Pensions Data Audit Service
The Pension Regulator (‘tPR’) issued firm guidance on the quality of record keeping it expects in June 2010, emphasising the importance that tPR places on this matter.
The Pensions Regulator will continue to review progress within the industry and will publish a further update in 2011. This will include the results of data audits of a sample of schemes which they will select in 2010.
Using our own proprietary software we are able to offer a cost-effective, relevant and easy to understand data evaluation service. The service is stand alone and provides an analysis completely independent of the existing scheme administrator. The following link provides a detailed Pensions Data Audit Service Specification.
The Pensions Regulator comments that even when a members’ data is complete and consistent it doesn’t guarantee that any benefits recorded for that member have been calculated correctly. The proposals are concerned with the presence of the records required to calculate and settle benefits, rather than the calculations themselves. Nevertheless, benefit calculations are also self-evidently crucial, and they expect that providers and trustees will reassure themselves about the integrity of their data by implementing checks of these calculation.
As a further step we recommend that trustees should also conduct a Pensions Benefit Audit to go beyond the mere presence and internal consistency of data to investigate whether it is actually correct and we have developed a Pensions Benefit Audit Service for trustees for this purpose.
For information on our Pensions Data Service contact Mark Johnson or David Davison on 0141 331 1004.
Next, why not take a look at our Data Audit Service Specification
