After a busy year last year, 2023 is not an exception for admin and data. With the launch of the Pensions Dashboard on the horizon, many schemes worry that their data will not be up to scratch. With accuracy of data also reliant on engagement from members, if members aren’t engaged with schemes, confidence to update member records will be lacking.
Quality of admin and data is also a concern for schemes approaching buyout too. Following the market turbulence in October 2022, some schemes were in a much better buyout position than before. Whilst once believing they had five to ten years to prepare, some now only have eighteen months. Similarly, more schemes will have begun thinking about GMP equalisation after doing rectification. But is our attention invested more on Dashboards than resolving the data hurdles from GMPE?