Organizations working in the pensions industry are losing money as a direct result of data quality problems.
According to research by JLT Benefit Solutions and the Pensions Management Institute, 45 per cent of scheme managers have not reviewed their member data in the last two years.
Indeed, further to this, only 20 per cent who have reviewed their data believe it to be of a “very good” standard and 60 per cent think that these data quality issues have cost them money.
Commenting on the findings, Andrew Marson, head of Trustee Governance at JLT Benefit Solutions, said that much work is needed to be done if higher standards are ever going to be achieved.
"Despite clarity from the Regulator of the importance of strong governance relating to pension scheme data, these findings show that a significant proportion of schemes are way behind the curve,” he added.
Meanwhile, SmartData Collective blogger Jim Harris explained that making small improvements to information checking systems can help the way in which an organization is run and managed.
Posted by Rachel Wheeler