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Pension Data and Risk Management

From cleaning and improving your customer data to mitigating risk and preventing fraud throughout the customer lifecycle, our range of solutions can help digitalise your operations and modernise for future generations.

Life and Pensions

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Data focused solutions for the Life and Pensions industry

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to billions of pounds of funds and entitlements either being forgotten, mistakenly overpaid, or worse, fraudulently withdrawn.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.

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Existence Checks

To help reduce data integrity problems, our existence check solutions deliver a proactive approach to identifying gone aways and mortality checking.

Identity Management

We offer a range of identity management solutions for the life and pension industry that integrate with and strengthen your systems.

Pension De-risking

The existence of a spouse could materially increase the cost of providing pension benefits – strong grounds to establish the marital status of your members.

Deferred Member Tracing

Our end to end pension tracing solutions will support the success of tracing gone aways while verifying existence and identity - quickly and cost effectively.

Data, Dashboards and Digitalisation

Effective digital pension platforms, whether a pensions dashboard or a scheme-specific service, require accurate common data at their heart. Poor quality data will ultimately lead to inaccurate information, weak security and poor outcomes for scheme members.

Anti-Money Laundering Compliance

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.

Screening made simple

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.

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Helping BTPS reduce pension overpayments and increase member satisfaction

One of the UK’s largest pension schemes achieves a paradigm shift in reducing overpayments and increasing member/beneficiary satisfaction, with the support of LexisNexis® Risk Solutions.
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