Trustees and Pension Managers
Scheme membership data is a critical focus area for trustees and scheme managers 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 trustees, including an independent, fully automated data analysis, cleanse and benefit calculation risk check. These are all essential areas to review and build into your governance and risk control programme. 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
- 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
