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GLICO Pensions Trustee

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GLICO Pensions Trustee Company Limited (GLICO Pensions) is a wholly owned indigenous Ghanaian company incorporated in 2009 and licensed by the National Pensions Regulatory Authority (NPRA) as corporate trustees to manage and administer occupational pension schemes, provident fund schemes and group personal pension schemes in line with the National Pensions Act, 2008 (Act 766).

GLICO Pensions has seen significant growth in its operations over the past decade and currently occupies the enviable position of market leader in terms of assets under management due, in part, to the deployment of state-of-the-art ICT Infrastructure that enables the company to offer its clients with the best customer service. The current ICT infrastructure of the company comprises: – a) Wide Area Network & Local Area Networks; b) Integrated Pensions Administration Software (IPAS); c) Back-up storage systems and data recovery plans; and d) Security firewalls.

  • Wide Area Network & Local Area Networks

Riding on the back of the GLICO Group branch network, GLICO Pensions has developed a Wide Area Network (WAN) with a backbone connectivity service from MTN Ghana. All offices of the company are therefore connected to the network via the backbone, which makes it possible to access live data from a central computer server located at the Head Office.

  • Integrated Pensions Administration Software (IPAS)

The management of pension schemes requires good database and record keeping system. As such, GLICO Pensions has procured a customized Integrated Pensions Administration Software (IPAS) that enables the Company to administer various pension schemes and produce relevant regulatory reports. The software employs emailing and SMS engine to ensure interactions between the company and its key stakeholders. The software also has functionality that allows members to view and print individual membership statements via all electronic media (Mobile Phone, Tablet or Computer) through an External Web Interface. Additionally, it provides registered employers of the GLICO Master Trust Schemes with the ability to submit monthly contribution schedules online from the comfort of their offices. The data uploaded is then validated and approved by personnel of GLICO Pensions remotely before the individual members’ accounts are credited. Contributors can then visit the corporate website www.glicopensions.com or download the “GLICO Pensions” App from the Google Play Store in order to access their Individual Membership Statements in real time.

  • Back up storage systems and data recovery plans

Daily backup is taken and stored on a separate server at both head office and off-site location. In case of unforeseen disaster, backup can be retrieved from either of the locations and installed on an assigned server to ensure business continuity.

In order to ensure integrity and security of records, all users of the GLICO Pensions ICT system are permitted access following authentication of their passwords. Thus, there is an audit trail of all transactions which makes it possible to quickly detect any fraudulent activity for corrective action. Furthermore, the database is located on a secured server with in-built Windows firewall to prevent internal intrusion while the network is connected to the external environment through a CISCO router which acts to prevent external intrusions.

In line with the strategic goal of maintaining the leadership position in the corporate trustee segment in the country, GLICO Pensions is embarking on an enhanced digitization drive which will enable the company to implement the new investment guidelines on investment of pension funds issued by the NPRA and also extend its services to operators in the informal sector in a cost-effective manner. This process will involve a reconfiguration of the pension application software (IPAS) to accommodate the constituent fund concept, upgrade of ICT hardware to boost processing speed and introduction of enhanced security features to avert any external intrusion into the pension database in view of heightened cybercrimes.

Conclusion

In the competitive era of pension scheme management and administration, the role of technology cannot be over-emphasised in view of the varied and sophisticated needs of clients. GLICO Pensions has therefore taken the lead by deploying state-of-the-art ICT infrastructure that can withstand the test of time and enable the Company offer superior customer service to its numerous clients. Despite our achievements, GLICO Pensions is constantly scanning the business environment with the aim of introducing new innovations to improve customer experience…

GLICO, we cushion you for life!!

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