Why Pension Funds Can Benefit from Document Scanning Services

Older person sitting on a bench
Share on email
Share on facebook
Share on twitter
Share on linkedin
Share on print

The use of document scanning services by pension funds may seem non-traditional, but in this instance the tradition can be safely broken. With properly scanned and stored documents, security is preserved and the documents themselves can last as long as they need to. It is also easier to provide disaster recovery plans for these records when they are digitized. You should never leave someone’s pension to chance, and for pension funds digitizing these records, document scanning services take a lot of the risk out of the process.

Simple Acquisition

The document scanning process is one that takes the traditional process of record-keeping and simplifies it greatly. All you need to do is submit the files to be scanned, and they will be put into digital file folders that can be accessed simply and used as needed. Another Option is to place them in a document management system where these records will be easier to access and when they cannot accidentally be deleted or exposed to people who should not see them. No longer do you need to keep endless rows of filing cabinets that are full of paper and take up tons of space. In fact, for pension funds digitizing documents fits well because of this simplicity of access. One never knows how many people will end up needing pension records, both early in retirement and for the next of kin during the eventual probate proceedings. Since the process of aging and the transfer of one’s pension is already painful for the involved parties, the ability to acquire the data quickly when needed at least removes one aspect of the discomfort.

Records Transfer

The ability to acquire the records is useful, but of equal importance is how easily the records are distributed or transferred. There was a time when pension records needed to be sent either via priority mail or via courier. Unfortunately, even with the most reliable service providers, there was the potential for losses or damages happening in transit. Since these records often have laws associated with their dissemination, this also imposed a damper on their access. Before the digital age and pension funds document scanning services were available, even having access to the records could be difficult due to privacy laws and the lack of general credential-based access.

Safe Keeping

Pension records have two major storage periods: before they are needed as the work record is accumulating, and once they are needed. During a person’s working life, they accumulate different kinds of points that will accrue a given amount of pension at a particular time later on. Later on, the information must be accessed in order to determine how much of a pension they will receive, from where it will be derived and when it can be drawn.

The process of storing pension information is one that begins early on in a person’s career and continues until the last surviving benefactor has passed on. This can be a substantial amount of time. Further, a great many things can go wrong during this time. Natural disasters and civil unrest may be rare occurrences, but over many years they can occur. In addition, localized problems such as fires or heat and heavy humidity can damage or even ruin records independently of more large-scale damage-causing events.

Long Term Storage

The period of storage for pension information is not like with many records. For taxes, you only need to keep them for 7 to 10 years. For some minor criminal records, the period may not be much longer. But one reason for the necessity of pension funds document scanning services is that you or your successors may need to maintain records for 50 years or more. While digital document storage is barely old enough to even have records that go back that far, it is a foregone conclusion that records from here onward are going to need to be kept for extremely long time horizons. The digital medium is perhaps the best-suited way to keep records for as long as necessary and protect them from premature loss or destruction.  Contact CASNET today to learn how we can help with your document storage and conversion needs.

Recent Posts