The Pensions Administration Standards Association Data Working Group has published new guidance which sets out why data should not just be present but accurate, and provides suggestions on how trustees can improve and maintain their data accuracy.
A spokesman for the Association said: “Trustees should recognise data quality management is an ongoing process and not a one-off exercise. Data needs to be consistently monitored throughout the life of the scheme and controls reviewed to ensure they remain adequate to prevent future data degradation. Data remediation projects are a useful tool for maintaining accurate data, but trustees should also maintain data improvement and management plans to ensure continuous monitoring. Poor quality data can lead to poor decision-making and needs to be given the importance it deserves as the lessons to be learned from not doing so can impact employers, trustees and members for years to come.”
With the deadline for dashboard sign-up approaching over the coming months, trustees may find this guidance useful.