When it comes to pension schemes and buyouts, having accurate, complete and reliable data is crucial for successful transactions.

According to a recent article published on Professional Pensions, pension scheme buyouts require a clear understanding of the scheme’s data to accurately assess liabilities, calculate buyout costs, and ensure a smooth transition for the scheme’s members.

MM.’s Member Data Audit:

MM. specializes in data assessment, data enrichment, automated member tracing, and appending high quality spouse and beneficiary information. Leveraging MM.’s expertise offers pension schemes a buyout data audit that encompasses the following key areas:

1. Data Assessment:

MM. begins by assessing the current state of a pension scheme’s member data. This involves reviewing the format, quality and completeness of the data using multiple sources. This identifies any gaps or inconsistencies within member records and is crucial to ensure a smooth buyout process.

2. Data Quality:

Following the initial the assessment, MM. Identifies errors, inconsistencies, and duplications which can be improved as part of initial data standardisation and preparation. By improving data quality, pension schemes can minimize the risk of inaccurate calculations and improve the results of the data enrichment process.

3. Data Enrichment:

Once member data is in a consistent format and has been cleaned using reference data sources, MM. will assess data to ensure a member is living as stated, find new addresses when gone-away, append spouse information, check marital status and trace beneficiaries. This is critical information when understanding liabilities as part of a buy-in/buy-out process or valuation.

4. Data Security and Compliance:

MM. prioritizes data security and compliance and are ISO 27001 certified. The Confidentiality, Integrity, and Availability of our clients’ data throughout the audit process is of the utmost importance.

Contact Us today to see how MM. can help streamline your Buy-in/Buyout journey