PASA today published its Guidance on data readiness for buy-in and buyout.
Kim Gubler, PASA Chair, commented: “Data underpins every aspect of the management and delivery of pension benefits. It’s crucial trustees and pension managers always maintain the highest standards of data quality. This principle applies not only for the purposes of ongoing administration and reporting to The Pensions Regulator (TPR), it also enables smooth, efficient and preferential pricing terms when pursuing de-risking projects with insurers, such as buy-ins and buy-outs.”
Kristy Cotton, Chair of the PASA Data working group, commented: “Good planning and preparation before commencing an insurer transaction helps improve data quality leading to more certain and preferential overall costs. An overall data strategy which encompasses transaction preparation alongside GMP Equalisation and pensions dashboards is the ideal approach. This Guidance aims to support trustees and administrators in preparing for an insurer transaction and covers:
- the consequences of holding incomplete and poor-quality data
- the key data-items which should be held for all members
- the actions trustees can take in advance of buy-in/out to demonstrate good governance
- quick wins
The PASA Guidance on data readiness for buy-in and buy out can be found here.