business.westernunion.co.uk

International Payments for the Pensions Sector

Efficient and cost effective international pension payments are a priority for pension funds and pensioners, especially during challenging economic times. Problems can include confusing overseas bank instructions, missing or late payments, poor exchange rates and unexpected fees. When combined, international pension payments can become more difficult and expensive than they need to be.

Western Union Business Solutions has developed a market leading international pension payment solution, which helps our pension fund partners and their members overcome these issues. Our solution can help our partners achieve global time sensitive payments efficiently and effectively, often reducing operational and transactional costs, whilst helping to minimise manual processes and the risk of exposure to fraud.

See what our clients have to say…

“Previous changes of overseas payment providers have proved difficult and time consuming, however, Western Union Business Solutions has helped manage the transition smoothly and have even assisted with extra resources at no extra cost. The day to day operation of payments and setting up of new payees could not be easier and the support service is excellent. I have no hesitation in recommending Western Union Business Solutions as an overseas pension payment provider.”

Ray Watkin Pension Manager London Pension Fund Authority

Our typical approach works in two stages both of which are managed by our dedicated pensions implementation team.

Stage one – Replicate and replaceThis stage focuses on making the transition to our service as easy and error free as possible, mimicking your current process with minimal resource required from the pension fund. This stage tends to deliver transactional savings for the pensioner and some operational efficiencies for the fund.

Stage two – Optimise and enhance Once migration has been completed, our pension fund partners then have the ability to optimise their entire international payments process through a combination of our recommendations, aligned with our pension fund partners’ goals and objectives.

Global Existence Transaction

Once the pension payments are successfully migrated, our pension sector partners have the ability to use our ‘Existence’ solution. ‘Existence’ revolutionises what is commonly referred to as the Life Certification process international mortality screening. It replaces what is often a signature comparison, with a face to face interaction between the pensioner and one of approximately 300,000 participating Western Union® Agent Locations. The interaction takes a few minutes and requires the pensioner to produce valid photographic ID, typically a passport, reducing a fund’s exposure to fraud and costly overpayments to non-entitled beneficiaries.

Contact us today

Western Union Business Solutions London Offices65 Kingsway, London WC2B 6TD 2nd Floor, 12 Appold Street, London EC2A 2AWTel: 0800 096 1229* Email: enquiriesuk@westernunion.comWeb: business.westernunion.co.uk

Key Benefits• Replicates your current process exactly (at stage one)

• Provides your pensioners with the ability to be paid in 189 countries in 130 currencies

• Gives access to our revolutionary ‘Existence’ solution (please email existence@westernunion.com for additional information if this is of interest)

• Option of using our Semi-managed service – The fund maintains control while we do all the work – A dedicated account manager who handles any day to day manual processes such as data uploads of new beneficiaries, validation of payment data etc.

• Pro-active account management

• Minimal IT development required

• 24/7 secure access giving visibility and greater control (with multi user payment approval model capability)

• Ability to create a straight through end-to-end international payment processes, which can be completely automated

• Comprehensive bespoke reporting of management information

• Automatic reconciliation capability

• A disaster recovery opportunity to use approximately 300,000 of our participating global Agent Locations as an alternative cash out mechanism for pensioners in countries that are experiencing severe economic instability. For instance, we were able to send cash into Cyprus when the banking system closed for two weeks during the Eurozone crisis.

© 2014 Western Union Holdings, Inc. All rights reserved.

Western Union Business Solutions is a division of The Western Union Company. Services in the UK are provided by Western Union Business Solutions (UK) Limited (referred to as “WUBS” or “Western Union Business Solutions”).

Western Union Business Solutions (UK) Limited (registered in England, Company Number 02854737, Registered Office Address: 65 Kingsway, London, WC2B 6TD) is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009 (Register Reference: 536611) for the provision of payment services and is registered as an MSB with HM Revenue & Customs (Registered No: 12122416).

This brochure has been prepared solely for informational purposes and does not in any way create any binding obligations on either party. Relations between you and WUBS shall be governed by the applicable terms and conditions. No representations, warranties or conditions of any kind, express or implied, are made in this brochure.

*The cost of your call will vary depending on your network provider and it is likely that calls from mobile phones will cost considerably more. We strongly recommend that you check with your network provider for potential costs.

Our Solution for International Pension Payments