P-Scan is Cheiron’s powerful interactive pension modeling tool. It combines solid actuarial analysis with innovative technology to enable our consultants and clients to explore scenarios instantly in ways that traditionally took weeks, or longer. This capability provides Trustees with a real-time facility for taking strategic decisions regarding the operation of their plan, reducing the time and cost of the decision-making process.
With P-Scan, our projections can be used to demonstrate the effect of plan design changes, alternative contribution strategies, varying actuarial methods and assumptions, as well as different investment returns on pension fund assets. Instantly viewing the impact of a change in one or more of the projection variables helps assess the relative significance of each variable, as well as the expected outcome of a particular change. This capability yields critical insights required for prudent decision-making with respect to those variables that can be controlled. For example, immediately knowing that a design change which might potentially be unpopular among plan members has a limited impact on a plan’s funded status, reduces the risk of needlessly or inadvertently creating labor relations difficulties.
P-Scan is designed to facilitate “stress testing” of all of the underlying components of projections based on assumed asset returns, user-selected returns, or historical economic simulations. This feature gives consultants and clients a greater depth of understanding of the probability of variation in each projected outcome.
P-Scan has essential capabilities for both multiemployer and single-employer plans: