GDPR (the General Data Protection Regulation) has shone a light on the data a scheme should – and shouldn’t – be collecting, but has your scheme done enough to ensure the quality of data it collects is of a high standard?
A complete data set may have once been considered aspirational, but that is a thing of the past. The Pensions Regulator (tPR) is now starting to ask for schemes to report on data scores to see how theirs measures up.
From this year, all schemes provide tPR with the date of the last data review and the critical figure of the scheme’s data score. This is the percentage of members for whom the scheme has a full and accurate set of data – across both common (member details used to pay benefits) and scheme specific (employer name, service contribution histories, etc) data.
There is nothing new in this – tPR outlined its expectations for data collection eight years ago. However, it must now be set out in the return, as the regulator sees these as early warning indicators that allow it to intervene in schemes which it perceives are struggling with their data.