Personal Pension  

PWC pensions tool replaces adviser calculations

PWC said its new pension tool will give access to information and analysis, previously only available through advisers.

According to Michael Rendell, head of global human resources consulting at PWC, the online pensions analysis platform will offer real time data compared with the “usually out-of-date” information given by advisers due to the complex nature of the calculations involved.

Skyval includes real-time access to accounting disclosures, assumptions benchmarking, scheme funding valuations and scenarios; pensions risk management analysis and data on risk transactions; and “what-if” sensitivity-testing.

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Companies and trustees can access Skyval via their PWC adviser or license the product directly as a web-based software service.

Mr Rendell said: “We have developed Skyval to meet the increasing needs of employers and trustees to better understand and manage the risks in their pension schemes.

“The combination of Skyval’s user-friendly and intuitive analytics and our pensions advisory expertise is already revolutionising the way companies and trustees are taking decisions about their pension schemes.

“This is an exciting development for our pensions business and the market as a whole. Skyval transforms the way pensions actuarial advice is provided, significantly drives down adviser costs and allows organisations more control over the major financial burden of defined benefit pensions schemes on their balance sheets.”

Raj Mody, head of pensions advisory at PWC, said: “All those involved in making decisions about their pension schemes have been telling us this is what they need.

“Skyval means finance directors, treasurers, pensions managers, trustees and CIOs can now accurately monitor the risks in their pension schemes on a regular basis and quickly capitalise on opportunities to improve the status of their pension scheme.

“Risk can only be managed when you understand it and this new software gives companies and trustees a better insight into their pension schemes than ever before. This is more vital than ever as there remains more than £1.5trn of defined benefit pension liabilities in the UK, with over a third not covered by assets in pension schemes for companies looking to manage these liabilities off their books.

“This legacy problem continues to impact company balance sheets, create a drag on business confidence and investment, and unsettle employees.”