Pensions - Articles - Access to HMRC records allows improvement of data quality


Quantum Advisory has urged schemes to make wider use of HMRC’s records to improve overall data quality whilst they have unprecedented access to the Scheme Reconciliation Service (SRS) and online GMP checker for the purposes of GMP reconciliation.

 Phil Farrell, Partner at Quantum Advisory commented: “Schemes with deferred and pensioner members should already be some way down the road to confirming with HMRC the liabilities that they hold and, perhaps more importantly, declaring those they believe they do not. Owing to inaccurate data, some schemes may be wrongly being held responsible for benefits that have been rightly discharged, such as historic refunds and cases where members have transferred out or passed away.” 

 Farrell continued: “Access to HMRC records does not just present a way to reconcile GMP data, but a valuable opportunity for schemes to perform a full detox and utilise HMRC’s information to clean up their records and ensure that the scheme’s liabilities are reflected accurately. By taking full advantage of the access they have been granted and checking as many member records as possible, schemes will achieve a better quality of data and a more accurate reflection of their membership - which is crucial for administration and any plans they may have for de-risking or changing their funding strategy.”
  

Back to Index


Similar News to this Story

Pension scams, their implications and prevention
Martin Tilley from Dentons Pension Management comments on Scams and their implications and prevention
Record pension withdrawals reinforce cash hoarding concerns
According to Just over-55s choosing to extract money from pensions only to save it in cash risk undermining their future retirement income,
Pensions Regulator gives first ever fine to a public scheme
The Pensions Regulator (TPR) has fined a public service pension scheme £1,000 for failing to submit basic information required by law.

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.