News

In May 2007 SAMPENSION introduced 3-in-1 Livspension, a new, defined-contribution pension product. As is not uncommon in finance sector business, time available to establish operational support for the new product was limited and costs needed to be sensibly contained.

Among the operational requirements placed on the Group Accounting function by the new product was the need to calculate correct allocation of yields held in its investment management system, SimCorp Dimension, and to apply them back to individual pension contracts. The outputs of the process include figures used within the business and also some accessible over the internet by retail investors, so accuracy and transparency of audit trail were paramount considerations.

Use of e.Spreadsheet for the yield allocation process at the heart of its 3-in-1 Livspension product  has been a great success for SAMPENSION. Cleanly interfaced with SimCorp Dimension and other systems, the deployment was quicker and more straightforward than anticipated and both licence and running costs are low.  A complex new business process is now supported using intuitive tools and, perhaps most importantly, SAMPENSION can prove the integrity of the process. "The workflows based on e.Spreadsheet are transparent, especially with respect to new regulatory reporting requirements", says Elisabeth Petersen, CFO Group Accounting: "We have received a blank auditors' report and that is reassuring for us and our customers".