Payments accumulator
OAC offers a Payments Accumulator which enables a user, easily, quickly and accurately to calculate the accumulation of a single payment, or regular level or escalating series of payments. The Payments Accumulator also enables the user to specify a basis for interest, or indexation gain. Payments and interest may be specified to be gross or net of tax.
The Payments Accumulator is versatile and can be used for premiums, annuities or pensions, lump sums, redress amounts, or any combinations such as a lump sum premium and regular premiums etc, and offers a wide choice of interest accumulation type.
Users do not have to look up the correct and current interest rates and index values to use, providing a saving in time and an increase in the reliability of calculations.
The Financial Ombudsman Service has adopted standard methods of accumulating amounts such as refunds and redress amounts and the OAC Payment Accumulator includes all these current methods. It therefore proves an ideal companion for complaint handlers.
See brief overview of functionality and support.
Contact us to discuss how OAC can help your firm with the type of calculator you need.
Alternatively, you may simply want to outsource the calculations to us. Find out more about this service from the Regulatory Outsourcing section of our website. |
