The ever-changing circumstances of members in a pension scheme or whole-of-life plan in addition to significant reforms to the pension industry create many challenges for financial institutions and trustees. Insufficient management of data and identity can lead to billions of pounds of funds and entitlements either being forgotten, mistakenly overpaid, or worse, fraudulently withdrawn.
LexisNexis® Risk Solutions delivers pioneering trace, existence, identity management and compliance solutions tailored to the life and pensions industry. We deliver market leading products to third party administrators, leading independent pension schemes and life assurance plans that help prevent fraud, verify identity and remain compliant with the Pension Regulator’s record-keeping guidance.
Payments to deceased pension members is costing UK pension schemes hundreds of millions per year. Additionally The Pensions Regulator specifies the need maintain the quality and reliability of common data.
To help reduce data integrity problems, our existence check solutions deliver a proactive approach to identifying gone aways and mortality checking.
Traditionally, tracing lost and deferred members was costly and unproductive, especially when relying on outdated letter forwarding certificate of existence exercises.
Fortunately, this is no longer the case as our end to end pension tracing solutions will support the success of tracing gone aways while verifying existence and identity - quickly and cost effectively.
Following the recent pension reforms and with easier access to pension pots, the risk of fraud has never been greater.
Knowing your member is key and failure to identify the right individual and verify their circumstances at any touchpoint presents risk.
We offer a range of identity management solutions for the life and pension industry that integrate with and strengthen your systems.
Understanding a pension scheme’s exposure to risk is vital for any trustee – not knowing the true liabilities will distort the associated risk. LexisNexis® Risk Solutions is able to analyse key data and help strengthen actuarial projections.
The existence of a spouse could materially increase the cost of providing pension benefits – strong grounds to establish the marital status of your members.
The recent pension reforms have prompted a lot of operational changes to deal with financial regulations and payments of large amounts of cash.
Many pension managers and administrators have adopted a manual process for AML checks, as it is seen to be low risk and a cost effective solution. However with greater pension freedom, the quantity of withdrawals have increased which mean a manual process is no longer feasible. Also, with the number of high value payments increasing, this brings greater risk of financial crime.
An inadequate AML compliance procedure may mean you miss sanctioned individuals, fraudsters or those committing money laundering. In turn, this exposes you to additional operational costs, reputational risk and financial loss.
We offer the advantage of an end to end solution to managing AML screening, automatically verifying member identity and regularly screening records against PEP list, Sanction lists and Pension Regulator lists. This significantly reduces the amount of time required compared to a manual process.
To discuss your specific AML obligations of your pension scheme or life assurance plan request a consultation with one of our specialists.