Ahead of the industry’s first schemes planning to connect in early 2025, Pension Fusion – the Integrated Service Provider (ISP) developed in partnership by technology leaders ITM and Equisoft – has been selected by over 40 organisations as their connection method to Pensions Dashboards.
BATH, United Kingdom, September 26, 2024 – This latest development extends Pension Fusion’s long-held position as the leading ISP for UK Pensions Dashboards, with far more schemes and their providers committed to Pension Fusion than any other solution. At least half of all UK schemes will now be using Pension Fusion’s technology to push their data onto Pensions Dashboards, with others expected to commit in the coming months.
Pension Fusion’s client base is pan-sector, including FCA & TPR regulated providers, master trusts, third party administrators and single employer DB and DC schemes, demonstrating that Pension Fusion technology can be applied to all types of UK pension providers across DB, DC and hybrid pensions, as well as successfully linking with AVC providers.
This experience with a wide range of organisations, particularly Pension Fusion early adopters, and its leading relationship with the Pensions Dashboards Programme (PDP), has given Pension Fusion opportunities to improve and add to its ISP offering. Hands-on insight has led to Pension Fusion developing a ‘Pension Values Engine’, specialising in calculating pensions values not conventionally held by providers and also retrieving relevant data from AVC providers.
In addition, Pension Fusion’s ‘Advanced Matching’ tools help to ensure that a higher proportion of scheme members are linked correctly and accurately to their data, satisfying the demands of the Pensions Regulator, set out in their compliance and enforcement policy, that ‘schemes connect the right pensions to the right saver’. Our Advanced Matching also helps clients avoid the ‘Failed matching’ scenarios described in the Regulator’s policy, such as avoiding ‘binary matching policies’, which do ‘not allow for possible matches’.
“Throughout industry discussions, a frequent concern is the strain Dashboards could cause on administration teams,” explained Mark Lecompte, CEO of ITM. “We have worked intensively to offer pension providers smart and flexible matching tools, which are proven to improve their matching rates drastically while also reducing the amount of phone calls their administration teams will expect to receive from Dashboard users. It’s been very rewarding to see our work in this area be backed by experts throughout the pensions industry and have its value underpinned by critical Pensions Dashboards regulatory bodies’ policies and guidance”.
“Since our inception, Pension Fusion has led the way as the open-market Pensions Dashboards connection,” says Nick Meredith, Products Director of Equisoft. “We’re proud that together, through pioneering innovative technology and award-winning research, ITM and Equisoft have raised awareness for schemes about not only needing a secure Dashboards connection but having a service that provides them with technology that fulfils their legal duties and gives their members a positive Dashboards experience – something Pension Fusion provides with confidence.”
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About Pension Fusion
Pension Fusion offers a software solution, infrastructure and data management, which connects data providers to the pensions dashboards ecosystem.
As two independent technology leaders Equisoft and ITM have pooled their specialist resources, skills and technical capabilities to develop an open-market pension dashboards connection, suitable for any scheme or data provider.
Pension Fusion’s core solution helps schemes to comply with pensions dashboards regulations via a simple, secure and reliable connection. Providing the business critical, system- and scheme-agnostic software to link scheme data to the dashboards ecosystem. With data normalisation and flexible options to support accurate data matching, schemes can be confident their members will find their pensions.
https://www.pensionfusion.com/
About ITM
ITM is the market leading, independent specialist provider of data, systems and consultancy services.
ITM solutions focus on helping clients meet regulations, reduce risk, save money, and provide their customers with a better experience. ITM provides the above services to a range of clients including all types of pension schemes in the public and private sectors, administrators, insurers and financial and benefit consultants and providers.
ITM are data experts with 20 years’ experience providing specialised knowledge, technology and consultancy support to the pensions and insurance industry. ITM are also experienced pension administration system specialists, providing technology service to the pension industry via their software solutions. They also provide Pension Fusion, a solution for pension schemes that need to connect to pensions dashboards via an Integrated Service Provider.
To find out more about how we help the industry use technology and their data to drive them forward, visit www.itm.co.uk and follow us on LinkedIn /itm-data and Twitter@ITMdataexperts.
In July 2024 ITM were acquired by Lumera, a leading Insurtech company in the European Life and Pensions industry. For full details of the acquisition please read our press release: https://www.itm.co.uk/lumera-a...
Media contacts
Will White: will.white@weareomniapartners.com / 07771 555247