Heywood
Heywood, a leading provider of pension management solutions, has today launched its Pension Pulse Report, a whitepaper that combines new original research from c.3 million member records conducted over the past year, and expert insights to highlight the critical role of accurate data across the pensions industry.
With pensions dashboards set to revolutionise how savers interact with their pensions, Heywood’s latest analysis shows that data quality remains a major barrier to a seamless experience for both schemes and members. The findings underscore the urgency for schemes to improve data accuracy—not only to ensure successful dashboard integration but also to navigate the buoyant bulk purchase annuity (BPA) market and enhance member engagement.
Key Findings from the report
- Nearly one in five pensions dashboards queries could result in “possible matches” rather than confirmed matches, due to data inaccuracies, creating unnecessary administrative burdens for schemes and stress for members.
- 2.33% of pensionable members are deceased but not recorded, which could be costing schemes over £250,000 per 10,000 members per month in incorrect payments.
- Schemes with higher common data scores see significantly greater member engagement, with more members accessing self-service portals and benefiting from digital communications.
Data accuracy challenges
The report also reveals significant issues with critical data fields, including:
- 8.79% of surnames are incorrect, often due to life events such as marriage or divorce.
- 9.44% of addresses are outdated or wrong, exposing schemes to privacy risks and increased costs.
An Industry-Wide Call for Action
The report serves as a timely reminder that accurate data is fundamental to regulatory compliance, de-risking transactions, and delivering a seamless member experience. With the industry undergoing significant change, pension schemes must shift toward proactive, continuous data management strategies.
Chris Connelly, Chief Strategy Officer at Heywood, commented: "The pensions dashboards era is upon us, and these findings confirm what we’ve long suspected—data quality will be the single biggest factor in determining the success of the project. Schemes that take a proactive approach now through the advice given in the whitepaper, will not only be ready for dashboards but will also see wider operational and engagement benefits."
Louise Donohue, Chief Operations Officer at Heywood, added: "Data isn’t just a technical issue—it’s a fundamental part of delivering a positive experience for pension savers. Every incorrect name, outdated address, or missing record represents a potential frustration for members and an avoidable cost for schemes. Now is the time to act."
About the Pension Pulse Report
The Pension Pulse is the first of its kind from Heywood, combining in-depth research with expert commentary from Heywood’s specialists. The report is designed to educate, inform and drive meaningful conversations across the pensions industry.
