With such long-term products like pensions and annuities, data can build up quickly. It can hold you back as you need to retain certain data for compliance with regulations but storing it all can be costly and can slow you down.
This is especially true when you’re making changes to existing systems or migrating to a new one. When it isn’t used on a day-to-day basis it’s likely to be inefficient to migrate all records and history on to a new platform or software. You can be left wondering what to do with your legacy data, or perhaps even continuing expensive maintenance of an unused legacy system just to maintain records.
Of course you need to have access to these records going forward, particularly with the increase in Subject Access Requests following the introduction of GDPR.