Penad Pension Services Limited (Penad) announced today that two departments of the Government of Bermuda have contracted with Penad to deliver large software installations for social security benefits administration and pension administration. The first contract is for the Department of Social Insurance (DOSI) and will enable the administration of all members of Bermuda’s social insurance system. The second contract is for a defined benefit administration solution for the Public Service Superannuation Fund (PSSF), covering the public employees and retirees of the Government of Bermuda.

These software solutions will give the Government of Bermuda the absolute latest technology and will benefit both the administrators who care for the plans and the members of the plans,” said Penad Chairman, Frank Price.  It is very gratifying to receive these contracts, where Penad has been entrusted to deliver administrative systems for the pension plans covering most government workers and the social insurance plan covering Bermuda’s citizens. Both of these systems are built upon Penad’s proprietary PX3000™ software engine, which is a web-ready system that was specifically designed as a rules-based product for situations like this, where it can be localized to the specific benefit provisions and regulations of the Bermudian plans.

Speaking on behalf of DOSI, Mr. Calvin White, Assistant Director Pension said:  The Department of Social Insurance has been using antiquated systems to track and administer contributions and benefits for tens of thousands of Bermudians. We are pleased to partner with Penad to implement a 21st century solution, which will help us streamline every step of the administration process.

Mr. Gershon Gibbons, Management Accountant of PSSF said:  The Public Superannuation Fund has been in existence since the 1960’s and has many thousands of members who rely or will rely on it for their retirement income. We are making this investment in new technology and processes to ensure that each and every member of the PSSF is properly served. In addition to all of PX3000’s administrative capacity, we particularly note that this new software will help us improve member communications and give us state of the art capabilities.