Adapt to evolving circumstances in your pension member data
Tracing or locating deferred members is an important challenge in the administration of a pension scheme. Outdated, reactive, certificate of existence and letter forwarding services initiate contact with deferred members but are time consuming, do not provide the scheme with the forwarding address and are entirely reliant on the lost member re-establishing contact with the scheme.
Schemes must look at the integrity of their data and actively monitor common data to highlight any changes before conducting tracing exercises. The Pensions Regulator’s record-keeping guidance identifies that poor data management can lead to significant additional costs and reputational damage.
Why does your common data become inaccurate and unreliable?
People are most likely to forget to inform pension providers when they move home1.
Each year in the UK:
11% of the population move home 2
Over 500,000 people die 3
Over 300,000 people emigrate 4
Approximately 250,000 people get married and over 110,000 people get divorced 4
Sources: 1. Royal Mail Home Movers Survey 2015 | 2. Royal Mail Redirections 2014 | 3. Disclosure of Death Registration Information | 4. Office for National Statistics
What if your record keeping standards fall short?
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Continuous monitoring of your scheme is paramount to highlight any changes in your members’ circumstances. Data cleansing and data driven tracing will help avoid the pitfalls mentioned above.
Existence Check
Batch Trace
Specialist Trace
