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Midas touch on GPP admin

Commercial Union is offering IFAs a group personal pension admin system accessed via the internet.

CU says the Midas system is the first to allow administrators to benefit from the flexibility of the internet. It will give instant access to information on schemes and members.

Midas will replace CU&#39s cheque and disk system of admin. The company estimates that current admin systems used by life offices, such as paper and computer disk services, take two weeks to turn round.

Midas is an extranet service which offers secure and immediate access to information to anybody involved in the scheme. It allows IFAs to update records, monitor fund values and streamline billing. The service also has access to CU&#39s helpdesk via email.

Pensions development manager Iain Oliver says: "There are a whole range of issues which make GPPs viable. One of these is admin and service. This is about increasing efficiency to reduce the costs of admin." The service is free to new and existing GPPs.

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