The processing time of payments to members of the National Superannuation Fund Limited (NASFUND) is expected to improve drastically with the inclusion of Kina Securities Limited as fund administrators.
NASFUND says the turn around time for claims to be processed and paid will be significantly reduced under the new agreement with Kina signed this week.
NASFUND Chief Executive Officer, Ian Tarutia, says that is one of the main reasons that NASFUND opted to look at other alternatives and we are now with Kina.
“So once you have a good system in place, an efficient system that relies less on human intervention but is integrated and has a workflow that’s automated, the turn around times are faster, its more accurate and this is what members want to see. They (members) really don’t care about the systems we have in place all they want when they drop in their application, if its clean, they want to get their funds,” he said.
Last year members raised concern on the lengthy delay in processing partial payments to members.
The delay was due to a transition to a new system by NASFUNDs former find administrator, Aon Hewitt.
The transition began in March and required for certain transactions to be put on hold including partial payments.
“So that’s what caused all the angst and all the issues that our members were complaining about. It was the timeliness. Everything we do is about having a good system in place.
“So that’s basically one of the reasons that NASFUND opted to look at other alternatives and we are now with Kina,” said Tarutia.
He says the system should be up and running once all member information has been transferred over to Kina.
Kina says it will provide state-of-the-art technology to ensure members funds are administered in an efficient manner.
“So that will mean timely payments to members, it will mean timely receipt of when the employers pay their contributions on time, we can allocate it to members accounts on time and members can tap in using their smartphones, and they can view their balances, it can be presented in graphical form, or it can be presented in a format that is easy for them to understand, so its about making life convenient,” Tarutia said.