Investment consultant Redington has launched a global analytics and scoring system to compare pension provisions across various defined benefit and defined contribution schemes.
This follows the firm's onboarding of Ford Motor Company to its ADA technology platform, announced yesterday (5 February).
Ford will be the first client to use the tool, which provides full visualisation of how assets and costs are distributed across schemes globally, allowing the motor giant to "better understand the structure and value of its pension arrangements across the world".
A proprietary pension scoring system is also part of the offering and compares investment performance, costs and charges, contribution rates, and retirement outcomes into a central ranking system.
Ford will now use the technology to identify its schemes that provide the best value to employees.
Redington chief technology officer Adam Jones said: "We were able to develop a platform that provides all of the data points [Ford] need to not only ease the governance burden and drive better data driven decision making, but to maximise value from their pension spend and identify ways to enhance member outcomes.
"With over 120 schemes across 36 countries, Ford was burdened with complex and challenging data alongside systems with no clear framework for consistent assessment of pensions around the world."
Ford European, the Middle East and Africa pensions manager Oliver Payne added: "This project was a great example of thinking differently in pensions. The ADA system means we can move away from our traditional approach of collating and analysing pensions data on an individual project basis.
"We are now able to undertake deep and comprehensive analysis on global performance of pension plans in a way we have never been able to do before."
Fragmented data will make it difficult for pension schemes to boost their business intelligence, but this is increasingly important in the fight to engage members, says Emma Douglas.
Lessons must be learned from open banking in order to make the pensions dashboard a success for the modern saver, says Darren Philp.
Pension providers must now be proactive and prepare their data in order to be ready for the pensions dashboard, Guy Opperman has warned.
The government must now bow to pressure and allow providers to choose whether to send standardised, simpler pension statements, says Baroness Ros Altmann.
There is a growing need for schemes to improve governance. John Reeve says better trustee support will improve their ability to meet these increasingly onerous requirements