1. LexisNexis®
Life and Pension Solutions
Avoid reputational and regulatory risk
by ensuring your pension scheme
data is accurate and up-to-date.
2. Why cleanse your data?
The Pensions Regulator’s record-keeping guidance
identifies that poor data management can lead to
significant additional costs and cause reputational
damage. Data cleansing and tracing solutions will help
you avoid these pitfalls, ensuring gone aways are found
and member records are correct and up-to-date.
So why does data become inaccurate and unreliable?
• 11% of the UK population move home every year
• In a lifetime, the average person will relocate 16 times
• Each year, over 300,000 people emigrate
• 12,000 deaths occur in the UK every week
• Approximately 250,000 people are married each year
• Over 100,000 people are divorced each year
All these turn of events will have an impact on the quality
of your data and could lead to a backlash…
• Flawed records will have a negative effect on members
• Poor record keeping will increase costs at key junctures
such as scheme buy outs
• Failure to improve data quality will result in a scheme
breaching its legal requirements
What we do
We provide a selection of automated and manual solutions
to negate the effect of ever-changing circumstances -
to improve data quality and offer piece of mind. We are a
market leader within the pension industry, delivering cutting
edge products and services to the vast majority of third
party administrators and the UK’s leading independent
pension schemes.
Fraud Protection
We are one of a small number of organisations licensed
to receive Death Registration Information data from the
Identity and Passport Service. The feed gives notice of
all deaths registered within the UK on a weekly basis,
permitting data screening against the most up-to-date
mortality information available.
Supplemented with our existing mortality datasets that
includes historic death data spanning back to 1976, our
solutions deliver authoritative screening to combat fraud.
IDU®
Existence Batch
A solution for automating certificate of existence checks,
LexisNexis®
IDU®
Existence Batch will screen your entire
member database, segmenting your records into four
classifications.
• Living as stated - the member is identified as residing at
the provided address and missing information has been
populated where possible.
• Unverified - the member’s residency could not be
verified and no mortality match was found.
• Gone away - the member is not at the given address
and should be traced.
• Deceased - the member is matched to a mortality
record within our database.
Ideal for general data cleansing and to comply with
The Pensions Regulator’s record keeping standards,
the process is used on an ad-hoc basis for large volumes
of scheme members and replaces the labour-intensive
letter of existence exercise historically used.
IDU®
Existence Alert
Providing continuous monitoring of your scheme,
LexisNexis®
IDU®
Existence Alert will highlight any changes
in your members’ details at the earliest opportunity. It’s
the most beneficial and proactive approach to eliminate
overpayments and mitigate account fraud takeover and
is the most appropriate solution to meet the stringent
demands of The Pensions Regulator.
IDU Existence Alert employs the latest mortality and
gone away databases to ensure you are constantly
aware of changes in your members’ circumstances. As
an automated process, it requires minimum resource
from a scheme’s perspective while providing maximum
protection.
• Will highlight mortality matches
• Highlight gone aways
• Append any missing information
• Screen as often as you require - monthly, quarterly
or annually
3. For More Information
Call 029 2067 8555 or email
ukenquiry@lexisnexis.com
lexisnexis.com/risk/tracesmart
Forensic - Specialist Tracing
Certain people prove to be more difficult to trace
than others and may require expert manual research -
or ‘forensic tracing’. Our in-house teams of tracers
have undergone extensive training for demanding
and complicated specialist tracing. We can locate lost
customers or members both in the UK and overseas
and will only report positively if we are confident the
correct individual has been traced.
We offer various levels of forensic tracing - specifically
developed for the Life and Pension industry - to suit
requirements and budget, but whatever your needs,
you will only pay for positive results as we operate on
a ‘no find, no fee’ basis.
Smartlink - Batch Tracing
Shouldyouhavealargevolumeofpeopletotrace,
LexisNexis®
Smartlink,ourbatchtracingprocessisthe
completesolution.Utilisingpremiumconsumerdatabases,
oursystemwilltraceyourgoneawaystoapotential
forwardingaddress(assumingallpersonalidentifiersare
available).Itprovidesaquickmeanstore-establishcontact
withanyvolumeofpeople,includinglostordeferred
membersofapensionscheme.Theservicewillidentify…
• Membersthatarecontactableattheaddressesprovided
• Deceasedindividuals
• Goneawaysandprovideforwardingaddresses
Forensic International
There are an estimated 5.5 million British people living
abroad at any one time, some are possibly overseas
members within your pension scheme. We can help
you to keep track of these members - employing a vast
network of international information sources, we can offer
residency verification, mortality screening and tracing on a
global scale. A distinctly specialised service level, our team
will utilise the available databases that can be found in the
relevant country.
Validate - Specialist ID Verification
A manual identity verification service for trace results,
LexisNexis®
Validate will mail each traced individual to
ensure that the correct person has been traced and to
their current address. For optimum response rates, the
individual has the option to respond by phone, post or an
online form. The service is available co-branded or white
labelled, to instil trust and confidence to any delivered
communication.
Risk MSP - Marital Status Prediction
Not knowing the true constituents of a pension scheme
or life plan might misrepresent the risk associated with
the scheme. As a rule, a scheme member’s spouse will
receive benefits upon the demise of a partner, therefore,
the existence of a spouse could materially increase the
cost of providing pension benefits - strong grounds to
establish which members within your database are single
or married.
We have developed LexisNexis®
Risk MSP, a unique, quick
and easy solution to determine the marital status of your
scheme members.
Who is Risk MSP aimed at?
• Pension schemes, and in particular those with an
‘end game plan’
• Organisations subject to scheme disclosure under
FRS17, IAS19 and IFRS accounting guidelines
• Life insurers and pension annuity providers
For DB pension schemes, Risk MSP information will assist
strategy for liability management projects and any ongoing
scheme funding.
Smartcleanse®
All these services with the exception of Forensic
and Validate are also available within LexisNexis®
Smartcleanse®
, our online, easy to use, self-serve bureau.
Ensure your scheme member data is accurate
and up-to-date, contact us today for a free,
no obligation data audit.
