On 6 September, the Pensions Regulator published a press release urging trustees and scheme administrators to take action to get beneficiary records in order in time for the regulator’s end-2012 deadline.
The regulator originally set targets in 2010 for compliance in accuracy of “common” data items: for instance name, address, DOB and NI numbers. Their aim was for 95% of data to be in place and accurate for data records prior to June 2010 and full 100% accuracy for data subsequent to this.
It is self evident that data integrity is vital for contact with beneficiaries and ensuring that the correct benefits are paid. Mistakes can be operationally difficult to rectify and those leading to either under-funding or the wrong investment have the tendency of expanding in scope as time passes, so it is vital to keep on top of this.
The regulator is advertising a webinar for 16 October on their website