Pension scheme chair’s statements should be required by law to include reference to the quality of their data say independent data consultants, ITM.
Responding to the PLSA’s publication of a new template to assist pension scheme trustees in the production of their annual Chair’s Statement, ITM said legislation is needed to bring data to the top of the agenda, and without compulsion it will continue to be given a lower priority than investments.
In October last year The Pensions Regulator contacted a total of 1,200 schemes to remind them of the need to carry out data reviews for common and scheme specific data, as part of the regulator’s move to tighten regulations and drive up standards. In November the Society of Pension Professionals revealed almost half of its members thought data quality was the greatest difficulty facing the dashboard.
Making data a compulsory inclusion in the Chair’s statement will help accelerate the drive for better data says ITM.
ITM CEO Mark Lecompte says: “Data is the enabler to all elements of the Chair’s statement, yet continues to be the silent partner in all pension activity. Data standards across the industry vary widely, and we are missing an obvious opportunity to push data up the agenda for DC schemes.
“Chair’s statements are designed to be member focussed – reassuring members that you are on top of their money and data quality as well as protection should be part and parcel of building trust and engagement with pensions.”