Pension Data Reconciliation Across 14 UK Companies
2 Sep 2024
Neo Tangent completed a complex data reconciliation project for a global supply chain company within one month, covering 14 UK entities, 11 pension schemes, and 15-month pension data. The project addressed discrepancies, developed standard operating procedures, and improved data accuracy, leading to enhanced compliance, employee satisfaction, and risk mitigation.
Results at a Glance
Our Solution in Action
Customer Background:
A global supply chain solutions company managing payroll and pension for 14 companies with over 1,000 employees in the UK.
Challenges:
- Received a note from The Pensions Regulator (governance organization in UK) on pension discrepancy.
- Due to legacy, the client had lack of visibility for UK pension management.
- Employee's user experience impacted due to the discrepancy in pension contribution.
- Inconsistent pension contributions leading to employee complaints and discrepancies in financial reports.
- Complexity and extra cost of reconciling 15 months of pension data across 14 UK entities and 11 pension schemes.
Solution:
This is a project engagement by the client and Neo Tangent set up a project team with domain experts in UK pension regulations and data management. The team executed a thorough reconciliation process, identified discrepancies, and developed SOPs to improve future pension management.
Impact:
- Managed to resolve client's urgent need on the pension reconciliation for 15 months.
- Ensure full compliance with the UK pension system, mitigated the potential penalty by The Pensions Regulator on the identified discrepancies.
- Streamlined pension processes and improved data accuracy to secure long term data accurateness for clients.
- Employee experiences enhanced through solution.