How Document Scanning Can Help Your Pension Records Management
Document scanning can help companies and trustees to manage their pension records efficiently. Once digitised, pension records can be easily found, by any required data field, using a simple keyword search. Digital searches can be made to find common information, such as National Insurance Number, Date of Birth, Expected Retirement Age and Member Status.
Effective record keeping is an important factor for pension records as poor management could lead to later costs, such as administration or member claims. The pensions regulator expects schemes to meet common data guidelines and undertake reviews to ensure standards are being achieved within the industry.
The pensions regulator guidance talks about the storing of common data, conditional data and numerical data. Digital data and records management can help you to audit what data is currently held and identify any inconsistencies in your record keeping.
Document scanning technology can automatically extract data from your paper documents for import into your pensions administration system. OCR and ICR software can be used to automate your data extraction, saving time and money on manual data entry. Solutions can also be utilised to validate your data against key criteria or rules, increasing the accuracy of your digital pensions records.