PASA today published new Data Guidance on benefit accuracy for DB schemes.
Kim Gubler, PASA Chair, commented: “Trustees have a duty to ensure members receive the pension benefits they are due. PASA has previously issued Guidance focused on data quality and we are building on this here by focusing on benefit accuracy.
When assessing DB scheme data, the benefits payable to a member should be at the forefront of the evaluation to ensure they are currently accurate and remain accurate in the future. The investment to get benefits right is time and money well spent, not only for the outcome and experience for members, but in comparison to the significant costs that arise when things go wrong.”
Kristy Cotton, Chair of the PASA Data working group, commented: “Given the complexity of DB scheme Rules, legislative requirements, and the variation of scheme design over the decades, making sure benefits paid to members are correct isn’t always a straightforward task. This Guidance has been prepared to support schemes in understanding key areas which will support benefit accuracy and focuses on:
- Benefit Specification
- Data Specification
- Benefit Audit
- Automation (Scalable based on scheme membership)
- Independent assurance”
The new PASA Guidance can be found here.
