Source: Rhyme Systems
Rhyme Systems, a leading provider of asset management solutions, today announces the launch of its new Self-Invested Personal Pensions (SIPPs) module, rhymeSIGHT SIPPs.
The new module, already selected by one of the UK’s largest pension providers, will enable firms to provide an integrated investment platform which links funds supermarkets, stockbrokers and pension administration platforms. The SIPPs module will also allow pension providers to meet forthcoming SIPPs regulation, due to come into effect in April 2007, requiring firms to demonstrate effective and transparent management of data and decision making processes.
Rhyme’s new module is an expansion to its existing rhymeSIGHT solution which incorporates trade entry, decision support, settlement and cash management and double-entry book keeping functionality. The SIPPs module will provide a single database which centralises investment data and enables swift and accurate decision making for the client, intermediary and fund provider. The module also provides a cost effective solution which effectively reduces costs and improves both performance and efficiency.
The launch of the module comes as the level of investment in SIPPs has risen dramatically since the government announced changes to SIPPs regulation in April 2006. These changes provided greater freedom for investors to include additional assets within their SIPPs such as residential property.
Stephen Young, Director, Rhyme Systems, says "The SIPPs market is evolving rapidly and Rhyme Systems is currently in talks with many leading providers to enable them to offer administration expertise as an addition to their existing pensions systems. Historically pension systems have not needed to exploit this level of fund information. Rhyme is well known for progressive, effective and proven products in the wealth management arena."
At present, Rhyme Systems is in discussions with a number of leading pensions providers regarding the adoption and integration of the new SIPPs module.