Rhyme Systems is to be providing the investment administration platform to Friends Provident as part of its enhanced Group Personal Pensions.
Friends has made two major enhancements to its corporate pensions proposition. From 29 October 2007, its New Generation Group Personal Pension will have wider investment flexibility through a Self Invested Personal Pension (SIPP) option and increased retirement choices through an income withdrawal facility.
Friends uses rhymeSIGHT. Rhyme’s market leading portfolio management application encompasses; back office accounting administration, asset allocation and dealing and information distribution to clients and other intermediaries. It also has a large installed base of investment management firms.
Rhyme Systems is part of 3i Infotech, a global Information Technology company and one of the top four Indian Software Products Companies.
Friends has one of the most advanced administration platforms in the marketplace – the development of SIPP and income withdrawal options that are fully integrated into that system represents a significant investment in its corporate pension proposition and demonstrates a continuing commitment to the corporate pensions marketplace.
The SIPP option will give members access to a broad range of stocks, shares and collective investments, with execution only stock-broking, fund supermarket and discretionary fund management services provided by carefully selected expert investment partners, including Rhyme Systems. Unlike some SIPP offerings, protected rights funds can be included.
Employers will be able to choose whether to have the option added. If they do, it will become an integral part of their Group Personal Pension scheme; that means that all members can be looked after in one scheme, avoiding the additional costs and complication for the employer of running two separate schemes.