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Personally Managed Pensions as a Software Service

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  • 30-09-2014 9:34pm
    #1
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,240 Mod ✭✭✭✭


    First off, I am a Software Developer, so I have no experience in the managing and investment of pensions. Why I am starting this thread, is to get an understanding of how it works, regulations in the area of pensions and who in the market may allow customers to manage their pensions online.

    I suppose, the starting point, an idea I have had of late and please let me know if it has been done before, is to develop a Cloud based Software Service that would allow Customers to manage their pensions, i.e. frequency of payments into their pension fund, how much to pay into fund, investment options, etc. I propose other features that may include a proposed rate of inflation from now and until the time of retirement/pension pay out, showing the value of a customers pension at the present rate of inflation (How far is their money expected to stretch per week in 30 years?), an ability to determine how much they are paid per week and how much they need to pay into the fund over a number of years to obtain a weekly payment.

    So does anyone have any ideas on such a proposal and what its potential flaws are (including my ignorance of the subject matter) ?


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    #2
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    Hi Itzy


    What you are looking at doing is administrating pensions. You will be competing against the life companies in this space.

    You will need fund managers, a custodian (who is going to mind the money?), a sales team and an actuary.

    Look at Source Pensions for an example of what you are trying to do.


    It is extremely expensive and difficult to break into the pensions market. As you are dealing with people's savings, people are slow to give their money to small start up companies or companies that aren't regulated.


    Another option to approach an already established company and do a JV with them?

    Steven


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    #3
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,240 Mod ✭✭✭✭L.Jenkins


    Hi Steven

    Thanks for the reply. It's provided a good starting point to investigate avenues of approach for a potential business idea. I will also look into the area of joint ventures or even just to offer an SaaS solution.


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    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Im no expert and have only dealt with 2 pension providors but both have allowed me manage my pensions online in terms of changing investment options, AVC's etc.

    so theres nothing new in what your planning on doing tbh.


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