October saw TPR shining the spotlight on hundreds of pension schemes and trustees, ordering them to urgently review the data they hold. Almost a quarter of the schemes they analysed did not meet the minimum standard of data quality and record keeping. Frightening, considering trustees make important investment and funding decisions largely based on the data held by their administrator.
All schemes and trustees must carry out regular data reviews
That’s one scheme return a year for DB schemes, public service schemes and DC schemes (including Master Trusts) with more than twelve members. Pension scheme data has a long shelf life and subject to significant change on a continuous basis. TPR rules around record keeping for pension schemes and Solvency II compliance for insurers require data quality improvement plans to be put in place where data doesn’t meet the required standard.