Completetrace™ has been designed and built to provide trustees with a comprehensive end-to-end tracing service that addresses the limitations of the DWP service.
It not only provides the new contact details of the member, but also allows those members to verify their details quickly and efficiently in a manner that suits them: by post, by phone or through our online verification portal, eVON™.
We have access to over 420 million records provided by UK financial institutions, which enable us to deliver current, robust, and quality tracing services to our clients.
By facilitating this simple online verification process, in addition to paper and phone, our service not only saves trustees the costs associated with these traditional approaches, but also drives up verification rate - a key measure of success for any tracing solution.
Completetrace™ typically verifies between 50% and 65% of traced members, compared with an industry standard of between 25% and 35%.
Completetrace™ is fully integrated into our own third-party administration platform, Hartlink, but is equally capable of operating as a stand-alone tracing solution for those who administer their pension schemes through other platform systems or software.
23% of people have lost track of at least one pension.
17% of schemes have no formal process for tracing members and 6% don't do this.
This new life insurance claims process means the time it takes on average to receive a payout will drop from four months to just four weeks.