Hymans Robertson launches new service to manage scheme data

A new service to help DB Pension Scheme trustees and sponsors understand their scheme’s data and benefits has been launched by Hymans Robertson. The service, named Precision, enables trustees and sponsors to assess if the data is ‘fit for purpose’ and gives them the confidence to know how to make any necessary improvements. With many DB schemes making endgame decisions that require robust data, The Pensions Regulator setting expectations for data quality, GMP equalisation in progress and the Pensions Dashboard just around the corner there’s an urgent need to get scheme data in order. The new service, from the leading pensions and financial services consultancy, empowers trustees and sponsors with what they need to prepare their schemes’ data, ensuring it’s ready for these increasingly complex changes.

The new Precision service helps schemes by firstly providing a ‘readiness review’ to assess the gaps and inconsistencies in the data and helps trustees and sponsors make a plan to rectify any issues. It then provides ‘rectification support’, to help schemes work through an improvement plan that meets set objectives, supported with insight from actuaries, data scientists and technology experts who have experience in risk transfer, run on and GMP equalisation. The review is tailored to each scheme, and the trustee’s and sponsor’s risk appetite.

Commenting on the launch of Precision, Scott Finnie, Head of Digital Strategy, Hymans Robertson, said:

“Trustees and sponsors tell us that data work can feel complex and difficult to plan. Many DB schemes are dealing with old systems, unconsolidated documents and changes built up over many years. Even well-run schemes can find that parts of their data are incomplete or unclear. Reliable data underpins all decisions a scheme makes, from day-to-day administration through to long-term strategic planning. By using one consistent data assessment across multiple objectives, our new service aims to reduce duplication, limit repeated exercises and minimise unnecessary disruption for members. 

“Through Precision, trustees can review their scheme data through four lenses. These consider readiness for an endgame strategy such as insurance, a Superfund or run-on; preparation for GMP equalisation; data requirements for the Pensions Dashboard and ongoing expectations set by TPR. Reviews can focus on a single area or take a broader view, depending on a scheme’s circumstances and priorities.

“We’re providing the new service to help schemes respond to those challenges. It gives trustees and sponsors a clear framework to understand what they have, where the risks sit and how those risks link to their wider plans. One of the key features is that it uses one tool and one cut of data across different areas. That helps avoid repeating work and allows trustees to take a more joined up approach to plans involving data, rather than treating each requirement in isolation. It helps sponsors and trustees see a clearer path through what can otherwise feel like a complex and fragmented landscape.”