Heywood

What Is Heywood?

Heywood is a pension technology software provider that helps pension schemes, administrators, and employers manage retirement operations through a connected platform. Built around its Altair pension administration system, the portfolio extends into retiree payroll, member engagement, and reporting to support both administrative workflows and member services. Although migrating legacy pension data may require careful planning, Heywood provides structured migration services to support the transition of existing pension records.

What Is Heywood Best For?

The software is best for Altair Pension Administration because it provides a configurable foundation for managing complex pension schemes. It centralizes member administration, benefit calculations, workflow automation, document management, and regulatory processes. These make it well suited for organizations administering defined benefits, defined contribution, and hybrid retirement plans.

How Much Does Heywood Cost?

Heywood pricing is estimated to range from $100,000 to $2,000,000+/year, depending on the size of the pension scheme, number of members managed, selected solutions, implementation scope, integrations, and support requirements.

The additional cost considerations (Total cost of ownership) include:

• Implementation And Data Migration: $250,000–$2,000,000+ – Depends on member data volume, legacy system migration, and configuration complexity
• System Integrations: $50,000–$500,000+ – Depends on connections with payroll, HR, portals, reporting systems, and external data providers
• Customization And Workflow Configuration: $100,000–$750,000+ – Depends on pension rules, calculation requirements, reporting needs, and business processes
• Member Portal And Engagement Solutions: $50,000–$500,000+ – Depends on selected engagement tools, communication channels, and self-service capabilities
• Training And Change Management: $25,000–$250,000+ – Depends on user numbers, administrator training needs, and rollout scope
• Support And Maintenance: 15%–25% of annual licensing cost – Depends on service level, technical support requirements, and ongoing platform updates

Disclaimer: Pricing references are based on publicly available third-party information and industry benchmarks. Actual costs may vary.

Heywood Integrations

The vendor has not disclosed any information regarding its third-party integrations.

How Does Heywood Work?

Here is how Heywood's platforms fit into a pension plan's operations:

• Manage pension administration through Altair by maintaining member records, calculating benefits, and automating daily workflows
• Process large pension activities, such as annual benefit statements and pension increases, using Altair's bulk processing capabilities
• Configure pension rules, document templates, and user permissions to match each organization's administration requirements
• Administer retiree benefit payments through Altair Payroll, which operates alongside the core pension administration platform
• Provide members with secure online access to pension information, documents, and personalized communications through Heywood Engage
• Deliver personalized video communications with Heywood Video Engage to help members understand their retirement benefits
• Monitor pension operations using Heywood Insights with dashboards, self-service reporting, and performance analytics
• Collect and validate pension data through i-Connect to support accurate data exchange and reporting

Who Is Heywood For?

Heywood software serves the following:

• Pension administrators
• Retirement system administrators
• Pension plan managers
• Employers sponsoring pension plans
• Pension plan members

Heywood Use Cases

Based on the case studies and product descriptions, the following scenarios represent best applications of Heywood's platform:

Public Retirement Systems Modernizing Pension Administration

Public retirement systems replacing long-established administration software often need to move member records, benefit rules, and operational processes to a modern platform while continuing day-to-day pension administration. This scenario is reflected in Heywood's implementations with organizations such as SJCERA and ICERS. Heywood supports these modernization projects through its Altair pension administration platform, which can be configured to match existing administrative practices.

Pension Administrators Managing Annual Processing Cycles

Annual benefit statements, pension increases, and allowance updates are recurring responsibilities for pension administrators managing large member populations. Altair, Heywood's pension administration platform, is positioned to support these scheduled processing cycles through a single administration environment. This allows recurring activities to become part of routine operational workflows rather than separate annual projects.

Organizations Evaluating Pension Administration For Regulatory Requirements

As pension organizations review administration platforms, regulatory obligations are often considered alongside operational requirements. Administrative processes, benefit calculations, and member records must align with applicable pension regulations throughout the plan lifecycle. Heywood supports regulatory administration within Altair as part of its pension management approach.

Pension Plans Expanding Digital Member Services

Pension plans increasingly provide members with online access to retirement information as part of their everyday service model. Through Heywood Engage, members can access pension information and digital communications without relying solely on traditional administrative channels. This approach integrates member self-service into the broader pension administration workflow.

Administrative Teams Monitoring Pension Operations

Operational reporting becomes increasingly important as pension administration teams manage growing workloads and case volumes. Instead of creating reports separately from day-to-day administration, organizations monitor activity alongside ongoing operational processes. Heywood Insights provides reporting and dashboard capabilities that fit into this administrative workflow.

Is Heywood Right For You?

Heywood is likely to be a good fit if your organization administers pension and retirement plans rather than relying on general HR or payroll software with pension capabilities added later. It is particularly relevant for public retirement systems, pension administrators, and employers looking to manage administration, member engagement, and reporting within the same pension technology portfolio. If your evaluation includes specialized regulatory, integration, or implementation requirements, discuss these areas with Heywood to confirm they align with your operational needs.

Still doubtful if Heywood is the right fit for you? Get in touch at (661) 384-7070, and we will help you make an informed decision.