Pensions

There is a large unclaimed asset problem and significant challenges ahead for pensions managers and trustees.

With tPR adding common data to scheme reporting, the Pensions Dashboard, Dormant Assets commissions' plans to capture assets and the GDPR legislation, there never has there been a greater need for accurate member data.

 

 

The goneaway issue is important for many good reasons:

1. Accurate data is integral to every aspect of benefit calculations and payments
2. Data quality has a direct correlation to customer satisfaction. So if your data is incorrect, you can expect more complaints from scheme members, all of which take time and money to resolve
3. In the absence of accurate data, your deficit calculations and ongoing funding plans will be incorrect
4. GMP reconciliations look to examine data going back to 1978. If your reconciliation activity leads to over or under payments, they must be communicated immediately
5. More trustees today are considering liability management initiatives such as buyouts or buy ins. Accurate scheme data is important both to the business looking to enact a buyout and that looking to take the buyout into their business. Either side of the deal, mortality and risk around unclaimed assets is a key premium negotiator
6. More and more regulatory pressure is being applied and it will become increasingly demanding with UK plc placing growing emphasis on treating customers fairly

Our data solutions are designed to deliver improvements in member engagement, reduce scheme funding costs, cut administration – and satisfy the regulator by helping you ensure data accuracy.