If you are a trustee looking to improve your data quality, we are experts in data handling and interrogation. Our Coredata™ services will help you to achieve compliant record keeping for your pension schemes.
Coredata™ is an end-to-end solution that will ensure you can demonstrate to the Regulator that you have a structured data programme to meet your fiduciary duties and that you are meeting the minimum compliance standards set.
With Coredata™ in place, trustees will also have an established set of effective processes and procedures, which they can apply to the delivery of any future de-risking exercises.
We work with you to give you a firm understanding of the quality of your data, to put in place the most appropriate programme for addressing issues identified and to establish an ongoing process for monitoring data quality at regular intervals.
We assist schemes and product providers throughout the analysis-improvement-measurement data management cycle.
And we’ll help you cut costs and enhance scheme performance, improving both your efficiency and quality of governance.
If you want to ensure that you comply with the Data Protection Act and various pension acts and regulations, let us help you assess the quality of your data, identify potential data issues and create solutions to keep your data fit.
We have helped 600 schemes in analysing their data and certifying their arrangements.
25% of trustees see data cleansing as a key administration challenge for 2016.
We have designed Coredata™ to support trustees in every aspect of addressing the data challenge.
Our Coredata™ Essentials service certifies a scheme’s common data. This service assists our customers in aligning their scheme compliance with the Regulator’s record-keeping guidelines.
We certify the completeness of common data and identify where there may be missing data.
This is where we find the missing common data and populate the database in order to comply with the Regulator’s requirements.
A certificate is run on completion of the fix.
Analysis and reporting on scheme conditional data based upon the Regulator’s guidelines, scheme rules, and the severity and volume of data issues.
A report is produced detailing any issues found and recommending remedial action based upon scheme priorities and events. In addition we offer an accuracy check for common data.
Following on from a Conditional Data Report, this addresses errors found or populates missing data in order to comply with the rules and scheme data requirements in order to enable good scheme administration going forward.
This process encompasses sampling scheme benefit calculations from first principles to ensure benefits have been calculated and paid in accordance with the scheme rules, covering each scheme category and all member event types throughout the history of the scheme.
Significant events such as an administration change and NRA Equalisation can also form part of the benefit audit.
The experience and expertise being provided by Capita to the company in its dealings with trustees and other pension scheme stakeholders is invaluable. They are pragmatic and proactive, and fully appreciate our commercial drivers, together with all the technical complexities involved.