Governance and Risk Advisers
If you are a pension scheme consultant, lawyer, auditor or involved in any other capacity in advising on pensions governance and risk control, you will want to be certain that your clients are operating to maximum efficiency and with the highest level of risk control. In summary, you will want to advise your clients on the best possible governance and risk management strategy.
Scheme membership data is a critical focus area regardless of whether a scheme is administered internally or by a third party.
The Pensions Regulator Code of Practice 9 sets out how trustees should satisfy the legal requirement for internal controls and recommends a high level risk-based approach.
ITM provides a variety of services to help you advise your clients. We can undertake an independent, fully automated data analysis, cleanse and benefit calculation risk check, all essential areas to review and build into the ‘trustee toolkit’ for your clients. Even where data is considered to be good, an annual, independent audit is simply best practice.
The benefits of undertaking an independent audit of your pension scheme membership data are:-
- Complies – with the Pensions Regulator's Guidance.
- Provides – a comprehensive understanding on the completeness and accuracy of all membership data for all beneficiaries.
- Creates – an opportunity to economically cleanse the data (if necessary) via an automated facility.
- Enables – accurate liability quantification for all beneficiaries leading to a more accurate actuarial valuation, directly impacting scheme financing.
- Results – in confidence to accurately calculate and pay correct entitlements to the right beneficiaries at the right time.
For further information click on the services listed below