XPS encourages schemes to get dashboard ready

Schemes have been encouraged to get ready for the pensions dashboard, by regularly reviewing and improving both their common and scheme specific data, by XPS Pension Group.

The firm believes that reviewing the data now would be a benefit to scheme trustees and sponsors, as well as members.

XPS Administration managing director, David Watkins, said: “Trustees should embrace the opportunity to improve their data now, in order to deliver the information members need to make decisions on their future benefits.”

Earlier this month (4 April), the government gave the planned dashboard the go ahead and said that it expected schemes to be ready to complete its delivery within three to four years.

Watkins believed that schemes should be reviewing and improving as soon as possible to help move the dashboard towards delivery, and improve the potential outcome for members.

He continued: “Through identifying and locating members and ensuring complete and accurate data is held, trustees will be able to get to the source of all pension benefit calculations.

“This will allow for automation of calculations therefore reducing the risk of errors and providing accurate member data for the pensions dashboards.”

He added that sponsors would not only benefit from the improved accuracy of the data, but that it will also lead to an “efficient platform” for them to introduce “new options and engage with members” about the choices available to them.

XPS also said that it believed data requirement will become more detailed over time, further enhancing the need for improved scheme data.

Watkins concluded: “We are seeing an increasing demand for our data cleansing services as more trustees and sponsors realise that having confidence in their underlying data can make a positive contribution to their pension scheme journey planning and long-term funding targets.”

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