The world of pensions management is intricate and governed by complex rules and ever-changing regulations. One of the most challenging aspects is managing calculation specifications (calc specs), which detail the formulae, and rules for determining pension benefits. OrionAI is poised to revolutionise this critical area, offering unprecedented speed, accuracy, and efficiency. Precision is everything We’ve been testing how OrionAI can eliminate human errors, speed up processes, and provide consistent results. Calc specs hold details on factors (ERFs, LRFs, CFs), pension increases, sections, category splits, and other additional information needed (NRAs, accrual rates, etc.). Working with several administration partners, we have: This has resulted in us producing calc specs in multiple formats for our partners. History and clarity When provided with documentation including original deeds and amendments, OrionAI builds up a full history of the scheme rules. Any ambiguities found are highlighted so these can be reviewed by an expert. We see AI as a complement to the industry, aiding rather than replacing humans. OrionAI also provides a confidence rating and citations for each item of information retrieved – in case a reviewer has a question. Futureproofing Following innovation sessions with our partners, we have prototyped the capability to code calculations, in any given programming language. OrionAI has the potential to revolutionise the pensions administration industry. It has the ability to speed up, if not automate, the production of proformas, calc specs, and even the calculations themselves. This frees up valuable time for administrators to focus on more strategic issues. As AI continues to evolve, its integration into the pensions industry promises even greater advancements, ultimately leading to better outcomes for schemes and their members. Embracing AI in our field is not just an option, but a necessity for staying ahead. Don’t miss the final chapter on OrionAI next month…
