The Pensions Administration Standards Association (PASA) has just released its updated guidance on data readiness for pension schemes considering buy-ins and buyouts.
While data might not be the life of the party, it certainly plays a starring role when it comes to ensuring these transactions go off without a hitch.
Buy-ins and buyouts are a great way for pension schemes to de-risk their liabilities, transferring responsibility for pensions to insurers. But here is the catch: the data must be in good condition. If your data’s not ready, it is like trying to complete a puzzle with half the pieces missing. Not ideal.
That is where PASA’s updated guidance comes in. The new guidance offers a roadmap for pension schemes, helping trustees and administrators clean up their data ahead of buy-ins or buyouts. PASA lays out exactly which data needs attention, where gaps may exist, and how to make sure everything is in top shape so that insurers can step in with confidence.
For schemes looking to navigate this complexity, Burness Paull’s scheme secretarial and governance team offers invaluable support. With experience in managing buy-ins and buyouts, Burness Paull helps pension schemes stay compliant with regulatory standards, ensuring that data gaps are filled and the process goes smoothly. Our team is not just about ticking boxes—we dive into the details, working proactively to improve data quality and ensure your scheme meets the new PASA standards. After all, the last thing anyone wants is a delay or complication caused by missing data or a misstep in governance.
In short, data readiness is more than a checklist—it is the key to ensuring buy-ins and buyouts are seamless and successful, protecting both the pension scheme and its members. At Burness Paull, we understand the delicate balance trustees must strike, and the legal intricacies involved. Whether you are exploring buyout readiness, addressing potential conflicts, or simply seeking peace of mind, we are here to help you make informed, confident decisions.
Let Burness Paull help you get it right, get in touch with us here.
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