Financial ServicesProviders Company Schemes Public Sector Third Party Administrators

Data Quality

Why

Schemes and funds are under increased regulatory pressure from The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) to improve their data quality, facing large fines for poor-quality data. However, reviewing data quality internally can be challenging.

How

Using Aquila Heywood's wealth of experience, you will benefit from our unrivalled knowledge of our Altair™ system, pension scheme legislation and TPR's code of practice. Demonstrate each of your schemes' performance and establish a plan to improve your data quality.

Features

This service includes:

  • An objective view of your data quality, covering both your members' personal data (common data) and the members' scheme data that is used to calculate their benefits (scheme-specific data)

  • A detailed report on the quality of your data, benchmarked against TPR guidelines

  • A recommended correction plan, highlighting areas to target for improvement

  • Guidance on best practice around correcting historic data and preventing bad data from entering your system

  • Year-on-year tracking to illustrate your progress

Benefits

  • Obtain an objective third-party report on the quality of your data

  • Understand how you compare to TPR guidelines and peers within the industry, through benchmarking

  • Plan and prioritise your improvement activities through a targeted correction plan

  • Calculate benefits accurately and efficiently, engage with members confidently and reduce your scheme liabilities through better data

  • Become 'Pensions Dashboard-ready' and supply the Dashboard with the required information needed, once it becomes a reality

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