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    Trustee engagement with data and systems integration needed to apply new DB Code of Practice

    By Monica Cope on Wednesday, June 11, 2014

    Veratta, the specialist pensions data management and software firm, today praised the emphasis that The Pensions Regulator’s (TPR) new Code of Practice will place on integrated risk management and highlighted the need for trustees to be confident that the quality of their scheme data is fit for purpose.

    Monica Cope, Chief Operating Officer at Veratta said:  “We believe that one of the key elements of successful financial risk management comes down to correct, well-verified data. To apply the new Code of Practice, trustees need to be confident that their scheme data is fit for purpose.  Where this is not the case, trustees will need to discuss their concerns with the scheme actuary as a matter of importance.

    “The new Code emphasises the need for trustees and employers to work collaboratively in order to achieve an integrated risk management approach which does not compromise the needs of the scheme or the employer’s plans for sustainable growth.  As a result, pension schemes will be looking to ensure compliance in a cost-effective manner. Fully-integrated administration software, which provides a solid base for actuarial calculations, requires correct, well-verified data to ensure results are meaningful and that these systems are being used to the greatest effect. We believe that the trend towards using daily valuation systems should provide a framework for trustees to comply with the Code in a proactive and engaged - but also a cost-effective - manner.”

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