When a pension scheme contacted the son of a deceased member, the case initially appeared straightforward.

He confirmed his father had died and said he was the member’s only child. With no obvious reason to question the information, the scheme could easily have continued its entitlement review based on his account alone.

But it wasn’t the full story.

When Heka mapped the deceased member’s family network, we identified other surviving children – people who had not been disclosed and whom the scheme may otherwise never have known existed.

What appeared to be a simple beneficiary case had exposed a significant risk: a potential beneficiary attempting to position himself as the sole surviving child.

For trustees, this is the uncomfortable reality behind some deceased-member cases. Finding one relative does not necessarily mean that the full family has been found.

A contact is not the same as a complete family picture

When a member dies, schemes often begin with the information already held on file: an expression of wish form, a historic address, a named spouse or the details of one known child.

If that person responds, the case can feel as though it is moving towards resolution. But the first relative reached is only one source of information– and they may not know, remember or choose to disclose the member’s complete family circumstances.

Families are rarely as simple as the records suggest. Members may have:

• Children from previous relationships
• Estranged relatives
• Family members who have changed their names
• Children or siblings living overseas
• Grandchildren who may need to be considered
• Relationships that were never recorded by the scheme

In some cases, the information provided may be incomplete through honest mistake. In others, as our investigation suggested, someone may have a financial reason to leave another relative out.

The challenge for trustees is not simply to locate someone connected to the deceased member. It is to establish a sufficiently complete and evidenced picture of the family before making an entitlement decision.

The risk grows across large deceased-member portfolios

A single complex case can often be escalated for specialist investigation. The operational difficulty becomes much greater when a scheme is managing tens, hundreds or even thousands of deceased-member records.

Each case may require the team to answer a series of questions:

Who are the surviving relatives? Are there other children or family branches that have not been disclosed? Are the contact details still current? Has anyone moved overseas? What evidence supports the relationships identified?

Trying to resolve these questions manually, one case at a time, is slow and resource-intensive. It can also lead to inconsistent outcomes: some cases receive extensive investigation, while others depend heavily on the quality of the information already held or supplied by the first person contacted.

Older cases can be particularly difficult. Contact details may be obsolete, family structures may have changed, and relatives may now be spread across several countries. Without a systematic way to reconstruct the family network, important people can remain invisible.

This creates three connected risks for schemes:

• Benefits may be distributed without all potential beneficiaries being identified.
• Cases may remain unresolved because the available member data appears insufficient.
• Trustees may lack the supporting evidence needed to demonstrate how the family was identified and reviewed.

From tracing an individual to mapping the family

Traditional tracing often focuses on finding a named person. Family tree tracing begins with a different question:

Who else should the scheme know about?

Heka starts with the deceased member and reconstructs the wider family network around them. Depending on the case, this may include a spouse or partner, children, siblings, grandchildren and relatives living overseas.

For each portfolio, Heka can provide:

• A verified family network identifying potential beneficiaries
• Current contact information for located relatives
• Identification of relatives living outside the UK
• Supporting evidence for the relationships found
• Clear findings to support the scheme’s own entitlement review

The aim is not to make the trustee’s decision. It is to give trustees a more complete and accurate evidence base on which to make it.

This distinction matters. Family circumstances can be complicated, and entitlement decisions remain subject to the scheme’s rules and trustee discretion. But those decisions are only as informed as the family picture available at the time.

What the undisclosed children changed

Returning to the original case, Heka’s findings did more than produce additional names.

They changed the basis of the review.

Without independent family tree tracing, the scheme might have proceeded on the assumption that the son was the deceased member’s only child. Once the other children were identified, the trustees had a more complete view of the family and could investigate the case appropriately before reaching a decision.

It is a strong example of why beneficiary identification should not rely solely on what one relative says– even when that person appears credible and the case initially seems uncomplicated.

The greatest risk is not always an untraceable person. Sometimes, it is the person the scheme does not yet know it needs to trace.

A portfolio-wide approach to deceased-member reviews

For schemes holding large portfolios of deceased members, family tree tracing can be applied across the full population rather than reserved only for individual cases that have already become problematic.

This allows schemes to:

• Progress more deceased-member cases in parallel
• Identify missing branches of a family before contacting potential beneficiaries
• Prioritise cases requiring deeper investigation
• Reduce reliance on unverified statements from individual relatives
• Create a clearer evidence trail for entitlement reviews

Instead of waiting for inconsistencies to emerge case by case, schemes can develop a more complete view of each deceased member’s family from the outset.

Because when a relative says, “I’m the only one,” the scheme should be able to verify whether that is really true.

Managing a portfolio of deceased members? Heka can map and verify family networks at scale, helping your team identify potential beneficiaries and move entitlement reviews forward with greater confidence.

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A recent data review identified deceased members still recorded as active – including deaths dating back to 2002.

A recent pension data cleanse for a large UK industrial defined benefit scheme identified that approximately 2% of members were deceased, including several individuals whose deaths dated back more than twenty years.

Two members recorded as active in the scheme records were found to have died in 2002.

For large defined benefit schemes, discrepancies of this scale can represent a material number of member records requiring validation before insurer pricing can proceed.

No administrative exception had been raised. The discrepancy only became visible once member records were validated against external sources.

These findings illustrate how member data inaccuracies can remain embedded within scheme records for extended periods without triggering operational alerts.

Insurer due diligence

When schemes approach buy-in or buy-out transactions, insurers undertake detailed due diligence on the member population. Confidence in the integrity of scheme data therefore becomes an important consideration.

Insurers typically review several areas, including:

• mortality status
• member identity validation
• geographic location of members
• completeness of contact records
• accuracy of benefit entitlements

Where information cannot be independently validated, additional verification work may be required before pricing can be confirmed. In some cases this can extend transaction timelines or introduce further assumptions into pricing models.

The Pensions Regulator also emphasises that trustees are responsible for maintaining complete and accurate member data as part of effective scheme governance.

Why data gaps occur

Pension schemes operate over long time horizons. Member records may remain in administrative systems for several decades and often pass through multiple administrators and technology platforms.

Over time, several structural issues can arise. Members may pass away without the scheme being notified, particularly where contact with the scheme has been lost.

In England and Wales alone, over half a million deaths are registered each year, according to the UK Office for National Statistics (ONS). Reconciling long-standing member records against this scale of national mortality data is therefore an important element of maintaining accurate scheme populations.

Increasing international mobility also reduces visibility within domestic datasets. Addresses and contact details may remain unchanged for extended periods, and historical system migrations can introduce inconsistencies across records.

These issues do not necessarily affect day-to-day administration but can become visible when scheme data is examined more closely during transaction preparation.

External validation sources

To address these risks, schemes increasingly supplement internal records with additional verification sources such as:

• Civil registration data, including GRO death records
• Probate filings and estate notices
• Online obituary publications
• Open-web signals, including professional networks and social media activity

Platforms such as Heka help consolidate these signals into structured intelligence. This allows schemes to validate member records, identify mortality indicators, and improve confidence in the accuracy of their member population.

Conclusion

Undetected deaths in scheme records illustrate a broader issue: member data can deteriorate silently over time.

Routine administrative processes may not surface these discrepancies. However, when schemes approach buy-in or buy-out preparation, such gaps can become operationally and financially relevant.

Early validation of member data can therefore reduce uncertainty, support insurer due diligence, and improve readiness for endgame transactions.

The New Retirement Reality

The "traditional" UK retiree is a vanishing demographic. As of 2026, the Office for National Statistics (ONS) and the DWP report that over 1.1 million UK pensioners now reside overseas. This isn't just a trend for high-net-worth individuals; it is a cross-demographic shift driven by global mobility and the search for lower costs of living.

However, the risk to pension schemes doesn't start at the point of retirement. It begins decades earlier.

The Rising Challenge of the Mobile Workforce

While pensioners moving abroad is a well-documented trend, a more systemic risk is quietly accumulating in the "deferred" category: The Young Mobile Workforce.

• The 75% Stat: Recent data reveals that 75% of UK emigrants are now under the age of 35. These are young professionals moving for global career opportunities.
• The "Digital Decay" of Small Pots: These individuals leave behind small, auto-enrolled pension pots. Within a few years of moving, their UK digital footprint (electoral roll, credit headers) begins to decay, making them "untraceable" by standard domestic methods.
• Fragmented Careers: By the time these workers reach retirement, they may have accrued numerous different pots. The administrative cost of managing these "lost" small pots – currently valued at a total of £31.1 billion in the UK – is a significant drain on scheme resources.

Three Growing Risks for Trustees

1. The Fiduciary "Out of Touch" Trap

A trustee’s duty of care does not end when a member moves overseas. Traditional UK-centric tracing is no longer a "reasonable endeavor" when a significant portion of the membership is international. Without global data, trustees cannot fulfill mandated disclosure requirements or support members in making informed retirement choices.

2. The Mortality Blindspot

The most significant financial risk is overpayment. Without robust international mortality screening, schemes can continue paying benefits for years after a member has passed away overseas. Reclaiming these funds from foreign jurisdictions is legally complex and often impossible.

3. Member Welfare & Social Responsibility

Small pots represent a member's future livelihood. When schemes lose touch, they lose the ability to provide value. For the mobile workforce, being "out of touch" means being "under-saved."

Closing the Gap: Next-Generation Data Restoration

To address these complexities, the industry is moving toward AI-enabled web intelligence that looks beyond standard registry searches. Heka’s approach focuses on three core pillars to restore scheme integrity:

1. Global Web Intelligence: By scanning over 3,000 data sources across the open-source web, schemes can locate members deemed "untraceable" by standard legacy providers. This includes identifying active digital footprints such as verified mobiles, professional profiles, and even local news stories to verify identity and marital status.
2. Dynamic Mortality & Life Status: AI can detect "unreported" life events by identifying signals like online obituaries or funeral recordings globally. This allows for real-time mortality updates even in jurisdictions where official death registries are slow or inaccessible.
3. Next-of-Kin & Relationship Mapping: Modern family structures are complex. Data enrichment can now identify spouses, children, and next-of-kin through relational mapping, ensuring that death benefits reach the correct beneficiaries and helping to re-establish contact with the primary member.

Conclusion

As the UK workforce becomes more international, the risk of "lost" members is no longer a fringe issue – it is a core governance challenge. Trustees who bridge the global data gap today will protect their members’ welfare and their scheme’s long-term financial health.

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Heka has joined Winmark’s PensionChair Network as a Technical Partner.

Winmark convenes senior leaders across sectors through curated executive networks. The PensionChair Network brings together trustee boards and senior pensions professionals across the UK to share insight, address governance challenges, and strengthen scheme oversight.

As Technical Partner, Heka will provide member tracing, data enrichment, and identity verification capabilities to PensionChair members. This includes supporting schemes in resolving incomplete records, tracing overseas members, and addressing complex data quality challenges where traditional UK data sources may be limited.

Heka’s approach combines global open-source intelligence and structured digital footprint analysis to deliver verifiable, explainable outputs that trustees can rely on in fulfilling their governance responsibilities.

The partnership formalises Heka’s engagement with the PensionChair community and expands its collaboration with UK pension leaders.

Further information about upcoming sessions and member engagement will be shared through PensionChair communications and Heka's Linkedin.

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FOR IMMEDIATE RELEASE

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Heka Raises $14M to bring Real-Time Identity Intelligence to Financial Institutions

Windare Ventures, Barclays and other institutional investors back Heka’s AI engine as financial institutions seek stronger defenses against synthetic fraud and identity manipulation.

New York, 15 July 2025

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Consumer fraud is at an all-time high. Last year, losses hit $12.5 billion – a 38% jump year-over-year. The rise is fueled by burner behavior, synthetic profiles, and AI-generated content. But the tools meant to stop it – from credit bureau data to velocity models – miss what’s happening online. Heka was built to close that gap.

Inspired by the tradecraft of the intelligence community, Heka analyzes how a person actually behaves and appears across the open web. Its proprietary AI engine assembles digital profiles that surface alias use, reputational exposure, and behavioral anomalies. This helps financial institutions detect synthetic activity, connect with real customers, and act faster with confidence.

At the core of Heka’s web intelligence engine is an analyst-grade AI agent. Unlike legacy tools that rely on static files, scores, or blacklists, Heka’s AI processes large volumes of web data to produce structured outputs like fraud indicators, updated contact details, and contextual risk signals. In one recent deployment with a global payment processor, Heka’s AI engine caught 65% of account takeover losses without disrupting healthy user activity.

Heka is already generating millions in revenue through partnerships with banks, payment processors, and pension funds. Clients use Heka’s intelligence to support critical decisions from fraud mitigation to account management and recovery. The $14 million Series A round, led by Windare Ventures with participation by Barclays, Cornèr Banca, and other institutional investors, will accelerate Heka’s U.S. expansion and deepen its footprint across the UK and Europe.

“Heka’s offering stood out for its ability to address a critical need in financial services – helping institutions make faster, smarter decisions using trustworthy external data. We’re proud to support their continued growth as they scale in the U.S.” said Kester Keating, Head of US Principal Investments at Barclays.

Ori Ashkenazi, Managing Partner at Windare Ventures, added: “Identity isn’t a fixed file anymore. It’s a stream of behavior. Heka does what most AI can’t: it actually works in the wild, delivering signals banks can use seamlessly in workflows.”

Heka was founded by Rafael Berber, former Global Head of Equity Trading at Merrill Lynch; Ishay Horowitz, a senior officer in the Israeli intelligence community; and Idan Bar-Dov, a fintech and high-tech lawyer. The broader team includes intel analysts, data scientists, and domain experts in fraud, credit, and compliance.

“The credit bureaus were built for another era. Today, both consumers and risk live online. Heka’s mission is to be the default source of truth for this new digital reality – always-on, accurate, and explainable.” said Idan Bar-Dov, the Co-founder and CEO of Heka.

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About Heka
Heka delivers web intelligence to financial services. Its AI engine is used by banks, payment processors, and pension funds to fill critical blind spots in fraud mitigation, credit-decision, and account recovery. The company was founded in 2021 and is headquartered in New York and Tel Aviv. 

Press contact
Joy Phua Katsovich, VP Marketing | joy@hekaglobal.com

We’re proud to announce our partnership with ZEDRA Governance to help pension schemes tackle one of the sector’s biggest challenges: tracing missing members.

Following a successful pilot where Heka’s AI-powered tracing identified 50% of previously unreachable members, ZEDRA will now offer our technology to clients via a dedicated architecture, bringing scale and speed to both small and large schemes.

“Reuniting members with their full retirement benefits is a core fiduciary duty,” said Mark Stopard, Head of Proposition Development at ZEDRA Governance. “We’re excited to see the results of this initiative as part of our commitment to helping clients solve the issue of lost pensions.”

Heka's technology helps schemes locate current contact details, life status, and digital signals even when records are outdated or fragmented. By partnering with ZEDRA, we’re enabling better member engagement, reduced risk, and readiness for future reforms.

“Many of the toughest challenges in the pensions sector start with missing data,” said Max Lack, Business Development Manager at Heka. “Solving that unlocks everything else- from dashboard readiness to retirement adequacy.”

Read the full announcement on ZEDRA’s website.

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