Pensions Data Rectification Service
Once any problems with the electronic data have been identified we can provide assistance in updating and correcting the pension scheme records. Our experienced team can provide project management services to assist your existing administrator with this process.
Depending on the criticality of the missing data the trustees can prioritise the areas of data that need immediate attention.
The rectification process inevitably involved significant research and detailed forensic investigation of a number of different data sources.
Spence & Partners approaches rectification in a methodical and consistent manner.
1. Once the Pension Data Audit and Pension Benefits Audits have taken place and the problem areas have been identified, we would work with the trustees to identify the most appropriate sources for further information on data and/or benefits including:
- The employer (and any participating employers, past and current)
- The trustees
- Current and previous advisers
- National Insurance Services to the Pensions Industry
There may be specific data item level or just any files, correspondence and other relevant paperwork that might help to start fill in the missing bits of the jigsaw.
2. Once gathered, the information is assimilated and systematically analysed so that the scheme data can be corrected.
3. At every stage, automated options are considered and evaluated then employed where considered appropriate.
4. Periodic re-runs of the data and benefit audit routines are carried out to monitor the improvement in data quality.
5. Inevitably, it will not be possible to rectify every piece of missing or incorrect data and, ultimately, we will need to agree with the trustees the most appropriate course of action to take and what assumptions to adopt.
6. Finally, a comprehensive benefit statement will be prepared and issued to all members with a request that they reply formally confirming their agreement to the benefits quoted and the data held.
The issues arising form the Audit work dictate the size, nature and ultimately the cost of any rectification exercise.
It is only once this work has been done that trustees, members and scheme sponsors can have faith in the benefits they, respectively, have responsibility for, or are due to receive, or are obligated to provide. And, further, it is only when this work has been done that everyone associated with the scheme can benefit from automated processes and procedures and, without a doubt, long term savings in administration costs.