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Heywood Pension Tech

The pension risk transfer market has been buoyed by the recent movement in gilt yields. With demand expected to remain high for the next few years, the need for efficient and precise audits of data and benefit calculations is paramount for pension schemes and Insurers alike.

As schemes aim to stand out in a crowded field, being able to run data audits at scale and deploying rules-based calculations engines are emerging as game changing tools in a pension schemes arsenal. These tools can help expedite what can be a prolonged process, offering schemes a competitive edge as they seek to arrive at transaction-ready status much faster.

A complex process made easier

Auditing data and member benefit calculations is a multifaceted process. The complexity arises from diverse data sources, intricate calculations on top of layers of regulatory compliance requirements. Traditionally, audits have been a manual process, often via Excel, which as well as time-consuming can be error prone. Due to their meticulous nature, this can often lead to extended timelines and resource-intensive efforts.

Automated tools are paving the way to a smoother, speedier journey to accurate data. This in conjunction with powerful rules-based calculation engines are re-defining the length of time pension schemes and Insurers need to arrive at a successful de-risking position, as well as bringing a high level of precision to the process.

As the industry faces up to resource constraints, this could be a real differentiator for pension schemes.

Tools like Heywood Passport are helping re-define the process, utilising data analytics that lets schemes review groups of data rather than line by line. Intelligent insight functionality helps users drill down into the data far quicker, giving schemes clear and accurate overview of data quality.

Rules-based calculations engines are also helping pension schemes expedite the buy-in buy-out process. The ability to define benefit rules and automate them has emerged as a real game changer for all sized schemes.

Gaining a competitive edge

With capacity already a concern, time is of the essence. Pension schemes that leverage technology to expedite audits can gain a competitive edge. They can present themselves as efficient, reliable partners, ready to execute transactions swiftly and accurately.

The advantages of quicker audits extend beyond transaction speed. Pension schemes that can offer a streamlined process are more likely to attract insurers looking for hassle-free partnerships.

With bottlenecks in the market, schemes must be aware that they’re competing for Insurer attention. Being prepared is the key to starting your buy-in buy-out journey, and data and calculations should be your first port of call.

Technology is helping shorten what is a prolonged process. Pension schemes that embrace automation tools benefits from efficiency, accuracy, and a competitive edge in a bustling market. Those schemes can expedite transactions, enhance accuracy, and stand out as reliable partners in the journey of managing and reducing risk.

Heywood is committed to assisting pension schemes in their de-risking journey. Get in touch with us to begin your journey towards a  secure future.

Talk to us about Heywood Passport