Pension tracing, i.e. relocating lost and deferred pension scheme members, is an essential part of efficient scheme management. Not only does pension tracing demonstrate quality corporate governance and a commitment to “treating members fairly”, but, it allows you to meet your fiduciary and legislative requirements.
Pension tracing, with Tracesmart Corporate, is a three tiered process which we have perfected through our extensive work with industry leaders.
- cleanse
- certify
- trace
Pension Tracing Service
The first stage in any pension tracing exercise should be cleansing the member database. Data Protection law states that a body which holds personal details must ensure that the information is current and up-to-date. It is also a requirement, under the Pensions Act 2004, that you provide each member with an annual financial statement; this cannot be achieved if you hold incorrect contact information. Data cleansing can help to satisfy both of these needs.
Our pension tracing service will
- correctly format and update postal addresses
- append key missing personal details
- identify verified gone aways
Whilst traditional existence exercises are costly and inefficient, our electronic Certificate of Existence solution, which incorporates mortality screening, is economic and effective. Whether utilised as part of the pension tracing process or a standalone mortality screening, you will be protecting your scheme from possible “impersonation of the dead” fraud and alleviate administrational costs.
- identify deceased policyholders
- verify member existence and current residency
- prevent fraudulent payments
Tracing lost and deferred members can produce an abundance of benefits for your scheme. Pension tracing demonstrates your commitment to policyholders, reinforces a positive corporate image and opens up fresh marketing opportunities.
We have a diverse range of tracing solutions, suitable for locating any volume of lost and deferred members.
- Individual searches via our web based tracing tool
- batch electronic tracing for high volume “gone aways”
- complete project outsourcing to our research team
Whilst a thorough pension tracing exercise would use all of the above tiers, we understand each scheme is unique and has different requirements. Contact Tracesmart Corporate for your free pension database audit and let us build you a bespoke pension tracing service.
