McCloud

We’ve set out some steps to help you prepare for the implementation of the McCloud remedy. Whilst the finer details of the remedy are yet to be agreed, some high level principles are known and there is much that can be done in order to prepare for the significant administrative challenge of implementing the remedy.

Begin by assessing the scale of the implementation project – we can help you with this by:

• Analysing your active membership and identifying members likely to be affected.
• Identifying affected members who are no longer in active membership.
• Estimating the scale of impact on members’ benefits.
• Assessing data quality and working out what data is missing.
• Helping you prioritise certain groups of members, such as those receiving payments and those approaching retirement, ready to implement any remedy.
• Helping you prioritise certain employer groups enabling you to obtain missing data.

By carrying out this impact assessment sooner rather than later you can start planning your implementation project, including resourcing, member communications and employer liaison.

Once we’ve analysed your data, get ahead by commencing your data cleanse. This will include:

• Obtaining missing data from employers or other sources, particularly part-time and service break information. But this could also include any data required to recalculate benefits for those who have left active membership.
• Agreeing an approach where missing data is unobtainable.
• Carrying out a basic member data cleanse – tracking down members you’ve lost touch with as well as mortality screening.

The biggest step. But by carefully planning and performing a data cleanse in the earlier stages, implementing a remedy will be easier. There are two main areas:

We’re following all the latest thinking around implementation of a remedy and are already working with public sector schemes to prepare their data and assess the impact. Find out how we can help you by getting in touch.