Life and Pension | LexisNexis Risk Solutions UK
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Life and Pension

Evolving financial landscapes require adaptive data technology

The ever-changing circumstances of members in a pension scheme or whole-of-life plan in addition to significant reforms to the pension industry create many challenges for financial institutions and trustees. Insufficient management of data and identity can lead to billions of pounds of funds and entitlements either being forgotten, mistakenly overpaid, or worse, fraudulently withdrawn.

LexisNexis® Risk Solutions deliver pioneering trace, existence, identity management and compliance solutions tailored to the life and pensions industry. We deliver market leading products to third party administrators, leading independent pension schemes and life assurance plans that help prevent fraud, verify identity and remain compliant with the Pension Regulator’s record-keeping guidance.

Deferred Member Tracing

Traditionally, tracing lost and deferred members was costly and unproductive, especially when relying on outdated letter forwarding certificate of existence exercises.

Fortunately, this is no longer the case as our end to end pension tracing solutions will ensure you maximise the success of tracing gone aways while verifying existence and identity – quickly and cost effectively.

People are most likely to forget to inform pension providers when they move home…**

% who forget to inform:

  • Pension Providers (14%) 100%
  • DVLA (13%) 93%
  • Mobile Phone Providers (11%) 79%
  • Credit Card Issuers (8%) 57%
  • TV Licencing (7%) 50%
  • Banks (7%) 50%
**Royal Mail Home Movers Survey 2015

Identity Management

Following the recent pension reforms and with easier access to pension pots, the risk of fraud has never been greater. Knowing your member is key and failure to identify the right individual and verify their circumstances at every stage of the customer journey can expose opportunities for fraudsters.

We offer a range of identity screening and bank account verification tools that easily integrate into your systems, verifying your members details without obstructing customer experience. Suspicious activity can be flagged for referral, reducing the risk of fraud at each customer touchpoint.

Download our touchpoint risks guide or contact us to discuss how important identity checks are to data quality and reducing the risk of fraud.


Online ID checks are quick, efficient and helps to achieve your 100% common data accuracy as per TPR’s record keeping guidance.

Existence Checks

Payments to deceased pension members is costing UK pension schemes hundreds of millions per year. To help reduce data integrity problems, our existence check solutions deliver a proactive approach to reconcile any issues within a database. We receive notice of all deaths registered in the UK on a weekly basis, permitting data screening against the most up-to-date mortality information available.

The outdated Certificate of Existence (COE) approach for UK members is inefficient, costly and potentially damaging to your reputation.

Pension De-risking

Understanding a pension scheme’s exposure to risk is vital for any trustee – not knowing the true liabilities will distort the associated risk. We’re able to analyse key data and help strengthen actuarial projections. As a rule, a scheme member’s spouse will receive benefits upon the demise of a partner, therefore, the existence of a spouse could materially increase the cost of providing pension benefits – strong grounds to establish which members within your database are single or married.

What are the benefits of electronic marital status prediction?

“There are numerous benefits – it greatly reduces time and effort, negating the need to write to members. The process is totally unobtrusive and comparatively immediate. The cost comparison is quite marked. I would estimate that the electronic version is 50% the cost of the traditional paper method.”

Group Pensions Manager for the Hoover Candy Group

Anti-Money Laundering

The recent pension reforms have prompted a lot of operational changes to deal with financial regulations and payments of large amounts of cash. Many pension managers and administrators have adopted a manual process for identity checking and AML screening, as it is seen to be low risk and a cost effective solution. However with greater pension freedom, the quantity of withdrawals have increased which mean a manual process is no longer feasible. Also, with the number of high value payments increasing, this brings greater risk of financial crime.

An inadequate AML compliance procedure may mean you miss sanctioned individuals, fraudsters or those committing money laundering. In turn, this exposes you to additional operational costs, reputational risk and financial loss.

We offer the advantage of an end to end solution to managing AML compliance, automatically verifying member identity and regularly screening records against multiple PEP, Sanction and Pension Regulator lists. This significantly reduces the amount of time required compared to a manual process.

To discuss your specific AML obligations of your pension scheme or life assurance plan request a consultation with one of our specialists.

The proposed EU fourth AML directive will help bring those evading tax and laundering money to justice but creates added responsibility for businesses to remain compliant.

Contact us today for a no-obligation consultation

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