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The Cayman Islands' Public Service Pensions Board (PSPB) has launched a new pension scheme for all qualified public sector workers
For eligible workers of the Cayman
Islands government
statutory authorities, government-owned corporations
members of the judiciary, and elected members of parliament, the Public Service Pensions Board (PSPB) administers both Defined Benefit (DB) and Defined Contribution (DC) schemes
The PSPB wanted a bespoke pension administration system by early 2020 that could supply all the transactional
Sagitec was chosen by the PSPB to replace their present pension administration system. Among other options, they picked Sagitec's pension
administration system
NeospinTM, because it satisfied all of PSPB's present business demands and can grow to meet future needs
The new system
, which incorporates integrated Enterprise Content Management (ECM)
workflow tracking and approval, and Web Portal capability, is already in productionk
. Secure member and employer access is also provided, as is the capacity to adjust the system to any statutory changes
components of DC and DB administration operations, as well as give the functionality and assistance to do so
The solution has to be able to accommodate the above sorts of plans, as well as a large number of participants and new plan features such as additional voluntary
contributions
Piyush Jain, stated that they collaborated with PSPB to bring the new system online with all essential features in a timely manner.
CEO of Sagitec Solutions I'm especially happy that the project was completed entirely remotely from start to finish.
including all phases that are typically completed, such as design sessions, UAT, and user training in person
The system is hosted by Sagitec on Amazon Web Services (AWS). AWS is a cloud industry pioneer.
With 81 availability zones spread over 25 geographic regions throughout the world, it offers one of the most comprehensive solutions for areas with various availability zones
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