JLT Benefit Solutions (JLT) has launched a pension ‘Validator’, a new data testing product for testing the accuracy of pension scheme data.
The product provides schemes with a data quality certificate which clearly outlines the results in various areas as well as recommendations to improve the quality of the scheme data where necessary. This certificate can be a useful guide for both the scheme and the Pensions Regulator.
Malcolm Reynolds, commercial director at JLT, said: “Following the guidance given by the Pensions Regulator, it is time that schemes really understand the importance and impact of the quality of their scheme data and how they can improve it where appropriate.
“Data should be 100% accurate where it has financial implications otherwise trustees could find themselves in breach of trust as the implications can be far reaching. It’s not just about settling member benefits at the right time and at the right value, although this is imperative, but its also about ensuring that the data is right to assist the trustees in exercising their duties around negotiating future funding levels and plans to repair any deficits.
“I struggle to understand how trustees are able to do this accurately unless they are confident that their data is right and understand the true financial position of their scheme. Who knows, maybe the sponsoring company should insist that the data is reviewed so that they too can be confident of the financial position of a scheme before company and trustee negotiations commence.”