How we helped a semi state body carry out a data cleanse of pension benefits in payment.
The background
Our client had lost confidence in their administrator after a number of issues had come to light – compounded by the administrator failing to rectify the issues appropriately. The scheme rules were not applied correctly and benefits had to be recalculated.
LCP was appointed as the consultant to the scheme and were asked to carry out a comprehensive data cleanse exercise of pension benefits in payment.
Our solution
The priority was to continue delivering a smooth service to its members, paying the benefits expected and ensuring that new benefits payments were correct.
We worked collaboratively with the administrator, making sure that all future benefits were correct.
Working constructively with our client, we agreed a pragmatic approach to carrying out a data cleanse exercise and recalculating the benefits in payment.
We made sure that the data capture exercise was efficient so we only needed to examine each member’s file once.
The actuarial and administration team worked closely to:
- capture the data
- recalculate benefits
- check and review the calculations
- update the electronic records
- draft member communications, and
- report on the results and impact to the trustees.
Throughout we kept the trustees up to speed and obtained the necessary trustee decisions through regular meetings.
The results
All data and benefits were rigorously checked and comprehensive electronic records established.
The trustees were confident that the legal issues had been addressed, the correct benefits paid and all the right data was in place for the scheme to be administered and valued accurately and efficiently.
Where benefits in payment had to be amended we worked closely with the employer’s HR and Payroll team to deal sensitively with members.
