UK - Trustees will be able to slash the time it takes to wind-up schemes by using a bulk data transfer service launched by Legal & General.
The system, written in an Excel spreadsheet and available free through L&G, captures data from existing staff databases and automatically calculates the bulk transfer values of scheme members.
L&G director of pensions marketing Andy Agar said winding up a company pension scheme was a complicated process and making a bulk transfer application gave trustees the added responsibility of providing information about existing scheme members to their new pension provider.
He explained: “Historically this has been in paper format – which is extremely time consuming and the manual data processing increases the risk of errors.”
Law Debenture director Mark Ashworth commented on the new service by saying: “It’s not the only time consuming issue trustees have to deal with but anything that helps the process of getting quotations and figures is welcome.”
The Bulk Data Transfer service is available on disk and is available by calling L&G on 01737 375425.
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