now and in the future, in the most cost competitive manner."

The project is planned to run for the remainder of 2006 and for the West State Super fund to go live later in the year.

Only SyncSoft consistently delivers!

SyncSoft over the past 18 months has delivered a range of products to its clients'. These include:

• 5 Industry Super Plans
• 2 Master Trusts
• 2 Allocated Pensions
• 2 Term Allocated Pensions
• 1 Chinese Defined Contribution System
• 1 Chinese Pensions Payment System
• 1 Unit Trust Product

May 2005 - SyncSoft takes a leading role in the recent Asia Pacific Insurance Executive Conference

SyncSoft as further evidence and commitment to the Asia Pacific region, increased its profile at this years Asia Pacific Insurance Executive Conference where SyncSoft took on a leading sponsorship role including for the first time participating in the technology exhibition that was a focal part of the conference.

The conference, organised by the Asia Insurance Review, has become a must for the leading and developing insurance companies in the region.

In addition to SyncSoft's sponsorship role at the conference, Rory Wainer MD of SyncSoft was selected as the only ISV to participate in the Vendor Panel Discussion session alongside IBM, Microsoft and Unisys.

In his presentation at the conference, Rory's presentation focussed on the topic of 'Technology and how it will enable the business of wealth management in Asia'. The presentation addressed to following key areas

1. The needs of wealth management are the same around the world
2. The traditional model of build your own
3. Asia Experience
4. What Technology Should be Doing
5. What This Will Translate to
6. Configuration vs. Customisation
7. SyncSoft's View of Delivering outcomes.

In summing up his presentation, Rory highlighted that; Asia provides opportunities to adopt new methods of efficiency by using 'advanced packages' rather than 'custom built' to:

• Deliver flexible wealth management solutions in a single system to handle a wide set of business requirements and products
• Allows customers to receive Economies of scale, Risk reduction and improved time to market
• Provides continuously extending functionality and features without the need for customers to invest in software R&D
• Avoids the need to invest in IT personnel for the purpose of understanding the internal workings of the systems, it allows customers to remain focussed on business specific requirements
• Provides a comparative advantage by breaking the traditional linear cost model
• Returns control of the business to the business

For a download of the complete presentation click here Syncsoft IT Conf 2005 SGP M2.pdf

March 2005 - Launch of Term Allocated Pensions

SyncSoft in collaboration with GESB first to launch Term Allocated Pensions on the latest version of the CAPITAL package.

"Whilst Term Allocated Pensions have had a long passage through the Australian Parliament, starting out as Growth Pensions in March of 2002 and with the final changes in September 2004, they were formally gazetted as Market Linked Income Streams. However, the industry has since adopted the generic name of Term Allocated Pensions. The government in finalising the legislation made primarily naming changes that recognised that the new pensions are subject to market changes and not necessarily will they always be in growth."

MediaRelease TAP GESB v1.1.pdf

Westpac migrates 'Business Super' to CAPITAL at BT

Post the acquisition by Westpac of BT Financial Group, a detailed assessment was made of how best to consolidate the corporate super portfolios of the combined organisations. Westpac's 'Business Super' was running on the old SAS system and the BT Financial group portfolio was running on SyncSoft's CAPITAL version 6.1. BT's CAPITAL platform was chosen as the platform of choice to migrate the Westpac 'Business Super' portfolio on to. The migration was completed on schedule and within budget, boosting the total number of members under management from 65,000 to in excess of 400,000 members.

CBA migrates Master Pac and M1 Master fund to CAPITAL.

Post the acquisition of Colonial, CBA underwent a significant reassessment of the various platforms within the merged funds management business with the view to rationalisation the number of platforms on which the corporate super business was administered.

The CAPITAL 'Select ' platform was chosen as the platform of choice to consolidate Master Pac's 30,000 members under management which was running on the old SAS system on to the CAPITAL Select system which is running CAPITAL 6.3. The project was seen as a significant success and was on schedule and within budget.

In addition, The M1 Master Fund's portfolio with over 45,000 members under management, was also successfully migrated from the aging SuperB platform to the CAPITAL Select platform and like Master Pac migration was achieved on schedule and within budget.

The combined migrations at CBA have boosted the total number of members under management to in excess of 130,000.

AMP Launches Unit Trust on CAPITAL Retail.

In December 2004, AMP NZ launched its new AMP Investment Suite on the latest version of the CAPITAL Package. The AMP Investment Suite provides a full range of Unit Trust options and confirmed AMP NZ's confidence in the CAPITAL platform for its new initiative. The AMP Investment Suite is seamlessly integrated into the same Capital environment as the Savings and Investment Plan (SIP) that AMP NZ has had in production since 1998.