The Pensions Regulator (TPR) requires schemes to regularly review the quality of their data. Quality scores for common and scheme-specific data items must be sent to TPR in your scheme return.
Our service helps you meet TPR requirements and also performs additional tests above and beyond this requirement to assist you in cleansing all data used in administering your pension scheme.
To assist the Customer in undertaking a practical assessment of its common and scheme specific data, Heywood will perform a Data Quality service on the Customer’s Pension Fund data. Running a series of scripts to extract the data from the live service, we will analyse files by performing tests, before compiling a series of reports.
Common and scheme specific pass rates for each condition are provided, along with an analysis of data fails and an Excel output of all failed members.
A recommended correction plan to improve your data quality is supplied, with the service performed for 3 consecutive years.
The set of standardised tests are maintained and updated to comply with guidance supplied by The Pensions Regulator.
Additional bespoke tests can be created to fit specific requirements.
The tests have minimal impact on day-to-day tasks, allowing administrators to focus on key activities.
A recommendation plan with highlighted priorities provides a clear view of impacts and guidance for improvements.
Year-on-year progress tracking demonstrates the effectiveness of correction plans and activities.
What our Customers Say:
Although I knew it would be useful, the report produced provides more than just a TPR box ticking exercise. We will get far more value out of it by being able to target improvements to our data.
Pensions Administration Manager
Shropshire County Pension Fund