Capita Tracing and Data Solutions help 19 pension schemes comply with Record Keeping Guidelines
The Regulator reviews pension schemes at random, to ensure they comply with the Record Keeping Guidelines, and that the targets have been met. The targets for common data are 95% for legacy data and 100% for new data (post June 2010). Every scheme is at risk of this review and those chosen are required to submit their scheme data certificates to the Regulator.
Capita were asked by the Regulator to provide the following information for 19 pension schemes it administers:
- Confirmation that the Scheme’s common data has been measured
- The date the Scheme’s common data was first measured, and the score
- The date the Scheme’s common data was most recently measured, and the score;
- A copy of the action plan that is in place to measure and improve the data
Common Data: Capita Tracing and Data Solutions trustees to meet Common data targets, by providing a Coredata™ Essential service. This service administers Common data tests and produces a single page certificate detailing the results and the overall score of the current scheme. Following this we support each client in improving the quality of its data to ensure it adheres to the guidelines.
The Coredata™ team has produced over 500 Essential certificates for pension schemes.
The Certificate highlights the areas where the scheme has both passed and/or failed the tests and recommends remedial action to keep scheme data in order. Capita provides this valuable first step free of charge and all data fixing is undertaken by our Coredata™ team including, tracing members with missing addresses.
Conditional Data: We recommend our Coredata™ Conditonal Analysis tests on conditional scheme data. However, if clients wish to identify the key elements of their Conditional Data in advance we can run our individual tests against the selected criteria. Equally, we provide consultancy advice in determining the key Conditional Data items depending upon scheme rules and events.
The Coredata™ team has produced over 150 Conditional data reports and performed over 60 Conditional data cleanse projects for pension schemes.
Ongoing Monitoring: Capita believe that running data analysis should not be considered a one-off exercise and that ongoing monitoring is the key.
Pension Scheme Insight Report 2016
The Pension Scheme Insight Report 2016 is aimed at those responsible for designing pensions and employee benefits programmes in the workplace.Download your copy
The report shows more than half (54 per cent) of managers and trustees cite GMP reconciliation as the major challenge for the next 12 months, making it the most commonly cited demand among pension managers and trustees.Find out how we can help you