The Pension Dashboards roll-out has given an increased focus on data quality for all schemes as its effectiveness is dependent on accurate member data. This is just as important for all schemes regardless of size, however small schemes do not have access to economies of scale with data and tracing providers.
Based on feedback from the FCA and The Pension Regulator, we are aware that small schemes are frustrated by their options in the market and access to important tracing services are cost prohibitive.
Some small schemes have been quoted £20-30,000 for basic Data Quality checks. These fees are often too high for these schemes to access so as the Pensions Dashboards deadline for smaller schemes arrives they will be left behind.
MM’s Small Scheme Data Quality Package gives schemes access to critical services listed below at an affordable fixed annual cost, at cost levels normally reserved for large schemes with economy of scale
- Mortality Screening – MM are a Government approved DDRI license holder and
will provide monthly screening of all member records to identify deceased
members.
- Automated Address Tracing – MM have access to billions of historical address
records and all current Credit Reference Data which is used to identify if a
member is ‘living as stated’ and trace new addresses.
- Beneficiary Tracing – MM have access to billions of records showing people that
live together and appear to be in a relationship. This allows schemes to trace
beneficiaries to re-unite them with lost assets following the death of a member
and would be processed monthly.
- Overseas – MM offer a fully managed service that uses digital
communication and biometric ID technology to verify if an overseas member is
alive and well. This service will be managed annually and status reports for
scheme access will be available via our online portal.
- Email & Mobile Append – MM will append GDPR compliant email addresses
and mobile numbers collected via financial applications for members with
missing information.
- Verify – MM will use digital channels and technology to reach out to
members who we believe may have moved home following an automated trace
but are low confidence.
- Forensic – Members who are untraceable via automated tracing or
verification will be passed to our forensic team who will use proven techniques
to trace a member. This will be a last resort run annually and while there is a high
chance of success it is still not a guarantee.
Contact Us here for more information and the pricing of our small schemes package.
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