Search Results

We were recently delighted to attend, and speak at the Pensions Age Spring Conference, held in London on 18th April. Our MD Danielle Higgins, spoke about the profound impact that high quality data can have on pension schemes and introduced our solution to this, a brand-new service called ‘Size of the Prize’ Our valued client Sara Leacroft, Head of Pensions Operations at Smith's Group Ltd, joined Danielle on stage to talk about the enormous benefit they had seen from our service.  Sara worked closely with our team here at The Tracing Group as we conducted a thorough data cleanse as part of a wider ‘pathway to buy-out' project.  The incredible results we were able to achieve through forensic tracing meant that Smiths’ were able to reduce their liabilities by a huge £50Million across 2 schemes. Sara commented ‘This was a hugely material factor, potentially significant enough to tip the scales in being able to secure a final buy in on one of the schemes.  Working with The Tracing Group helped us ensure we were only paying for insurance where it was needed.’ Entering data projects without understanding the scheme or the likely reward at the end can be risky, costly and time consuming.  We understand this and as a result have launched our innovative new service ‘The Size of the Prize’ Signing up to this service means that we will analyse your schemes metadata and, using our extensive knowledge and experience, will provide you with a report detailing our assessment of the potential savings that could be made.  You are then free to decide whether to use our service to carry out the work, or to do this in-house, but will have a clear understanding of both the costs involved and the potential savings i.e. the ‘Size of the Prize’ Click here to contact us now, for a free no-obligation ½ hour virtual meeting to discuss the next steps and find out the potential size of your prize.

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.

Pensions are a critical component of retirement planning, and ensuring that individuals clearly understand their pension benefits is essential. A Pensions Dashboard is a platform that allows individuals to view all of their pension information in one place, including details of their state, personal, and workplace pensions. It is intended to simplify the process of understanding pension arrangements, making it easier for individuals to plan for retirement. According to a survey by Finder, 80% of UK adults think the Pensions Dashboard will be beneficial in helping them understand their retirement savings. The Pensions Dashboard is part of the UK government's initiative to improve transparency in the pensions industry. It is designed to provide people with a clear overview of their pension arrangements, including the current value of their pension pots, projected retirement incomes, and other important details. The government has set out plans to make the Pensions Dashboard a legal requirement for all pension providers, although there is currently no set deadline for implementation. However, while the Pensions Dashboard promises to be a valuable tool for individuals, its successful implementation depends on the pension providers' readiness. Pension providers must ensure that they can provide accurate and up-to-date information to the Pensions Dashboard so that individuals can view their pension information in real-time. There are several challenges that pension providers must overcome to ensure they are ready for the Pensions Dashboard. First and foremost, they must have the necessary technology infrastructure in place to communicate with the Dashboard. This will require the development of new software systems and the integration of existing systems with the Dashboard. Providers must also ensure that their data is accurate and up-to-date, as any discrepancies could lead to clarity and precise retirement planning. The Pensions Dashboard is expected to bring together information on over 40 million pension pots held by individuals in the UK, according to the Association of British Insurers. Pension providers must also ensure that they comply with the government's data protection regulations, such as the General Data Protection Regulation (GDPR). This means that they must obtain the necessary consent from individuals to share their pension information with the Pensions Dashboard and protect this information from unauthorised access or misuse. Finally, pension providers must ensure that their employees are fully trained on the Pensions Dashboard and how to provide accurate information to individuals. This will require significant training and education investment to ensure that all staff are familiar with the system and how it works. Click the button below to learn about our services and how we can help you prepare your data for the Pensions Dashboard. In conclusion, the Pensions Dashboard promises to be a valuable tool for individuals, helping them plan their retirement more effectively. However, its successful implementation depends on the readiness of pension providers themselves. Pension providers must ensure that they have the necessary technology infrastructure in place, that their data is accurate and up-to-date, and that they comply with data protection regulations. They must also invest in training and education to ensure their employees are fully prepared to use the Pensions Dashboard. Only with this level of readiness can the Pensions Dashboard achieve its full potential in helping individuals plan for a financially secure retirement.

Hear from our Head of Business Development - Justin, on how his wider role encompasses a steadfast commitment to Customer Excellence, ensuring he'll be even more laser-focused on delivering the exceptional customer service our clients deserve. Justin's expanded responsibilities are designed to fortify our pledge to customer satisfaction, together with spreading the word about how we can support and add substantial value to your business. We think he's pretty great, so do get in touch with him and see how we can work with your business to help you locate and verify your customers quickly, accurately and cost effectively - helping you prevent fraud, manage liability, ensure regulatory compliance and build your customers' confidence.

The process of GMP Equalisation has left many in the pensions sector grappling with complex questions, particularly around the topic of 'unlinked dependants.' These dependants, often not directly connected to the pension scheme records, present a unique challenge. Ensuring that they receive equitable treatment without a clear linkage requires a nuanced approach. Our team is dedicated to shedding light on this intricate issue and providing actionable insights to navigate the equalisation process effectively, ensuring that no dependant is overlooked and the integrity of your pension scheme is maintained. Hear Danielle talk about this unintended consequence of GMP Equalisation, and how we at The Tracing Group can help. See our attached brief paper for further details.

Retail is detail, so the saying goes. A tired cliché or a statement in accordance with the truth or facts? 30 years ago, buzz words like accountability, transparency and sustainability were for the hereafter. Banks in the UK are now required by law to comply with anti-money laundering (AML) laws and know your customer (KYC) requirements to prevent criminals and terrorists from using financial products or services to store and move their money. The levels of scrutiny UK banks are subjected to nowadays could not have been envisaged 30 years ago. Know Your Customer (KYC) checks are a critical function in assessing customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws. Effective KYC involves knowing a customer's identity, their financial activities and the risk they pose. Know Your Customer (KYC) encompasses the policies and procedures put in place by businesses to manage risk and verify the identities of customers, clients and suppliers. For many, data handling has become a justified obsession, but back then, the data that was collected was lacking detail at best and incomplete at worst. Let us use the hypothetical example of “Josephine Bloggs”. In the early 90s, she decided to open a bank account, but what if, in the meantime, she’s moved, married (maybe more than once), or, heaven forbid, is mortified and the financial institution wasn’t notified. What if an individual forgot about their account? Is the original system used to onboard the customer still a functioning one? Highly improbable - it’s probably been upgraded, several times, with data migrating from system to system, potentially corrupted en route. These issues are relevant to all financial institutions. Having incorrect customer details on their systems, gone away customers, default date of births, and missing fields, they’re all unsustainable inefficiencies. A good KYC policy or process can help financial institutions better understand their customers and their financial practices, making it easier to assess, manage and mitigate risk to the organisation. By continuing to ignore issues around poor data quality, the hope of maintaining effective relations with these customers is a futile one because the starting point offers up too many inaccuracies. The Tracing Group team has wide-ranging experience working with the UK’s largest financial institutions delivering remediation projects of this nature. We are here to help - contact us today for further information or call (01603) 937800.

Over £1bn remains unclaimed in Child Trust Funds belonging to young people who have turned 18 since September 2020, a new analysis has revealed. The Tracing Group has been working with The Share Foundation to help young people track down their lost Child Trust Funds for more than 12 months via the CTF Register. “We are working hard to reunite our young people with their lost savings through the CTF Register, but the new data from The Investing and Saving Alliance shows that we still have a long way to go,” explains Danielle Higgins, Managing Director of The Tracing Group. Statistics published by The Investing and Saving Alliance (TISA) reveal that 716,000 unclaimed accounts hold an average of £1600 in each, adding up to £1.1bn in total. Child Trust Funds (CTFs) were created by the Government in 2002, giving children born between September 1 2002 and January 2, 2011, the choice of a tax-free savings or investment account that was boosted by government vouchers of £250 or £500 for those from lower-income families. The idea was that the Child Trust Funds would encourage parents to save regularly for when their child turned 18. Whilst many parents took up the offer, the young people that the funds were destined for have become disconnected from their nest egg for one reason or another. Around 6.3 million CTFs were opened in total, of which some 1.8 million were set up by HMRC when parents failed to initiate the account set up. The first teenagers to get access to their funds began turning 18 in September 2020 and can now access their accounts. But still as many as 716,000 CTFs out of the 1,524,000 that matured between September 1, 2020 and June 30, 2022 have gone unclaimed, according to TISA. Why are accounts being left dormant? The high proportion of dormant accounts suggests the Government and providers have failed to raise awareness of CTFs. There are several reasons people have forgotten about their CTFs, including a lack of communication from the Government. Although providers write to teens before their 18th birthday at their last known address, many families have since moved on, meaning they will not have received a reminder. In the letter the Government sends out to teenagers on their 16th birthday about their national insurance number, there is only one line of information stating they are old enough to take control of their fund. Cost of living crisis could spark interest in the funds “For many lower income families, these forgotten windfalls couldn’t come at a better time – the cost of living crisis means so many parents are struggling financially and the payout could provide their child with support they need for education, a car or rent for example,” suggests Danielle. And for those looking to capitalise on the funds, it is not too late for parents with younger children to take back control of their CTF money and make it work harder. There are around 4.6 million children aged between 11 and a half and 17 with CTF cash, giving parents of the youngest children up to six and a half years to make a difference. Even though the CTF scheme has now ended, parents can still add up to £9,000 a year to an existing CTF account. There’s no tax to pay on the Child Trust Fund income or any profit it makes and it will not affect any benefits or tax credits caregivers receive. How to find a Child Trust Fund The Share Foundation, a charity working to reunite teenagers with their cash, offers a free online tracing service through the CTF Register in conjunction with The Tracing Group and hosts webinars for parents, teachers and teens. Gavin Oldham, chairman of the foundation, said: “Our register is the most up-to-date and can find a young person’s CTF within hours compared to the more clunky government gateway scheme that can take weeks.” Teens are also learning how to find their CTFs thanks to social media and friends. Care worker Katie Morgan found out about her account when she saw an advert for the Share Foundation on Instagram. The 17-year-old who lives in Kettering, Northamptonshire, was thrilled to discover she had £800 and plans to use it to buy a secondhand car. “I need one for work. It would take me ages otherwise as I only manage to save £100 a month after paying my rent, bills and driving lessons. I’ve been telling my friends – none of us had heard of Child Trust Funds.” Meanwhile, teenagers are also finding out about accounts from the dozens of TikTok videos that have appeared on the app of other well-meaning teens explaining the basics of CTFs. In some cases the videos have been viewed hundreds of thousands of times. Awatif Masoud’s TikTok video, that was posted in April last year, was viewed 668,000 times and received 179,000 likes and almost 5,000 comments. The now-19-year-old from East London created the video after being shocked by a letter she received on her birthday from her provider, One Family, informing her she had £1,500. She said: “I just thought: ‘If I didn’t know about this, then how many others don’t know?’ I ended up staying up all night to respond to each comment as so many thought it was a scam! “My fingers hurt so much but I wanted each person to know what Child Trust Funds are about. I reached all sorts of people – even parents – and told them to go to the Government website.” For further help with tracing your lost Child Trust Fund use the free CTF Register.

The Tracing Group has launched Validentity to widespread praise from users: “The process was so simple, it took just 5 minutes and was so much more convenient than the old form filling.” Customer testimonial Validentity is an innovative technology solution designed to reduce pension fraud by verifying the identity of individual pension members, in particular, those that have moved overseas. The Tracing Group has been engaged by pension companies to use the tool to confirm the identity and “liveness” of their pension members living overseas. This cutting-edge system uses a unique combination of the latest technology including face biometrics and ‘liveness’ testing. “We are very excited about the scope of this product, which we feel will be particularly useful in overseas existence checks, as well as identity checking for UK based pension members transitioning from deferred to pensioner status, a process which is traditionally very paper dependent and time consuming for both member and administrator,” explains Danielle Higgins, Managing Director of The Tracing Group. Validentity is delivered through a website (www.validentity.co.uk) which the customer accesses via a unique code supplied to them in a letter or as part of their “wake up” process. “We worked hard to provide a user-friendly customer interface, easily accessible to customers of all ages,” adds Danielle. The first step of the Validentity identification verification process involves the individual submitting an identity document, such as a passport or driving license, to the website for scanning and cross referencing against information held on file. “At the very first stage of the process, data quality is critical - we need to know that the address information held on file for the customer is correct,” explains Danielle. Biometrics is defined as the identification of an individual based on biological traits, such as fingerprints, iris patterns and facial features. “Biometrics offer many advantages of improved security over other measures such as the use of passwords which can be easily forged, guessed or lost,” adds Danielle. An effective liveness detection tool must work to the lowest common denominator, which means the oldest model of mobile phone currently in use. “The liveness detection test will ask the customer to perform a couple of simple tasks such as turning their head to align with the image box on screen,” explains Danielle. For further information about Validentity contact The Tracing Group on 01603 937800 or visit www.validentity.co.uk

The Dormant Assets Bill has received Royal Assent, unlocking up to £800m for use in charitable causes. The new bill means the government’s Dormant Assets Scheme has been expanded to cover additional assets from certain pensions and investments. Revitalising Communities: The Impact of the Dormant Assets Act Dormant assets held via vehicles, including savings endowments, investment bonds, income drawdown and deferred annuities, will now be made available for a range of UK projects through the scheme. “We have supported the expansion of the Dormant Assets Scheme from the outset - this new law is excellent news for the good causes that are in line to benefit from additional funding,” explained Danielle Higgins of data management specialists at The Tracing Group. The expansion of the scheme follows a four-year review, which the government said showed widespread support for expanding the scheme from bank and building society accounts to include assets in these new sectors. “The first priority will continue to be reuniting people with their financial assets," added Danielle, who works to trace gone away customers. “Where this is not possible, more businesses will be able to voluntarily transfer dormant assets to Reclaim Fund Ltd.” People will still be able to reclaim their assets in full at any time. Including defined contribution pensions in the scheme is still under consideration, although if they are included, the Association of British Insurers (ABI) noted that only pensions with a contractual end where the assets are held in cash and the customer or beneficiary cannot be traced would be in scope. With Royal Assent received, the Dormant Assets Bill has become the Dormant Assets Act. “We have supported the expansion of the Dormant Assets Scheme from the start and the industry looks forward to working with the Reclaim Fund to ensure onboarding works well,” commented ABI director of long-term savings, Yvonne Braun. "The industry will continue to work hard to find gone away customers. It is always the first priority to reunite customers with their dormant assets, and customers will have a right to reclaim their asset in perpetuity.” A consultation will be launched this summer to look at what causes should benefit to help level up opportunities for young people and communities across the country. Proposals include boosting investment in youth programmes, social enterprises and money management. Since the 2011 launch of the Dormant Assets Scheme, banks and building societies which signed up have released more than £800 million from dormant accounts that are open but have been inactive for at least 15 years. Find dormant account customers If you represent an organisation managing pensions, investments, or holding potential dormant assets, our services can provide crucial support in aligning with the new Dormant Assets Act. We specialise in identifying and managing dormant accounts, ensuring compliance with the latest legislation, and facilitating the transfer of eligible assets to the Reclaim Fund Ltd. Our expertise in data management and customer tracing can assist in reuniting individuals with their financial assets, which is always the preferred outcome. Should transferring dormant assets be necessary, our services will ensure that the process is handled ethically and transparently, with the possibility for owners to reclaim their assets at any time. We also offer consulting on the best practices for onboarding with the Reclaim Fund to streamline the process. With a consultation on the horizon for further expanding the scheme's reach, our team is prepared to help your organisation make a positive impact on youth programs and community development through the responsible management of dormant assets. Contact us to ensure your organisation is ready to contribute to this significant initiative.

The advancing launch of the UK’s Pensions Dashboards in 2023 edges closer as the Pensions Administration Standards Association (PASA) recently published guidance for schemes on their choice of data matching convention (DMC). Pensions dashboards will enable individuals to access their pension information online, securely and all in one place, thereby supporting better planning for retirement and growing financial well-being. One of the biggest challenges with the Pensions Dashboards is how to safely identify and match individuals to their pensions when they log in. Schemes need to establish and adopt industry-wide conventions, that strike an appropriate balance between the sensitivity and specificity of matching - set the bar too high, and they risk pensions not being found while setting it too low risks the user gaining access to view the wrong pension. Importance of data accuracy “Collaborative work was needed to help solve this challenge while maintaining high standards of customer service, so the Department of Work and Pensions has been working with providers, as well as the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA) to produce a guidance document,” explains Danielle Higgins, Managing Director of The Tracing Group. “As a data management company, we know that data accuracy is key - schemes have been working towards a high level of confidence in the accuracy of surnames, dates of birth and National Insurance numbers of deferred and active members through continual and systematic checking of the accuracy of actual values,” continued Danielle, who supports schemes to improve their data quality. Optimising Data Matching for the Pensions Dashboard Rollout Every pension scheme and provider needed to decide what particular combination of personal data items it is best for them to match (such as Surname, Date of Birth, Address, National Insurance Number and so on). “It is critical that any industry data matching conventions (DMCs) developed must be adoptable right across the entire pensions universe: state pension, public service schemes, private sector schemes (both in-house and third-party administered), master trusts and all types of commercial pension/buy-out providers,” explains Danielle. Based on the consultation period and collaborative work, PASA has now published an initial Guidance on the choice of data matching convention (DMC) that schemes must make ahead of their compliance with the upcoming Pensions Dashboards legislation. The PASA DMC Guidance document has industry-wide support across PLSA, ABI and leading suppliers of pensions administration software. DWP will shortly consult on draft dashboard regulations, and the Pensions Dashboard Programme is commencing its alpha build and test phase, with supplemental PASA Guidance expected to follow later this year.