Pension Data Cleanse | Pension Data Audit | ITM

Transform your data

A data cleanse programme will find missing details, correct inaccuracies and enrich your data.

Why do I need to improve my data?

The Pension Regulator’s rules around record keeping for pension schemes and Solvency II compliance for insurers require you to put plans in place to improve data quality. Data quality isn’t just about compliance – if you get it right it can save you money, improve your member’s experiences and reduce risk.

Our clients benefit from:

  • Improved operational efficiency
  • Improved customer communications
  • De-risking
  • Better calculation of liabilities
  • Better customer engagement through self-service initiatives
  • Decommissioning of old systems
  • Cost savings
  • Enhanced data security

How can we help

If you’re working with old legacy systems, or you’ve moved your scheme through multiple administrators like some of our clients, you’ll be wondering where to start. This is where our consultants’ expertise really comes into its own. For each project, our experts work closely with you to define your data aims and create a strategy to get you there.

It can take a number of different forms, from automated rectification and bulk calculations through to manual reviews – depending upon the complexity of your project.

We use our technology to reconcile your data, looking for inaccuracies and inconsistencies. For example, is your data

  • present – is a date of leaving recorded for deferred pensioners?
  • consistent – is the date of leaving after the date the member joined the scheme?
  • accurate – is the date of leaving recorded the date the member actually left service?

We’ve developed automated checks to look for data presence and consistency but sometimes we need to manually review data to look at accuracy.

Finding your members using tracing

It can be really tricky to keep in touch with your members, especially with long term finance and insurance products. People frequently move home, and it’s not always at the forefront of their minds to update you with their new details.

We can help if you’ve lost touch with your members by using our tracing and mortality screening service.

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