TPR should arrive at compromise on data requirements – Broker

Mar 17, 2014

The Pensions Regulator should arrive at a compromise in which schemes can decide themselves about what is included in conditional data sets, but statutory data is obligatory and must be tested and held correctly, ITM director John Broker has said.

Speaking at the Pensions Age/ITM Data and Systems half-day seminar in London, Broker said this approach would be part of an overall package of improving data and record-keeping as a whole.

“The regulator has said in the past it doesn’t intend to prescribe conditional data,” he said. “There needs to be a tougher approach on data as a whole.”

“There are still 2 to 3 million data records that have not been tested. In my experience views on data are polarised into two extremes – people who get it and keep on top of record-keeping and those that don’t. People do not see it as a priority. A lot of pensioners are overpaid or underpaid and to me that is a result of the industry not being tough enough on data standards.”

Broker said he welcomed the regulator’s case reviews into record-keeping however and said he hoped the watchdog would “penalise” those schemes which are found to have ‘poor’ levels of record-keeping.

To view this article, click here.


GMP equalisation: we don GMP equalisation: we don't need crystal clarity to get started Feb 9, 2021 GMP equalisation: we don't need crystal clarity to get started The industry has been waiting too long for the glass to become crystal clear on GMP equalisation – but is there an element of
Transactional dashboards Transactional dashboards Sep 24, 2020 Is the answer to small pots in transactional dashboards? Small pots, lost members and pensions dashboards – three interlinked industry issues that should have a joined up approach to deliver the
Pensions dashboards Pensions dashboards Aug 27, 2020 Defining data for dashboards... Sharing basic data with a centralised dashboard to give individuals a much clearer picture of what they’ll get in retirement. That sounds simple enough. The problem
Thank you! Your subscription has been confirmed. You'll hear from us soon.