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Services : Superannuation

SUPERANNUATION (DEFINED CONTRIBUTION) – SELF ADMINISTERED – SCOPE OF WORK

  • Administration
    • Database Management
    • Processing Settlement/Transfer application
    • Employee query management through Email, and voice support
    • Liasoning with government authorities
    • SAF Management automation to establish control and visibility of the process
    • Online portal access to employee and employer to view balance and application status
    • All types of application to be submitted by employee through online portal
    • Data exchange facility with access control
    • Audits
  • Accounting
    • Maintenance of employee sub ledgers
    • Accounting of transactions
    • Maintenance of standard voucher/receipt
    • Updating bank book on a daily basis.
    • Monthly BRS,Final accounts – trial balance, balance sheet, P&L and schedules
    • Coordination with auditors for audits
    • Data to be provided for actuarial valuation as and when required
  • Recordkeeping
    • Maintaining back-up documents until audit
    • Coordinating banking in reference to trust accounts
  • Taxation
    • Deducting TDS as per statute
    • Generation of Form 16 and Form 24Q per statute for the applicable quarter/year (excludes forms/returns preparation beyond 3 months post statutory date)
  • Investments – Back Office
    • Tracking of interest due on investments / redemptions and follow-up for closures
    • Submit income tax recognition certificates to the issuers for avoidance of tax on interest
    • Periodic portfolio reconciliation of t SGL / Demat / custodian statements
    • Execution of investment deal after the trustees’ approval
  • Regulatory Compliance
    • Preparation and filing of statutory returns with IT
    • Coordinating trustee meetings and recording minutes
    • Documentation support for addition/deletion of trustees
    • Periodic SSAE 16 – Type II report (Inclusive of BCP and DR plans)

SUPERANNUATION – (DEFINED CONTRIBUTION) LIC ADMINISTERED – SCOPE OF WORK

  • Administration
    • Database management
    • Preparation of covering letter and forwarding the same to LIC
    • Employee query management through Email, and voice support
    • Liasoning with government authorities
    • SAF Management automation to establish control and visibility of the process
    • Follow-up with LIC for Transfer ins (through reminder letters for specific cases upon Novartis’s request)
    • Online portal access to employee and employer to view balance and application status
    • Audits
    • Data to be provided for actuarial valuation as and when required
  • Recordkeeping
    • Maintaining the books of accounts
    • All types of application to be submitted by employee through online portal
    • Data exchange facility with access control
  • Other Services
    • Coordinate with LIC for premium payment details
    • Coordinate with LIC for annual statement
    • Individual statements after audit
    • Follow-up with LIC for specific cases upon Novartis’s request
    • Periodic SSAE 16 – Type II report (Inclusive of BCP and DR plans)