Eleven thousand people migrating

…and that’s every year!

Members move home and change employer often, making it difficult to keep their details up-to-date. So much so, that research shows there could be up to £20bn in unclaimed pension assets with £200 million being paid out to decreased members.  Schemes without clean and accurate data face non-compliance with regulation (e.g. TPR record-keeping guidance). But clean data isn’t just needed for compliance with regulations, it also improves customer service and  keeps customers engaged and informed of the benefits they have with you.

You can set a plan to actively trace ex-employees you may have lost touch with. As an employer, make sure you communicate regularly with your pension provider and engage with your employees about their pension.

As a trustee or scheme manager, carry out a basic data audit to determine the state of your scheme. Once you know how many ‘missing’ members you’ve lost touch with, you can set a plan to gather missing information.

Review your data monthly, and subscribe to a tracing and screening service. Keep your data up-to-date and save both time and money.