The Pensions Regulator is increasing its focus on scheme data accuracy. Along with the expected launch of the Pensions Dashboard in 2023, this means data accuracy is a high priority for trustees. But, deficiencies in scheme data and provider technology can derail your efforts.
Are you confident your scheme data is ready to meet current and future regulatory requirements?
Since 2010, The Pensions Regulator has placed increased focus on the accuracy of a scheme’s data, taking action against those who don’t comply. Clean, accurate data is also a priority for trustees and employers as they work to achieve strategic goals, such as de-risking exercises and GMP equalisation.
As part of our Orion+ service, we’ve developed a scheme data journey plan offering that not only demonstrates a robust data improvement plan, but also ensures that any cleanse or rectification work is aligned to a scheme’s strategic objectives. This helps to improve the quality of data and also supports improvements in administration and engagement with scheme membership through a pension portal and increased automation.
Our approach
We work with you to identify and mitigate gaps in your scheme data and then build a data journey to help you reach your goals using a five-step process:
Along the way, you’re supported by a dedicated and award-winning team of industry professionals and next-generation administration so you can monitor progress. And, your members will have access to a digital dashboard so they can see all of their pensions savings in one place, enabling better decision-making as well as effectively meeting 2023 pensions dashboard requirements.
Our national projects team is made up of experienced pension specialists who are solely focused on delivering support for your long-term strategic goals, so there is no interruption to your day-to-day administration and member care.
Our next-generation administration solution and automation allows your pension portal to launch whilst having confidence in your scheme data. Increased data accuracy enables higher levels of automation and self-service functionality.
The data journey plan is supported by Buck’s award-winning blend of deep scheme administration knowledge and experience, proprietary technology, and digital suite of trustee and member tools, so you can monitor your scheme’s progress whenever and wherever is best for you.
As part of our digital-first approach to data journey planning, we digitise all member files to ensure a smoother end-to-end process. This aligns to the Pensions Administration Standards Association recommendations for best practice.
Once the data is accurate, we can help you deliver targeted communications programmes to improve engagement, resulting in a more informed scheme membership and an increased understanding of the pension scheme’s value and the available options.
We recommend that the data journey plan incorporates a benefit audit. This enables us to identify any underlying issues with your scheme’s benefits and data which wouldn’t necessarily be picked up as part of basic data analysis. This ensures data is aligned across the board and potential errors are identified up front.
Data journey planning in action
Trustees aware of significant deficits in data, causing inefficiencies which could impact the future buyout price.
Collaboration meetings held with all stakeholders. Data reports identifying specific deficiencies were shared and journey plan agreement was expedited.
Data cleansing effort will enable scheme automation and implementation of a flexible retirement option.