REASONS FOR CHOOSING A PACKAGED SUPERANNUATION VALUATION SYSTEM
In today's superannuation environment there are several good reasons for choosing a packaged superannuation valuation system.
An unstable superannuation environment.
The superannuation environment and practice is subject to a continuous process of revision. There is little doubt that we have not yet seen the establishment of a stable superannuation environment in Australia.
Increasing complexity.
The increasing complexities of superannuation require a flexible valuation system to cope with the continual revision of superannuation benefits. Recent regulations have outstripped the capabilities of traditional valuation systems and a more flexible approach is required.
Lack of expertise.
There has been, and continues to be, an acute lack of experienced actuarial personnel in Australia.
In developing a valuation system, it is particularly important that the designers of the system have extensive and direct experience of the complexities of the valuation of superannuation funds. The traditional style of systems development where several users attempt to transmit their knowledge to a designer is doubtful in concept, and has proven to be almost impossible in practice.
As well as the shortage of actuarial expertise, there is a shortage of data processing skills. These skills are in particularly short supply when it comes to the provision of assistance to users in how best to use available technology in their superannuation valuations.
Rapidly changing technology.
The pace of technological change growth continues to amaze. Users of systems must face, in their business planning, the reality that they will find the attractions of this new technology so compelling that they will welcome the opportunity to upgrade their systems every 5 to 7 years. The business issue is to keep the cost of such upgrades to a minimum.
Given this rapidly changing technological environment, development of in-house systems (often subject to high costs and long development cycles) becomes less attractive.
Given this changing and complex environment, we believe that the best strategy for the providers of superannuation services to adopt is to choose:
• a packaged solution,
• a supplier who has a mainstream hardware and software strategy designed to last into the foreseeable future, and
• a package which is using the latest proven technology at the date of purchase.
REASONS WHY YOU SHOULD CONSIDER SuperVal
There are also several good reasons for investing in the Edsell Kilvington SuperVal System.
SuperVal is an excellent, market-proven product.
SuperVal is a proven product with wide market acceptance, which provides computerised handling of virtually all functions necessary in the valuation of superannuation funds.
SuperVal can reduce the time taken to perform many of the complex functions of superannuation valuation from hours to literally minutes. This means that the you can expect a reduction in direct labour costs.
At the same time, you can expect to achieve better levels of client servicing due to the resulting improvements in work practices.
This will of course lead to better bottom line performance.
SuperVal is fully supported by Edsell Kilvington.
SuperVal was written and developed by us over a number of years. Version 1 appeared in 1985 and Version 8 was released in 1999. The UK version (different because of the complexity of the UK legislation) first appeared in 1987 and the SA version was first released in 1994. Both of us had many years of background in consulting practice, and SuperVal was developed from that experience. This means that we are well positioned to handle all your concerns, and not just system queries.
We are vitally concerned about our client base - a large part of our business is referral business.
We aim to develop long-term relationships with our clients.
SuperVal is a user-friendly product using mainstream technology.
The system makes extensive use of window type interfaces ("fill-in-the-form" input and pop-up prompt menus) to make it as user-friendly as possible. This means that you have more satisfied staff with reduced levels of stress, ultimately resulting in reduced levels of turnaround. Training new staff is also much easier.
SuperVal is written in APL, a mainstream language (in the actuarial world anyway!). The code for the system is unlocked. Apart from some sensible precautions taken to allow access only to experienced programmers, this gives access to some useful utilities.
The system is compact, runs efficiently, and is absolutely computer industry standard.
SuperVal is up-to-date with current legislative requirements.
SuperVal is current with all Australian legislation. Furthermore, SuperVal will always be maintained up-to-date with the current superannuation legislation.
This means that we take most of the responsibility for keeping you up-to-date and compliant, thereby reducing your possible exposure and the concern caused by constant legislative changes.
SuperVal is very flexible.
The SuperVal environment is flexible enough to cope with your requirements. SuperVal was designed by actuaries for actuaries with a view to ultimate flexibility, allowing you to do valuations in the way you are accustomed.
SuperVal is portable.
The SuperVal environment is self contained on a PC. This enables you to take the system home for those valuations that have to be finished yesterday.
SuperVal is extremely cost effective.
SuperVal operates on a range of relatively inexpensive hardware (PC's, DOS, local area networks). The system is written to conform with industry standards ensuring that it interfaces easily with other environments and other products. This means good value for the valuation dollar.
SuperVal offers maximum protection for your investment.
We have implemented a mainstream software and hardware strategy designed to last into the foreseeable future.
Thus an investment in SuperVal ensures that you will benefit from a smooth and continuous upgrade path as your business continues to grow.
SuperVal is covered by warranty.
We provide automatic minor software upgrades, and hotline support in the event that something should go wrong. A patch can often be provided via email.
Since down-time equates to potentially significant earning losses, this approach is designed to keep our clients operating at maximum efficiency.
SuperVal PRODUCT OVERVIEW
SuperVal is a PC-based product for use by actuarial personnel. While designed for the professional, it is menu driven and therefore easily used by non-professional staff as well.
With SuperVal, you can
• browse, edit, sort/select, condense, validate and print your data
• specify how the data is laid out, rather than having to extensively rearrange any non-standard data to fit your program
• carry out decrement investigations, analyse promotional salary increases, examine the new entrant patterns, all within an interactive and display oriented environment
• maintain an extensive data bank of actuarial tables (decrements, salary scales, annuity factors) via menus, input/edit panels and graphical displays
• specify and store various valuation bases, including features like variable interest/inflation/pension increase rates
• easily define standard benefits with the aid of parameter driven input screens, as well as having access to the full power of APL for more complex benefits
• consolidate results from various related runs so as to produce your valuation balance sheet and cash flow projection
• merge the output from SuperVal with your report without the need to retype, and include graphs dumped to a plotter
• choose your valuation approach (for example aggregate, entry age normal, projected unit credit, discontinuance)
SYSTEM FEATURES
Typical valuation functions addressed by SuperVal include:
Data Manipulation
• free format data layout
• validation of data records
• sorting/selecting of data records
• membership reconciliation
• analysis of data records
• grouping of data records
• formula adjustment of numeric data fields
Experience Investigation
• decrement investigation
• promotional salary scale investigation
• new entrant investigation
• new entrant salary investigation
Rate Table
• display of rate tables on the screen, printed, graphically and plotted
• adding and editing of rate tables including applying a formula
• deletion of rate tables
• transfer of rate tables to and from this system via "flat" files
Miscellaneous Calculations
• internal rates of return
• annuity calculations
Liability Valuation
• "fill-in-the-form" specification of actuarial basis and member contributions
• extensive parameter driven benefit specifications (or user defined benefits for those difficult funds)
• flexible pensioner valuation
• six different methods of in-service member valuation
• surcharge factor calculations
• new entrant model for replacement of exiting members
• new entrant contribution rates
• streaming of valuation runs overnight
Consolidation of Results
• balance sheet and cash flow summary of valuation results for all groups combined
• graphical presentation of results for easier communication with clients
Hardware Configuration
• specification of hardware configuration from within the system
File Operations
• browsing, editing, erasing and printing of system output from within the system
• many useful outputs which typically form part of the valuation report