Hong Kong, 15 September, 2009 – A revolutionary solution, Pensions Administration Service (PAS), bringing corporate pension members a state of the art client driven pension solution. PAS was launched today by WealthCraft Systems Inc. (WCSY.PK), a leading IT solution provider for financial institutions.

PAS is the first fully automated, SWIFT-enabled pension administration system in the world, developed in Hong Kong and launched at Sibos this week. 

Kelly Tallas, Wealthcraft’s CEO, “PAS presents a wonderful opportunity.  The pensions industry in Asia is failing employers and employees. Employers demand a return on every dollar spent and expenditure on benefits is no exception. Employees want better retirement provision, similar to the sophisticated pension services available in developed markets.  PAS meets this demand head on, delivering a sophisticated, web-based solution with an unparalleled service for members.”

PAS is currently being implemented for initial clients in Hong Kong and will gather momentum as its gains recognition in the marketplace.  PAS will enable Hong Kong Occupational Retirement Scheme Ordinance (ORSO), and international group retirement, plans to fulfill their potential as the most cost effective, tax efficient and truly flexible way for employees to save for retirement.

Hong Kong-based Wealthcraft Systems Limited developed PAS in conjunction with Indigo Global Limited, a corporate pensions’ consultancy in Hong Kong, and OneVue, a leading Australian provider of portfolio administration services.

“PAS enables truly leading employers to benefit themselves and their valued employees,” says Tallas.

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Notes to Editor

The Advantages of PAS:

• Provides a much wider range of investment options to members
• Enables members to self-manage their accounts at any time online
• Reduces employer administration
• Members, employers, administrators and trustees access a single web-based platform
• Uses encrypted SWIFT messaging to minimize errors and increase security
• Replaces manual day-to-day administration tasks with automated processes, reducing paperwork and time