Prepare your pension scheme for dashboards compliance without changing administrator.
It is not necessary to expect your current administration provider to complete additional data projects to ensure dashboard connection.
Our standalone data projects service, Pension Outsourced Data Solutions (PODs) can be brought in for specific data projects, such as taking incomplete data, filling in the gaps and returning it to the administrator.
Your data should be accessible online for find messages and good enough to generate ERIs in advance of receiving a find message. If not, are the plans to fix the data? Will this be done in bulk or “on the fly”, as requests are received. If being responded to on demand, how is the administrator resourcing for this?
Is your current administration platform able to calculate an ERI or will it require another system? Is there capability to pre-calculate and store these values, or will they be generated as required? Remember: you have 3 days to calculate a DC value and 10 for DB.
Your administrator may be connecting directly to the Dashboards infrastructure or using an ISP. If the latter, are they on track to be ready for your staging date?
Receiving a specific action plan from your administrator explaining how they expect to ensure your scheme complies will give you peace of mind.
It is possible there will be connection charges and additional ongoing costs. Your administrator’s need to innovate and invest to meet the requirements for their schemes could be passed to you as a client.
Our Pension Outsourced Data Solutions (PODS) is run by the team who have supported our data and benefit work on the PPF panel.
Their skill set is well matched for the work needed to get schemes Dashboards ready. They can be brought in for specific data projects, such as taking incomplete data, filling in the gaps and returning it to your current administrator.
