ITM, the pension data specialist, is partnering with PensionsFirst to provide an enhanced data audit service to its clients.
Under this arrangement, ITM will access risk management platform, PFaroe, to assess the potential liability impact of data and benefit errors discovered during its data risk audits.
PFaroe is a web-based platform that provides pension scheme sponsors, trustees and their advisors with detailed and regular scheme information encompassing liabilities, assets and risk. Since its launch at the end of 2009, PFaroe has now been adopted by more than 30 pension plans representing over £80bn of pension liabilities. Earlier this year, Punter Southall became the first actuarial firm to adopt PFaroe as part of its core operations.
Darran Blount Head of Consulting at ITM, said "We have seen increasing demand from our clients to quantify the potential financial impact of data risk, particularly in preparation for liability reduction projects. This new initiative allows us to focus our client's attention on those data risks that are critical to the management and financial health of defined benefit pension schemes. ITM and PensionsFirst are both at the forefront of innovations in technology for the pension industry, so this represents an exciting opportunity".
Benjamin Reid, President, PensionsFirst Analytics comments: "We are extremely pleased that ITM have chosen to partner with PensionsFirst on this exciting initiative. As more pension schemes consider end-game solutions, membership data risk has become a central concern for Trustees and Sponsors. The relationship with ITM is a clear demonstration that PFaroe has become a broadly recognised standard in the pensions industry."