ABN AMRO Mellon Global Securities Services says it has upgraded its reporting capabilities for its UK and Irish pension fund clients to support the Statement of Recommended Practices (SORP) reporting requirements.
The new service, which is being made available through the joint venture company’s Internet-based information delivery platform Workbench Client Reporting, includes 20 reports specifically designed around SORP pension disclosures. The reports are available in both summary form and in detail, including underlying transactions and holdings.
The suite of reports includes Balance Sheet and Profit and Loss schedules together with a supporting analysis. There are also reconciliation reports covering market value, book cost, income and cash. Reports may be generated at an individual portfolio or consolidated scheme level. There is also a ‘look through’ capability that can be used to provide individual portfolio weightings within the overall scheme.
The new financial reporting application was launched at a recent client workshop in London, attended by representatives of several pension funds and introduced by Nadine Chakar, Chief Executive Officer of ABN AMRO Mellon.
“This innovative solution, developed originally to specifically support SORP pension reporting requirements in the UK and Ireland, is entirely client-driven, ” says Chakar. “We are already working on further releases of this application for additional markets, which demonstrates our continued commitment to work closely with our clients and support their changing needs.
Roger Fishwick, a director at consultants Thomas Murray who attended the workshop was impressed. “The workshop was very professionally put together, displaying well the knowledge of the team at ABN AMRO Mellon on UK Pension Fund reporting requirements,” he says.