Pensions Dashboard ISP and ERI for Defined Benefit Pension Schemes
Pensions Dashboards will be secure online portals that provide consumers with easy access to all their current state pension, employment-related pension, and personal pension information.
At CTC, our goal is to provide seamless connections to the dashboard infrastructure, making it easy for schemes to meet their regulatory requirements. Our ERI (Estimated Retirement Income) projections adds an extra layer of automation and also paves the way for greater member engagement in the future.
The find and view data, as the name suggests, will match data records to help customers discover their lost pension pots, hence the importance of data accuracy when bringing the data online for the first time. The idea is for customers to input their unique information to identify their identity, and to match customers with their lost pension pots. Should the data be inaccurate, the data will not match the request, meaning it won’t meet the purpose and the value of the Pensions Dashboards Programme and its requirements.
Why should DB schemes act early?
As DB schemes are currently not required to publish annual statements, they are less likely to maintain an accurate valuation of the pension benefit on their systems.
The deadline is fast approaching for defined benefit schemes to bring the data online for data matching purposes to accommodate the requirements of the Pensions Dashboard Programme. Schemes will need to ensure that the data matching needs are configurable per scheme and ensure data accuracy as missing data can cause issues in matching accurate data for customers.
The issues that schemes are likely to be facing now will fall under the category of valuation differences:
The valuation not running annually
ERI not saved
Great variation in valuation per scheme
Projections aren’t automated
30 years experience managing Defined Benefit data
Trusted over 30 years by providers across the financial sector, we are an established Pensions Dashboards provider who can help Defined Benefit schemes with enhancements which will allow for individual matching configuration. With 30 years of experience in this field and actuaries on staff, CTC was the first to apply transfer analysis (TVAS) services to determine scheme benefits and evaluate competing products. After offering bulk TVAS services for years now, we can help Defined Benefit schemes with:
Data cleansing
Bulk data models for transferring defined benefit scheme data online
All defined benefit schemes valuation permutations catered for any additional services once the pensions dashboards have been adopted such as on-demand annual statements
The CTC offering:
CTC’s ISP service for DB Schemes
CTC’s dashboard offers endpoint connection – certification with the government’s Pensions Dashboard Programme, making us an Integrated Service Provider (ISP). Our ISP service for DB Schemes is fully integrated with the Pension Dashboard Programme, offering you high-performance, mass data infrastructure while meeting all regulatory requirements. You also get access to the latest tools and technologies, which you can use to help you modernise your organisation’s systems and processes.
To future-proof your business, we can serve as your dedicated provider and would be delighted to assist you through the process of getting your data online while complying with all the regulations.
CTC’s projection service for Estimated Retirement Income (ERI)
A crucial component of the dashboard needs is the ERI. Over the past 30 years, CTC had an unrivalled pedigree in providing DB projection services.
We as experts in DB data and calculations, make sure that the information returned to members is current and accurate.
ERI projection is integrated with CTC Dashboard ISP. With CTC’s dashboard ERI service, DB Schemes will be able to upload the ERI data for customers, and CTC will perform the calculations and will provide the required data to the dashboard.
What’s in it for your organisation?
ERI projections covering all schemes type
Bulk transfer analysis programmes
DB valuation and projection software specialists
Future-proofing your organisation
Fully digital, compliant with the current and future regulations
What’s in it for your members?
A thorough overview of all your member’s pension benefits in one location
Easy-to-understand information on pension savings and ERI projections
Secure and encrypted access to their pension information 24/7
Need more reasons to choose CTC as your DB Dashboard provider?
The infrastructure is proven and has been combined with our Dashboard ISP
CTC’s system is compliant with the Dashboard and DB projection regulations
All projections data will be stored securely for use with the dashboard and other services
CTC can work in any data format you need (Excel, CSV, XML)
CTC can consult on any challenging data or calculation issues
While the plan for the Pensions Dashboards Programmes’ first goal is to ensure that data is online and ensuring data can be ‘found’ and ‘viewed’ upon a user’s request, we trust the next logical plan will be to encourage more engagement after customers learnt more about their newly discovered pension pots.
At CTC, our microservices may be implemented into any existing systems via APIs and configurations which may be fitted into any existing systems, however, if your system is already hosted by CTC, the process will be completed much more quickly.
Hosting
CTC typically provides its applications under a SaaS model, saving the cost and hassle of hosting applications. We are, however, equally comfortable supporting an on-premises deployment.
Do not wait, take the first step towards a secure DB Pensions Dashboard solution today. Contact us to learn more about our Dashboard solution and how we can help you in this journey to be your dedicated DB Dashboard provider while complying with all regulatory requirements and PDP-guided standards.