TPR Pensions Dashboard data release

Commenting on the TPR’s release on data, Scott Finnie, Head of Digital Strategy, Hymans Robertson, said:

“We welcome the latest statement from TPR on data, which aligns very strongly with our views and experience with clients. The statement understandably focuses on the upcoming Pensions Dashboard, which is driving a clear focus on data completeness and accuracy. Risk Transfer and GMP equalisation are similarly motivating attention on scheme data quality. All of these initiatives are producing an industry-wide shift from data that is “mostly right, most of the time” towards “all right, all of the time”. That trend is good for schemes and, most importantly, their members.”

“In our work with clients we find recurring challenges with both identification (“match”) and value data. There is no one-size-fits-all solution: each scheme will have its own challenges and priorities. However, in all cases, being clear on data quality is helpful: it informs a plan to remediate issues that aligns with the scheme’s objectives. Each driver (Dashboard, Risk Transfer, GMP, regulatory reporting) provides a different, overlapping, lens on data. The Pensions Dashboard, for example, looks at active and deferred members; GMPe will be focussed on the GMP benefits only and a full scheme buy-in will cover all benefits for all members (including, for example, a review of spouse entitlement. Looking holistically, through all the lenses, gives the most complete picture on scheme data overall.  

“This enables the creation of a well-informed remediation plan which takes into account the scheme’s full data journey and importantly ensures that work is sequenced in in the right order. A scheme commencing GMP equalisation, for instance, might choose to make assumptions on historic transfers in. However, if also planning a buy-out, then investing in a review of historic records will likely be necessary. That scheme might be better-served in the long run by completing the review ahead of GMP equalisation – so avoiding any issues arising from assumptions that prove incorrect retrospectively. A holistic plan promotes confidence and clarity for all participants: Members, Trustees, Sponsors, Insurers, Consolidators and DC scheme providers.  It enables a “touch once” approach where cleansing meets all needs – not just through one lens.”

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