If we were to ask pensions professionals “where is data important” we are sure there would be an industry-wide consensus, data underpins every aspect of running a pension scheme and good quality data is critical to the effective management and delivery of pension benefits. All pension schemes are expected to actively manage their data, performing data analysis to determine common and scheme-specific data scores and to proactively address data issues and manage the quality of data held. Not only is good data needed for the efficient and accurate day-to-day administration of benefits, but current projects such as GMP equalisation and preparation for Pensions Dashboard are critically reliant on accurate and complete data.
Holding data which is complete and accurate is critical, and the industry focus on data is key to continued success.
March 2021 – Data Management Plans
February 2019 – Data guidance FINAL