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20 December 2018

MHR and i-Connect supercharge pension returns process

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MHR and i-Connect supercharge pension returns process

Data analytics provider, MHR, has announced a partnership with i-Connect, the pension fund data management provider, to simplify monthly data submissions to pension schemes.

i-Connect (part of Aquila Heywood), has worked closely with MHR to reduce the time and money customers spend on identifying and collating employee pension returns, reducing the risk of financial penalties for inaccurate or late returns and streamlining the submission process.

i-Connect, in conjunction with the launch of MHR’ managed pensions solution, provides an end-to-end solution covering pension and regulatory reporting, removing the burden of preparing the returns and providing customers with relevant extracts each period.

Nick Felton, Senior Vice President of MHR, said: “Processing pension returns is a significant time cost to businesses and carries the risk of financial penalties, and it was clear many of our customers wanted an outsourced returns service to mitigate their risk and remove the time constraints on resources.”

“i-Connect already reduces the costs and risks associated with processing pension data for a portfolio of large employers across the UK, via a smooth flow of information from HR and payroll systems to pension funds,” he said. “i-Connect’s systems automatically identify changes to the workforce, removing manual intervention. By combining our data analytics expertise with the innovation of i-Connect, we have devised a solution to enable organisations using MHR’ Pension Service to vastly improve the efficiency and accuracy of pension returns and cut the costs of that process.”

Colin Lewis, Managing Director of i-Connect, said: “MHR was the ideal partner to enable us to create an innovative, pain-free data submission solution service for customers. The service will include the ability to share key updates to ensure the flow of information so that customers always have access to accurate real-time data.”

MHR is a specialist provider of business intelligence and analytics solutions, helping organisations make sense of disparate raw data, identify insight, and make intelligent decisions.

i-Connect is an automated solution that works for all employers regardless of employer size, ensures secure and automated data transfer, accuracy of data whilst improving governance and contribution reconciliation has been developed in conjunction with local government customers to meet the critical success factors – operational efficiency, risk mitigation, quality and control.

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