UK-based pensions and financial services consultancy Hymans Robertson has launched a new service designed to help defined benefit (DB) pension scheme trustees and sponsors better understand and manage their scheme data and member benefits.
According to Hymans Robertson, the service, called Precision, has been developed to enable trustees and sponsors to assess whether their data meets the required standards and identify where improvements may be needed. The company launched the product to meet growing demand for solutions that demonstrate strong data quality.
Hymans Robertson pointed out that many DB solutions are currently approaching major final decisions, where reliable data is crucial.
At the same time, the expectations of the Pensions Regulator, ongoing GMP equalization work and preparations for the introduction of the Pensions Dashboard are all contributing to increased focus on data accuracy and completeness. Against this backdrop, the consultancy said its Precision services are designed to support plans to prepare for these developments.
As Hymans Robertson outlines, the service begins with a “readiness review” designed to identify gaps, inconsistencies and areas of risk in program data. This stage is designed to help trustees and sponsors develop a structured improvement plan.
Next, Heymans-Robertson added, is “correction support”, which guides the program through the implementation of agreed changes. The company said this phase drew on input from actuaries, data experts and technology professionals, including those with experience in risk transfer, continuous strategies and GMP equalization.
The consultancy stresses that each review is tailored to the individual scheme, taking into account its specific circumstances and the risk appetite of trustees and sponsors.
Scott Finnie, Head of Digital Strategy, Hymans Robertson commented: “Trustees and sponsors tell us that data work can feel complex and difficult to plan. Many database schemes are dealing with legacy systems, unmerged documentation and changes built over many years. Even well-run schemes can find that parts of their data are incomplete or unclear. Reliable data underpins all the decisions a scheme makes, from day-to-day management to long-term strategic planning. By using consistent data assessment across multiple projects, our new service aims to reduce duplication, limit repetitive exercises and minimize unnecessary disruption to members.”
“Through Precision, trustees can review their scheme data from four perspectives. These considerations include readiness for end strategies such as insurance, superfunds or continuous execution; preparedness for GMP equalization; data requirements for pension dashboards and ongoing expectations set by TPRs. The review can focus on a single area or take a broader perspective, depending on the scheme’s circumstances and priorities.
“We are delivering a new service to help schemes meet these challenges. It provides trustees and sponsors with a clear framework to understand what they have, where the risks are and how these risks relate to their wider scheme. One of its key features is that it uses one tool across different areas “
