Integrity of data is key to the effective administration and valuation of benefits. Poor quality records make administration a needlessly labour intensive task as accurate records are essential for automation and efficiency. Good quality records reduce potential mistakes and give trustees the confidence to provide members with direct access to their records through a web portal.

Keeping your member data up-to-date, accurate and complete also gives you the flexibility to move swiftly when the right opportunities occur, for example when considering buy-in or buy-out. Accurate data has a direct impact on the price of such transactions – the poorer the data, the higher the price as the uncertainty about the liabilities being transferred is greater.

The Pensions Regulator recognises the problems that poor data can pose, both in terms of settling member benefits and in causing delays when winding up a scheme, and has published guidance setting out minimum record-keeping requirements. The guidance is supported by a promise of an ongoing review, both of compliance and the need for more onerous regulation.

Our valiDATA service helps get your data into shape and fit for any challenge.