David Piltz, head of trustee services Buck Consultants at Xerox, says:
“Trustees are faced with having to sift through an increasing array of documents, data and metrics, as well as regularly changing governance issues, while under pressure to make the right decisions for their employees.
“Global vision presents trustees and plan sponsors with a holistic overview of their scheme, pulling together in one convenient place all the documents they may require, enabling them to track and manage risk efficiently and effectively, and ultimately gives them the confidence to make the best decisions for their members.”
Global Vision incorporates:
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Key Pensions Indicators (KPI) enables trustees to view all the data they need on one screen as a series of dashboards.
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The Funding Dashboard provides access to a range of metrics, including funding level progression, employer insolvency risk tracking for PPF levy purposes, market yields and asset performance.
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The Investment Risk Dashboard provides a dynamic tool for trustees to monitor and evaluate the performance of key investment risks. Components include de-risking triggers, funding level analysis and market volatility trackers.
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The Administration Dashboard: presents information on workflow, finance and administration applications graphically, giving a comprehensive summary of the transactional and financial activities within the scheme.
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Governance Insight provides trustees with a tool to help them with the assessment of their key governance issues and risks. The tool can sit alongside existing risk registers, which are often more impractical to review, organising risks into an accessible format.
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The Vault is a secure storage area for essential documents for pensions and benefits plans. The main company Vault is supplemented by a Personal Vault, for individuals’ private documents, and the Global Vault which contains information and links that could be helpful to trustees, and which Buck will update periodically.
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The Calendar tracks important scheme dates, events and tasks related to regulatory deadlines, employee notices and other reporting and disclosure requirements to ensure deadlines are anticipated.
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The Conflicts Register provides on-line access to the conflicts of interest register and declarations. Users are able to update the Conflicts Register and declarations directly through Global Vision ensuring that up to date and permanent records are retained. The Conflicts Register aids compliance with the Bribery Act 2010 and also with the Pensions Regulator’s requirements for recording and managing conflicts.
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