This pension prepaid card solution is a great alternative to paper cheques or direct deposit. Retirees appreciate that electronic payment makes it easy to securely access cash, pay bills or make purchases.
Benefits of Using Prepaid Cards for Pension
Advantages for Employers
As an experienced leader in digital payment solutions, we provide a feature-rich, easy-to-implement, secure pension alternative to paper cheques that you can offer your retirees. This Conduent Pension Solution creates operational efficiencies, significant cost savings and improved retiree satisfaction.
- No cost to employer for Conduent core offerings.
- Streamline pension distribution with significant cost and time savings (avg. $6.00 (£4.70) per cheque for administrative costs).
- Eliminate the need to track and replace lost or stolen cheques (full reg. E Coverage, bank-issued, FDIC-insured).
- Receive extensive client and retiree support and customer care.
- Improve usage and retiree satisfaction with our robust capabilities.
- Add retirees through an easy onboarding portal.
Advantages for Retirees
The non-mandatory Conduent Pension Solution provides cost savings, convenience, security and flexibility for retirees as well as a vehicle for them to manage their expenses.
- No cheque-cashing fees or stolen/lost pension cheques. (Employees typically pay 3-5% of their paper cheque to cash-chequing services.)
- Convenient, secure access to funds and flexibility over other card types.
- Gain the ability to make in-store and online purchases as well as bill-pay options.
- Load and redeem funds easily.
- Improve money management through notification tools and education.
- Gain the prestige of using a branded card.
- FDIC-insured for up to $250,000 (£195,000) per account
- Zero liability protection for unauthorised purchases
- Limited liability protection for loss of card
- Text and email account alerts
- IVR card replacement
- Free withdrawals at in-network ATMs as well as at OTC in-network bank teller
- Pay-to-the-penny capability
- Cashback ability at select retail merchants
- No-fee POS signature and PIN transactions
- Bill payment capability
- Customer Care 24/7/365
- Replacement card with standard/expedited delivery
- Free balance enquiries through online, text and customer care
- Mobile-optimised employee and employer portal
- Comprehensive employer reporting
- Online transaction history