The looming legal duties and administration considerations mean that pension schemes need to get ready now.
At Intellica we want the pensions dashboards to be an overwhelming success and believe strongly that the industry can achieve this success. Intellica are therefore launching PyxisPD – a new data audit system which has been developed utilising our industry-leading data solution, Pyxis, as the basis.
PyxisPD provides targeted, powerful and automated data analysis specific to pensions dashboards.
What do schemes need to consider?
Pension schemes need to understand the accuracy of their data and what that means for their matching options:
• What personal data items will you match on and how?
The level of confidence you have in your data is a crucial consideration. If your matching criteria is not backed up by accurate data, you risk rejecting perfectly valid member requests or providing data to the wrong person.
• Do you hold all the information that you will need to provide?
In addition to the data being available, it will also need to be accurate.
• How will you cover the extra administration needs?
It is important to recognise that problems in matching, as well as too many “maybe matches”, will increase the administration burden on the scheme as member enquiries increase exponentially.
Intellica has you covered!
Our PyxisPD solution module provides:
• An extensive suite of data validation checks to identify data gaps and discrepancies that may impact your ability to:
– Choose the appropriate matching rules for your scheme.
– Match members at the ‘Find’ stage based on your scheme’s specific matching requirements.
– Return accurate pension arrangement data, employment details, estimated retirement income and accrued pension at the ‘View’ stage.
• Cohesive integration with your scheme’s administration platform on your own secure environment, meaning no transfer of data is required.
• An in-built function to determine which members are in or out of scope for pensions dashboards, identifying those that may require further investigation via the data analysis.
• Dynamic, cloud-based MI reporting allowing you to:
– Visualise the dashboard-readiness of your scheme for both the ‘Find’ and ‘View’ processes.
– Identify and prioritise data resolution activity.
– Track the progress of your scheme’s dashboard-readiness, factoring in any data resolution and improvements throughout your journey to 2023.
• An initial step to widening your data analysis beyond pensions dashboards to support your strategic scheme goals.
PyxisPD will provide schemes with a smart, innovative solution which reveals how ready your scheme data is for pensions dashboards and identifies where data resolution is required. Tackling your pension dashboard readiness early will lead to smoother implementation and help to minimise the level of administrative disruption resulting from additional member queries, post rollout.
PyxisPD can integrate seamlessly with your administration platform and data solutions such as tracing and there is no need for your data to be moved from its current location.
Want to know more?
Please get in touch with us to discuss how we can help you make informed decisions on matching rules and also ensure you meet your matching obligations in light of your data.
We are passionate about pensions data and would love to discuss pensions dashboards and anything related to pensions data with you.