Raising the Bar on Buy-In/Buyout Data: Key Takeaways from PASA’s Latest Guidance

As the trend towards de-risking continues to reshape the pensions landscape, buy-ins and buyouts are fast becoming a common destination for many UK schemes. But navigating these transactions isn’t just about funding levels or market timing—it hinges on one thing above all: data quality.

MM’s Chief Data Officer Dr Tim Drye has worked alongside The Pensions Administration Standards Association (PASA) for its release of its Buy-in/Buyout Data Readiness Guidance (April 2025), providing schemes with a much-needed framework for understanding and improving the data that underpins successful insurance transactions. We’re especially pleased to see this guidance come to life, as Mortality Manifest’s Chief Data Officer, Dr Tim Drye, contributed to its development as part of PASA’s cross-industry working group.

The Guidance: What It Covers and Why It Matters

PASA’s guidance recognises that data is no longer a passive record—it’s a live input into high-value commercial decisions. For insurers to take on pension scheme liabilities with confidence, they need to fully understand the data they’re being asked to rely on. And for schemes, any data weaknesses can quickly become price adjustments, legal delays, or roadblocks.

This guidance helps schemes get ahead of those risks, setting out a pragmatic, principles-based approach to data readiness.

Five Key Takeaways

1. Data Quality = Risk Control

Rather than viewing data as a compliance exercise, PASA urges schemes to treat it as a core element of transaction risk management. This shift in mindset is essential for trustees and sponsors alike.

2. Get Started—Now

Whether a transaction is one year or five years away, data improvement should start immediately. PASA recommends early engagement, including a comprehensive review of data gaps, errors, and inconsistencies.

3. Focus on What Matters Most

The guidance details critical data elements—including member status, date of birth, pension amount, and contingent beneficiary details—that can materially impact pricing and insurer appetite. Prioritising these areas allows for a targeted, manageable approach.

4. Create a Data Narrative

This is one of the standout contributions in the guidance, and an area where Dr Tim Drye’s input was especially influential. The concept of a “data narrative” moves beyond just fixing errors—it’s about telling the story behind your data. What’s known? What’s missing? What’s been verified? Documenting this context gives insurers the confidence to proceed, even if some data imperfections remain.

5. Collaborate Across Stakeholders

From administrators and actuaries to legal advisers and insurers, successful transactions rely on joined-up thinking. Clear roles, timelines, and communication strategies are just as vital as the data itself.

MM, PASA and Data Science

Our Chief Data Officer has provided help in crafting this guidance as a leading figure in data science he provide years of experience in demographic data analysis, modelling and risk to PASA. MM are well suited to helping schemes through this guidance as well as providing high level accurate data services that meet PASA guidance for any time in a schemes lifespan and any moments of transition. Be that Buy-ins/ Buyouts or meeting the requirements of the upcoming Pensions Dashboards deadlines.

What’s Next for Schemes?

If a buy-in or buyout is on your scheme’s horizon, now is the time to act. This guidance provides a clear starting point for identifying and addressing key data risks. And with support from experienced advisers and data experts, schemes can build a data strategy that strengthens their readiness and marketability.

We’re proud to have contributed to this milestone for the industry and are here to help schemes put the guidance into practice.

Pensions Administration Standards Association (PASA) (2025) Buy-in/Buyout Data Readiness Guidance. [online] Available at: https://www.pasa-uk.com/wp-content/uploads/2025/04/BuyIn-Guidance-FINAL.pdf