Marvin OnumonuThe Pensions Administration Standards Association (PASA) has released an updated version of its guidance on data readiness for buy-ins and buyouts.
The guidance focuses on the data that insurers consider critical for smooth transactions.
David Fairs, chair of PASA, said: “Insurers increasingly expect trustees and administrators to provide complete, accurate and current data throughout the de-risking process.
“These expectations are equally relevant for schemes exploring alternative endgame strategies.
“High-quality membership data can significantly enhance the de-risking journey, driving stronger insurer engagement, greater transactional efficiency, improved pricing, and precise delivery of pension benefits.”
Kristy Cotton, chair of the data working group at PASA, said: “Every insurer transaction comes with its own nuances.
“This updated Guidance reflects collective feedback from both insurers and industry stakeholders to share best practices with those responsible for achieving optimal pricing and ensuring scheme members’ benefits are accurately secured in a timely manner.
“While the Guidance offers practical support for trustees and administrators, PASA notes it can’t cover every unique circumstance.”
Cotton added: “Those responsible for managing data strategies should always consider scheme-specific needs and work closely with professional advisers to tailor plans accordingly.”
