Benefit Calculation Audit
Our fully automated benefit calculation audit service uses our own unique propriety software - DAaRT (Data Analysis and Reporting Tool) - DAaRT - which can accommodate any pension scheme benefit basis.
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 benefit calculation audit which can be combined with out unique data analysis and reporting service. This approach is totally automated and provides a 360 degree view of the efficiency of membership data, the interaction of data with benefit calculations and the accuracy of benefit calculations undertaken. We can provide a calculation audit and data analysis as a one off project or as part of the annual risk review, as part of an overall trustee governance programme.
The benefits of ITM's approach
- Complies - with the Pensions Regulator's Guidance on managing risk and administration control.
- Provides - a comprehensive understanding of the completeness and accuracy of all benefit calculations and their interaction with membership data for all beneficiaries.
- Creates - an opportunity to either re-calculate or first time calculate benefits and re-populate the membership data with updated benefit values via a totally automated process.
- Enables - accurate liability quantification for all beneficiaries leading to a more accurate actuarial valuation, directly impacting scheme funding.
- Results - in confidence to accurately calculate and pay correct entitlements to the right beneficiaries at the right time.
- PPF Assessment - fully compatible with the PPF guidance.