Howden Group

Experts

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Martin Hooper
Actuary
Howden Group
Miles Wilde
Senior Project Administrator
Howden Group
Tim Roberts
Function Area Leader – Client Relationship Management
Howden Group
Contributions by Howden Group Experts

1

How to improve pension scheme data
How to improve pension scheme data
Practice Notes

Improving the quality of pension scheme data is no longer just a regulatory box-ticking exercise; it is critical to ensure the scheme operates efficiently and in accordance with legislative and regulatory requirements, as well as helping to manage risks and ensure successful member outcomes. As the industry has moved towards complex initiatives like the Pensions Dashboards Programme and increased buyout activities, maintaining robust data is more important than ever.Ultimately, investing in data quality protects trustees, reduces liabilities for sponsors, and ensures members receive the right benefits at the right time.This Practice Note provides a high-level overview of pension scheme data in the UK, explains why maintaining good quality data is important for effective scheme management, and outlines practical steps that trustees, administrators and employers can take to improve and maintain data quality.What types of scheme data are there?The Pensions Regulator (TPR) categorises scheme member data into two distinct categories: •common data•scheme-specific dataIn addition to these

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