Data
Our Data Validation System provides a secure platform for the upload of membership data to our systems. It has been designed to make the upload of data as straightforward as possible, providing automated checks on the data to assess its quality real-time.
For schemes where data is not adequate to perform equalisation work, our Pensions Data Solutions team has a range of services to support you.
Equalisation
Our Equalisation Module performs accurate and robust calculations, to calculate equalised benefits and back payments payable to each member. It supports an extensive range of benefit types, accurately reflects complexities such as anti-franking and statutory minimums, and provides administrators with the data extracts needed for their systems to pay member benefits.
As standard, our tools generate results on all approaches “approved” as part of the Lloyds case. This means no decisions need to be made up front – and with complete results at hand, our interactive Analytics Module is available to demonstrate the effect of GMP equalisation on both the scheme and individual member benefits.
Conversion
For schemes looking to “convert” GMP, our Conversion Module provides a complete solution, helping you compare potential pension arrangements and put the new converted benefits into payment quickly and efficiently. It can also be used to complete the additional calculations needed where a PIE exercise is being run in conjunction with conversion.
Administration tools
We have software available to support the ongoing administration of equalised benefits. The Transfer Module provides a solution for administrators for calculating equalised Cash Equivalent Transfer Values and has been designed for easy integration with existing systems. For clients that have elected to “convert” GMP, we are able to provide at-retirement conversion solutions for use by administrators on a broad range of approaches.
Additional Features
Automation and governance
To guarantee your membership data is managed securely, audit trails are complete and actuarial calculations are fully automated, the Pension Valuer Suite is powered by Willis Towers Watson’s Unify.
Unify is our market-leading robotic process automation platform. Having been created for the life insurance market, it is ideally suited to GMP equalisation work, with close attention paid to data retention policies, member data security and legislative requirements.
Member communications
As well as the core results needed to administer equalised pensions, our system provides results to address member queries, either in the form of a flat file or individual member prints.
And when it comes to helping your members understand the outcomes, we’ve developed a suite of template communications, supported by expert communication consultants, and in accordance with the communication guidelines we helped create with PASA.
Security
The security of scheme membership data is our highest priority, and for this reason data is encrypted and follows our Data Processing Protocol.
