4 top tips for improving data quality
01 Mar 2022
Are you currently looking to improve your scheme’s data or perhaps planning for your chosen DB endgame? If so, you aren’t alone, as increasingly we’re finding that data quality is becoming a key priority for schemes. Below I set out my 4 ‘top tips’ for improving data quality.
1. Know your data
You need to understand the current state of play across all areas of data and not just common and scheme conditional data. By considering your future data needs, you can appropriately review your existing data (including gaps and inconsistencies) and bring into focus the work that will be required.
2. Know your benefits
This might sound odd as a scheme will have a set of Trust Deed and Rules that determine the benefits payable to your members. However, there can be both areas within rules that are not necessarily specific to the nth detail and also areas of administration practice that don’t tie exactly in line with the rules, but have become part of the way in which the scheme has been run.
It’s important to document scheme benefits in a format that can then be related to data requirements for exercises that you may wish to carry out either shortly or in the future.
3. Know your goals
Have you an agreed plan of action for the scheme, for example, do you know you’ll be looking to buy out in the next 10 years? Knowing your goals can help determine the timelines for any work needed. If you are looking to manage multiple projects at the same time, then you’ll want to be clear of the requirements for each of those exercises and how they can be managed efficiently.
4. Know your requirements
If you are clear on your data goals and expectations, then you will be able to clearly scope out what you require, including reporting, from your administration provider. For example, you’ll want to see regular progress reports to see achievements and improvements and be able to manage timescales and budgets.
And finally, be aware that data that is fit for purpose for business as usual administration is not necessarily going to be able to support bulk exercises that might be part of your endgame activity or plans. Given this, I would suggest you start your data planning discussions as soon as possible.
I will be presenting and discussing our approach to improving data quality and security alongside Gary Evans at the Professional Pensions Data and Admin Forum on Tuesday 8th March 2022.
If you would like to attend this forum, click here to register for the event.