ITM call for data quality to be included in Chair’s statements
Legislation is needed to bring data to the top of the agenda, and without compulsion it will continue to be given a lower priority than investments warns independent data consultants, ITM.
In October last year The Pensions Regulator contacted a total of 1200 schemes to remind them of the need to carry out data reviews for common and scheme specific data. This was part of the regulator’s move to tighten regulations and drive up standards. Following this, in November the Society of Pension Professionals revealed almost half of its members thought data quality was the greatest difficulty facing the dashboard.
As we wait for the Pension Schemes Bill to finish in the House of Lords and progress to the House of Commons before receiving Royal Assent, we are still some months away from a legislative focus on data.
With data such a key component to pensions operations – making data a compulsory inclusion in the Chair’s statement will help accelerate the drive for better data. A Chair’s statement is required from the chair of occupational DC pension schemes, it became a legislative requirement in April 2015 – with penalties for non-compliance.
Commenting, Mark Lecompte, CEO at ITM said:
“Data is the enabler to all elements of the Chair’s statement, yet continues to be the silent partner in all pension activity. Data standards across the industry vary widely, and we are missing an obvious opportunity to push data up the agenda for DC schemes.
“Chair’s statements are designed to be member focussed – reassuring members that you are on top of their money and data quality as well as protection should be part and parcel of building trust and engagement with pensions.”