Tuesday, 16 June 2020 08:53
XPS launches Coronavirus life expectancy tool
The pensions consultancy XPS has launched a Scheme Vulnerability Analysis tool, designed to help pension schemes assess the potential impact of the Coronavirus pandemic on members’ life expectancy.
The tool considers members’ vulnerability in terms of life expectancy but also in terms of susceptibility to the increased risk of scams associated with the pandemic.
It is part of XPS’ Member Profiling offering.
The Member Profiling Service uses a database compiled from publicly available sources to categorise members by postcode.
This tool is used to assess the relative wealth, health, and mortality of members; identify those with financial dependants and their age difference; and determine the most effective ways for trustees to engage with members.
The launch follows the recent development of the XPS Covid-19 Tracker. The Covid-19 Tracker helps pension schemes understand the impact of the Coronavirus pandemic on mortality rates in 2020, and understand the impact on various age groups based on age and sex.
Matt Plail, head of member profiling at XPS, said: “Pension schemes need help during this time of uncertainty to understand how vulnerable their scheme members are. This includes both the pandemic’s impact on mortality and susceptibility to the rise in pension scams.
Matt Plail, head of member profiling at XPS, said: “Pension schemes need help during this time of uncertainty to understand how vulnerable their scheme members are. This includes both the pandemic’s impact on mortality and susceptibility to the rise in pension scams.
"Vulnerability scores vary widely by scheme, so it is vital that pension schemes understand their own membership. Our analysis not only looks at health, but also at the age, financial situations and digital vulnerabilities of members, to give schemes crucial information on whether they should undertake regular mortality screening or add protection for members exercising freedom and choice.”
This page is available to subscribers. Click here to sign in or get access.