Hymans Robertson, a UK-based pensions and financial services consultancy, has introduced a new service aimed at helping defined benefit (DB) pension scheme trustees and sponsors better understand and manage their scheme data and member benefits.
According to Hymans Robertson, the service—named Precision—has been developed to enable trustees and sponsors to evaluate whether their data meets required standards and to identify where improvements may be needed. The firm presents the offering as a response to increasing demands on schemes to demonstrate strong data quality.
Hymans Robertson notes that many DB schemes are currently approaching significant endgame decisions, where dependable data is essential.
At the same time, expectations from The Pensions Regulator, ongoing work around GMP equalisation, and preparations for the introduction of pensions dashboards are all contributing to a heightened focus on data accuracy and completeness. Within this context, the consultancy states that its Precision service is intended to support schemes in preparing for these developments.
The service, as outlined by Hymans Robertson, begins with a “readiness review” designed to identify gaps, inconsistencies, and areas of risk within scheme data. This stage is intended to help trustees and sponsors establish a structured plan for improvement.
Hymans Robertson adds that this is followed by “rectification support,” where schemes are guided through the implementation of agreed changes. The firm states that this phase draws on input from actuaries, data specialists, and technology professionals, including those with experience in risk transfer, run-on strategies, and GMP equalisation.
The consultancy emphasises that each review is tailored to the individual scheme, taking into account its specific circumstances as well as the risk preferences of trustees and sponsors.
Scott Finnie, Head of Digital Strategy, Hymans Robertson, commented: “Trustees and sponsors tell us that data work can feel complex and difficult to plan. Many DB schemes are dealing with old systems, unconsolidated documents and changes built up over many years. Even well-run schemes can find that parts of their data are incomplete or unclear. Reliable data underpins all decisions a scheme makes, from day-to-day administration through to long-term strategic planning. By using one consistent data assessment across multiple objectives, our new service aims to reduce duplication, limit repeated exercises and minimise unnecessary disruption for members.
“Through Precision, trustees can review their scheme data through four lenses. These consider readiness for an endgame strategy such as insurance, a Superfund or run-on; preparation for GMP equalisation; data requirements for the Pensions Dashboard and ongoing expectations set by TPR. Reviews can focus on a single area or take a broader view, depending on a scheme’s circumstances and priorities.
“We’re providing the new service to help schemes respond to those challenges. It gives trustees and sponsors a clear framework to understand what they have, where the risks sit and how those risks link to their wider plans. One of the key features is that it uses one tool and one cut of data across different areas. That helps avoid repeating work and allows trustees to take a more joined up approach to plans involving data, rather than treating each requirement in isolation. It helps sponsors and trustees see a clearer path through what can otherwise feel like a complex and fragmented landscape.”
