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Home / FAQs Frequently Asked Questions We understand that it can be concerning to receive a letter from an unknown company out of the blue, especially when they are requesting confirmation of your personal details, so we would like to take the time to answer some frequently asked questions which we hope will put your mind at rest. ​ Who are The Tracing Group? The Tracing Group is a UK-based data management company appointed by pension providers and financial companies to trace individuals whose current contact details may not be on file. Based in Norfolk, UK, The Tracing Group is a small business employing a friendly team of researchers to find and reunite individuals with lost assets and assist financial companies with data management. To speak directly to a member of The Tracing Group team, call 01603 937800. Why is this pension scheme/financial institution trying to find me? The Pensions Regulator and the Financial Conduct Authority require that organisations maintain entirely accurate information for their members and customers to keep them informed, updated and ultimately in receipt of the money that belongs to them. ​ If we are contacting you on behalf of a pension scheme, even if you are not of retirement age yet, the pension scheme is responsible for keeping you informed of your pension. You mention a redress payment in the letter. How has this happened? You may be due a one-off redress payment because, before you transferred your pension benefits, you had built up benefits in your former pension scheme between 17 May 1990 and 5 April 1997. Some of the help you built up during this time was Guaranteed Minimum Pension (GMP). GMP is different for men and women because it was linked to the State Pension, and State Pension Age used to be different for men and women. Following a High Court ruling, all UK pension schemes are legally required to equalise members’ benefits where GMP built up between 17 May 1990 and 5 April 1997 is unequal for men and women. This is known as ‘GMP equalisation’. It applies to existing members of affected pension schemes and former members of affected schemes who, like you, have transferred out. I have never heard of this pension scheme or company. If the pension scheme or company mentioned in the letter does not sound familiar to you, please get in touch with us. ​ Many of the larger organisations we work for have taken over smaller ones, so they may now be represented under a different name. If we are contacting you on behalf of a pension scheme, some pensions date back to the early 1960s or 1970s. They could also relate to employment you may have forgotten about or a scheme you were unaware you were enrolled on (such as a company-paid pension). Why did you write to my relative? Sometimes, we are either unable to trace the person we are looking for directly, or we have written to the person and received no response to our letters – in these instances, we will conduct basic genealogical research to try and locate a close relative who may be able to provide a forwarding address for the member (for example, if they have moved overseas). At the Tracing Group, our researchers are passionate about reuniting individuals with their rightful assets, so this is just one of the ways we ensure every possible lead is explored. Why do I need to confirm personal details such as my National Insurance Number? When our research team update the company we are working for with current contact details, we must be sure that the details provided are for the correct person. To avoid sensitive information being sent to somebody inaccurately, requesting the National Insurance Number is one of the ways we can confirm this. However, this may not be necessary depending upon the information provided by the company we are working with. We may also ask for other details only the correct individual will likely know. How did you find me? Our team of professional researchers have access to a variety of databases which are all utilised within strict Data Protection guidelines. Our sources are publicly available (such as Electoral Rolls or birth, marriage, and death records) and paid-for services. I am receiving correspondence from the pension scheme/financial organisation and my details have not changed. Why are you looking for me? Automated data screening can sometimes flag addresses as potentially incorrect for various reasons, the most common being that the resident has come off the electoral roll or that Royal Mail has changed the postcode of the address. In such instances, we send a letter to the address to double-check that the member still resides there. ​ Even if you believe that the company has your address on file correctly and it remains unchanged, please get in touch with us so that we do not send you any more letters. I am receiving my pension. Why are you looking for me? In some instances, individuals may have received their pension for many years and continue to receive it every month. However, they may not have updated their contact details when they moved house. ​ Even if you are receiving a pension, it is always worth contacting us to confirm that your details are up to date, as the scheme may freeze payments if they cannot verify your whereabouts. What is my pension or account worth? At the Tracing Group, we do not hold any specific financial details of your pension or account. This is protected information not shared with us. Once we have updated the company that has instructed us to perform the search with your contact details, they will contact you directly. ​ Can I contact the pension scheme or company directly? Yes - if you feel more comfortable contacting the scheme or company directly, please feel free to do so. If, however, you update your details with them directly, please get in touch with us to let us know so that we do not progress with any further research or send you any more letters. Will I be charged for this? No - our tracing fee is paid by the company or pension scheme out of their budget. You will never be charged for our services; no commission or charge is ever taken. What people say "You’ve been really efficient and helpful. Thank you! " "Thanks Bob, I appreciate your professionalism and sensitivity in your approach" "You have been really helpful all the way through. Thank you so much. Excellent service" "I'm chuffed to bits that you have found me. I have been trying for ages to find out who was holding that pension" " Im really happy to be found. My IFA hasn't been able to track down this pension" Need more details? Contact us now Contact us

Home / Services / Data Cleansing Data Cleansing Poor customer and member data is costly in terms of postage spend and reputational damage when sensitive communications are sent to the wrong address. ​ The Tracing Group accepts data in any format for analysis. The data is analysed and corrected when needed, saving money and improving customer management. ​ Benefits ​ ​ Prevent Fraud Manage Liability Meet Regulations Save Money Increase Customer Confidence Improve Scheme Efficiency ​ Get in touch to arrange a data cleansing plan with us today. What's new Related articles Justas Sidiskis Aug 22, 2023 5 min 2023 Best Practices: Mastering Buy-ins and Buy-outs for Pension Schemes Justas Sidiskis May 2, 2023 2 min 2023 Pensions Dashboard Initiative: Revolutionise Your Pension Scheme and Ensure Readiness Justas Sidiskis Jan 19, 2023 1 min Did GMP Equalisation leave you with unanswered questions around 'unlinked dependants'? Justas Sidiskis Sep 14, 2022 2 min The Challenges of Performing KYC Checks on Legacy Data Justas Sidiskis Jul 19, 2022 2 min The Tracing Group launches Validentity tool for verifying the identity of individual pension members Justas Sidiskis Mar 16, 2022 3 min Expanded Dormant Assets Scheme Receives Royal Assent Need more details? Contact us now Contact Us

I am delighted to present the index of our pioneering white paper, “Unlocking Potential, Engendering Trust: Implementing and Mastering the Dormant Assets Scheme” authored by industry consultant Stuart Erskine and featuring a foreword by me, Danielle Higgins, Managing Director of The Tracing Group (TTG). With extensive experience in asset tracing and reunification, my leadership at TTG has been instrumental in navigating the intricate domain of dormant assets. I would like to share our expertise through this publication, offering an invaluable resource for your organisation. This comprehensive guide will offer you a practical ‘how-to’ manual, meticulously designed to assist organisations like yours in effectively understanding and implementing the Dormant Assets Scheme. It goes beyond mere theory, providing actionable steps and strategies for tangible results. We are extending a limited exclusive offer to the first 20 orders providing an in-depth one-to-one interactive session with both authors. This exclusive opportunity allows you to explore the white paper’s content more profoundly and engage directly with us to get answers to any questions you may have. Index: Foreword by Danielle Higgins, MD of The Tracing Group Introduction The Dormant Assets Scheme: Overview and Purpose The Dormant Assets Act 2022: Main Provisions and Scope This White Paper’s Aim: A Practical Guide for Organisations Part 1: Preparing for the Scheme Identifying Dormant Assets: Criteria and Methods Reuniting Owners with Their Assets: Best Practices and Obligations The Process of Transferring and Reclaiming Assets Reclaim Fund Ltd (RFL) Overview The Role and Activities of RFL Consumer Protection and the Right to Reclaim Managing and Distributing Funds Part 2: Implementing the Scheme Reporting and Auditing: Requirements and Standards Distributing Funds for Social and Environmental Purposes: Principles and Partners Building Trust and Positive Publicity: Effective Strategies Evaluating and Enhancing the Scheme: Feedback and Innovation Conclusion The Scheme’s Benefits: For Owners, Organisations, and Society Addressing the Scheme’s Challenges: Regulation, Coordination, and Communication The Scheme’s Future: Expansion, Adaptation, and Collaboration Pre-order your copy of this indispensable white paper today for only £2,000+VAT. Scheduled for delivery direct to your inbox on Wednesday 14th February 2024, it promises to be a significant asset to your organisation, with follow-up one-to-one meetings for the first 20 purchasers at a pre-agreed, mutually convenient time. Don’t miss out on this opportunity to be at the forefront of this impactful initiative. Simply email me at Danielle.higgins@thetracinggroup.co.uk to pre-order your copy now and secure your position as a proactive leader in enhancing organisational operations and public trust.

This report discusses the growing concerns and challenges surrounding unclaimed Child Trust Funds (CTFs) in the United Kingdom. CTFs were established by the government between 2005 and 2011 to provide financial support to young people as they enter adulthood. However, a significant amount of money allocated for CTFs remains unclaimed. This report explores the latest developments, including the oral evidence presented to the Public Accounts Committee, the actions taken by CTF providers, and recommendations for addressing this issue. To read the report, please click the PDF link below.

In this article, we discuss the significance of having a solid foundation of trustworthy data for pension schemes and the crucial role that data accuracy plays in the de-risking process. Any effective pension buy-in or buy-out transaction depends on accurate data. Accurate Data Accurate and trustworthy data is crucial for pension schemes considering buy-in or buy-out transactions. It is the foundation for determining obligations, gauging the scheme's financial status, and choosing the correct financing levels. Reliable data helps pension plans assess the financial effects of shifting pension obligations, identify possible hazards, and make educated judgements on de-risking techniques. Accurate data is also necessary for insurers to estimate the liabilities they will take on and establish the premiums and pricing for buy-ins and buy-outs. It's critical that the information known to the pension scheme and the insurer is accurate, transparent, and up to date so that premiums can be fairly calculated. The consequences of holding incomplete and poor-quality data Poor-quality and incomplete data are viewed unfavourably in all pension scheme management aspects, which is no different for insurers. Inadequate data equals higher transaction costs, delays and uncertainty. 15 Hidden Dangers of Incomplete and Poor-Quality Data Holding incomplete and poor-quality data can have various consequences, spanning from operational inefficiencies to severe financial and reputational damage. Here are some of the potential consequences: Inaccurate Decision-Making: Decision-makers rely on data to make informed choices. Poor quality data can lead to misguided decisions, which could seriously affect an organisation. Operational Inefficiencies: Incomplete data can cause processes to be delayed or halted, requiring manual checks or interventions. This can result in increased operational costs and resource wastage. Decreased Customer Trust: If customers experience mistakes resulting from poor data quality (e.g., incorrect billings, miscommunication), their trust in the company can quickly erode. Reputation Damage: Mistakes or oversights stemming from poor data can result in public relations challenges and tarnish a company's reputation. Financial Losses: Inaccurate data can lead to wrong financial predictions, misallocation of resources, fines, and lost revenue. Compliance Issues: For sectors where data accuracy and completeness are legally mandated, holding incomplete or poor-quality data can result in legal penalties and fines. Increased Costs: Correcting poor-quality data post-facto can be expensive in terms of both money and time. Missed Opportunities: Incomplete data might mean missing out on patterns or insights that could lead to new business opportunities or improvements. Low Employee Morale: Continuously dealing with data-related issues can frustrate employees, leading to lower job satisfaction and increased turnover. Reduced Data Usability: Inconsistent or poor-quality data can make it difficult to effectively utilise modern data analytics tools, limiting potential insights. Poor Forecasting: Reliable data is critical for predicting future trends, whether in sales, inventory, finance, or other areas. Only complete data can lead to good forecasts. Security Risks: In some cases, poor-quality data can also increase vulnerability to cyber-attacks if it interferes with the efficacy of security measures. Loss of Competitive Advantage: In the age of data-driven decision-making, companies with high-quality data have a significant advantage over those with poor data. Integration Challenges: Incomplete or inconsistent data can make integrating new systems or software difficult, leading to technological stagnation. Stakeholder Mistrust: Not just customers but also investors, partners, and other stakeholders might lose trust in a company that consistently needs to demonstrate better data management practices. In the information age, data quality and completeness have never been more crucial. Ensuring data integrity, accuracy, and completeness is critical for businesses that wish to succeed in the current and future landscape. Getting Ready for a Successful Pension Plan Buy-in and Buy-out Does my scheme require accurate data? Yes, it does. Data accuracy and meticulous calculations hold utmost importance for both pension schemes and insurers when considering buy-ins and buy-outs. Accurate data is the foundation upon which all pension calculations and valuations are based. Why is my data so vital to the insurer? Insurers require accurate data to assess the liabilities properly. They will need to make assumptions based on your data that are used to calculate the premiums and pricing accordingly. What about Guaranteed Minimum Pensions (GMP’s)? If the scheme has not already done so, then GMP’s will need to be equalised as part of the buy-in or buy-out processes. "We specialise in tracing pension members who have moved or passed away overseas so that insurers can accurately calculate their liabilities. Undercounting members who have died can result in significant financial risks for insurers." Danielle Higgins, Managing Director of the Tracing Group So, how can the Tracing Group help improve my data for transaction purposes? Here are 7 solutions to how the Tracing Group can help you avoid poor quality data: Find Missing Members - Over time, data decays, and pension schemes may lose track of members who have changed addresses and names, or have passed away. TTG use various methods, including automated, forensic and genealogical, to find these missing members. Identifying all scheme members is pivotal to accurately valuing the liabilities during buy-ins or buy-outs. Update Contact Details - TTG can update and append accurate contact information for scheme members, which is essential for communication during a buy-in or buy-out process. Confirm Beneficiary Details - TTG can identify and verify beneficiaries, ensuring that benefits are distributed correctly. Improve Data Accuracy - TTG employs techniques to correct inaccuracies and inconsistencies (both current and historical) in the scheme’s data. Clean and correct data is the key to assessing the scheme's financial position, calculating liabilities, and determining appropriate funding levels. Confirm Life Alterations - TTG can confirm life changing events like marriages, deaths and divorces, ensuring accurate and live information for scheme members. Efficiency - TTG can provide accurate and organised data which will ensure simplification when transferring information from the scheme to the insurer. Adherence to Regulations - TTG can assist in ensuring that the pension scheme data management is compliant with the relevant regulations. Real Life Examples We have extensive experience in preparing schemes for buy-ins and buy-outs. We are specialists in: Checking and updating address information for all members, including those that haven't been in touch with the scheme for a number of years, so that the scheme can communicate with them about the buy-out or buy-in. Identifying all deceased members. Actuarial calculations performed during the scheme’s lifetime will usually be cautious when predicting the volume of members that have died and the scheme is not aware of within the deferred member base. When a scheme performs a root and branch review of its data followed by thorough remediation, we will find deaths that no others will find. This includes deaths where the original data is nothing like the information on the death registration information. We also specialise in identifying deaths that happen overseas – these are missed in automated mortality screening. This thorough, forensic approach delivers liability savings of £460.55 per member. The thorough remediation involves engagement with a large proportion of the member base. We capture email addresses and mobile telephone numbers each time there is engagement to maximise future digital engagement. Book a free consultation with one of our experts in data quality. "The Tracing Group have helped considerably with an extensive Data Overhaul, which has considerably improved the scheme data of the pension scheme over the last three years. Danielle and her team are friendly and approachable and have always provided a timely and concise service to the scheme with a detailed de-brief upon project completion. I would recommend The Tracing Group for any scheme data improvements that may be required.” Mark, Bank Pensions Manager The Tracing Group is proud to partner with some of the biggest names in the pension and financial industries. You can read more about us at www.thetracinggroup.co.uk. For more insights, updates, and news, follow us on our LinkedIn page.