75% of trustees want more investment into member data

Seventy-five per cent of trustees believe that more investment is needed to improve member data, according to XPS Pensions Group.

The figure was revealed following a survey of attendees at the Data Rocks event held today, 18 July.

Following The Pensions Regulator’s data reporting guidance published in 2010, trustees were encouraged to review their data regularly. Since then we have seen the announcement of pensions dashboards from the Department of Work and Pensions and the issue of GMP equalisation raised, both of which have put more emphasis on the importance of having accurate member data.

The view from delegates at the is that schemes are focused on improving their data, but additional investment is required to do so.

Speaking at the event today was TPR director Margaret Snowdon, who said that with an increased focus on good administration, TPR is providing more clarity and enforcing higher standards of trustees to have good data.

“Good data is not only essential for the day-to-day running of a scheme, it will be required to comply with the pensions dashboards initiative and has an impact on a scheme’s ability to de-risk. Data is a really valuable asset to pension schemes and improving accuracy and detail should be seen as an investment not a cost.”

In addition, XPS Pensions Group senior consultant, Vicky Mullins, said: “Improving data not only improves the accuracy of the benefits being paid to members, it also creates an efficient clean platform to introduce new benefit options and engage with members around the choices available to them.

“Having a better understanding of your members allows a scheme to not only pay out the right benefits but calculate accurate valuations which can improve liability assessments and scheme funding plans. Clean data is essential to improving the health of your pension scheme.”

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