The Pensions Regulator is insisting (Professional Pensions 29 September 2011) that schemes must achieve 100% accuracy for new data and 95% accuracy for legacy data with particular attention to member addresses by December 2012. The fact that data is present is not sufficient it must be checked and confirmed for accuracy. Target Pension Tracing Agency works with Trustees, Pension Managers and Administrators to:
- Trace lost pension scheme members
- Identify and append missing data
- Confirm and replace incorrect or out of date information
- Mortality screening
- Test accuracy of existing data
- De-risk by identifying deceased deferred members and
- Provide spouse details (D.o.B, marital status) Our bespoke, holistic and precise approach provides the most comprehensive result for our clients and can assist in identifying payroll overpayments to deceased members you may not be aware of and where widower or widows’ benefits should be paid. Target Pension Tracing Agency have identified that Pension Trustees facing the significant changes within the pensions industry need to be assured that the services provided are of the highest quality, complete and competitively priced. Recently launched at the Professional Pensions show in London are four new innovative services (A New Age in Tracing) that will further ensure we remain the quality cost effective solution that delivers. Target has the following pension service options: NEW Common Data Analysis a complete review of your scheme's common data identifying gone aways, confirming errors and omissions and replacing and appending as required. (more) Mini Trace - an automated trace against a name and date of birth. matched against credit information this typically resolves 60% to 80% of your enquiries. NEW - mini trace now confirms if member details are unique in UK or provides the alternatives (more) NEW Verify – Used to validate existing data or validate results from an automated trace, this automated service confirms residency to a high level of certainty. (more)
Full Trace a manual full investigation of your member using multi-layered data sources. (more) NEW Full Trace Enhanced all the quality and detail of the Full Trace with the addition of a search of the DDRI death data from 2007 to the present date. Target is unique in the tracing industry by offering this service in this way as you will only pay if a death is found. Mortality Screening – a detailed search of the death records from 1984 to present day. When used monthly or quarterly this can quickly identify payroll overpayments or reduce scheme liabilities.(more)
Target Pension Tracing Agency understands the importance and sensitivity of your data, we have invested heavily in this area and offer all our clients in line with our ISO: 27001 programme free use of our encrypted data exchange. We do not ask our clients to commit to a contractual period and regardless of whether you have high volume or low volume of scheme members to trace; we have systems in place for both.
Common Data Analysis
An automated process that identifies incorrect or missing common data within a scheme. An important yet low cost service this can identify the amount of work required to meet The Pension Regulator’s December 2012 directive. The CDA will:
ü Confirm and append Date of Birth (unique within this type of service and price)
ü Append First Name  ü Correct Post Code
ü Append Gender
ü Append Forwarding Address
ü Flag “Gone Aways” Where good full data is provided this process can confirm and eliminate up to 90% of your member's data from further tracing and in most cases improve the quality for next stage trace.
Mini Trace
Target automated trace (Mini Trace) is a low cost automated process matched against live credit information using a name, date of birth and where available address. This trace provides where possible the latest address or forwarding address used for credit and typically resolves 65% to 85% of enquiries depending on the quality of the data supplied. The service has been further enhanced with effect from 21st September 2011. It will confirm if the name and date of birth are unique in the UK. Where this is not the case it will advise how many share this combination supplying their addresses to allow a more informed and speedier approach in confirming your members address.  - No contract tie in
- Quick efficient turnaround
- Electronic instructions via secure server
Any automated trace process cannot guarantee or confirm if the address is still valid and we would therefore recommend Target automated verification service “Verify” before divulging any personal data.
Verify Verify is a new automated process, it is unique in that it will establish the quality of the data not from a cleansing point of view but will confirm almost beyond doubt that a member is resident at the given address. Using multiple datasets it will: ü Advises how many active financial accounts are at the address in the name and date of birth supplied
ü Identifies financial activity at the address
ü Supplies a telephone number
ü Looks for any financial or name movement out of that address
ü Looks for any financial or name movement into the address
The ideal service to validate existing data or validate results from an automated trace other than the speed of return, the primary benefit of using “Verify” is that it uses live financial data as against Electoral Register, NCOA, PAF etc. all of which have limitations or restrictions.
Full Trace
This is an in-depth manual and full investigation of the current details of your member using multi-layered data sources. As market leaders in the tracing industry Target has access to the most comprehensive data sets available in the UK. Our investigators manually overlay multiple data sources to establish the identity and location of your member, the address is then confirmed using other data sources and/or by our investigators making telephone enquiries. The trace results are further audited by a senior investigator.
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 - Full trace results are on a 90 day money back guarantee
- No Trace No Fee
- Quick efficient service
- No Contract tie in
- Personal contact direct with our team
Full Trace Enhanced is a new alternative version of our Full Trace which can identify deaths within the membership. This service includes all the functionality and qualities of the Full Trace service as detailed above with the addition of a search of the DDRI death data from 2007 to the present date. Historically trace companies offered mortality screening through a separate batch exercise on a per record basis. Target by offering this service in this way, is unique in the tracing industry as you will only pay if a death is found.
Mortality Screening
It is estimated that around 125,000 of the 10 million pensioners die each year. Of these deaths 70 % are advised within three months and 90% are advised within 12 months. The 10% that remain (12,500 pensioners) on average take up to four years to be identified by standard methods. If 2,500 of these were single life annuitants, 2,500 the first life on a joint life annuity and the remaining 7,500 second-life deaths then this 12,500 when calculated to a financial figure equates to around £200 million overpaid every year. In the last 6 months of 2010 alone, using this deaths data Target identified and assisted in the prosecution of almost 3,000 cases of fraud with a pension overpayment of £10 million. There is of course the inadvertent fraud where monies are paid into joint bank accounts and the widow / widower is not aware of the need to advise the pension administrators. Whatever the reason you will substantially reduce any risk of erroneous payments using Target Mortality Screening. Target Professional Services provide an automated monthly, quarterly, half yearly or annual mortality screen of data that includes all registered deaths through the GRO and DDRI from 1984 to present day.
- No contract tie in
- Protects your scheme against fraud
- Reduce scheme liabilities
- Quick response
- Protects assets
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