Heywood Pension Tech
Pensions dashboards are set to transform the UK pension landscape by connecting members with their pension information. When live, the National Audit Office estimates that over 16 million people will use pensions dashboards—that’s nearly 25% of the entire UK population.
That means that as we approach the dashboards available point (DAP), it’s imperative that schemes are prepared for the expected spike in members utilising dashboards to find and view their pension information.
Pensions Dashboards Matching and Possible Matches
Pensions dashboards will deliver significant benefits by helping people plan better for retirement, make more informed financial decisions, and reconnect with ‘lost’ pension pots. A critical component of this process is ‘matching.’ This is where a dashboard matches pensions to the member, so it can display their pensions details.
If your member data is 100% complete and accurate, the user journey should be seamless. When the data input by a member is compared against your records, a match will allow them to find their pension information.
However, if the information submitted does not tally with your records, the dashboard will return no match. But what about the uncertain territory of a possible match? Your system may flag that some of the information sounds correct, but not all of it. This is defined as a possible match, and this is where headaches may start for pension schemes and their administration teams.
What is a Possible Match?
A "possible match" refers to a situation where some of the information provided by an individual on the dashboard matches the records of a pension provider, but there's not enough certainty to confirm it definitively.
David Rich, Heywood's Head of Data Propositions said, “It’s a familiar message and one that’s echoed by The Pensions Regulator, PASA, and other industry bodies repeatedly; schemes need to be prepared. As a solid foundation, member data needs to be assessed, and any gaps need to be filled, and the data must be as accurate as possible.”
If we think logically about the next step following a possible match, you’re likely to receive an inbound query—whether by email, phone, website or even post—from a member who may have a pension with you. This may sound manageable for a small number of queries, but what about an influx?
David continued, “Possible matches will almost certainly create a significant administrative burden, leading to increased workloads and potentially delayed responses. However, there are solutions entering the market and ways to resolve possible matches through your pensions dashboards ISP.”
This involves keeping the member online and attempting to either gain a full match or confirm no match. The first step is to talk to your ISP provider, determine your matching rules, and test, test, test. For that testing to be effective, your data needs to be in good condition.
It’s imperative that schemes place an emphasis on data cleansing and enrichment, prior to testing matching rules, in the run up to connection dates and on an ongoing basis. Regularly updating and verifying member data will likely significantly reduce the occurrence of possible matches. It also smooths any work involved in updating records where they have been corrected. Ensure your records are as accurate and up to date as possible by conducting regular data audits and cleansing exercises.
David added, “Once you’re connected to pensions dashboards, you’ll always be connected, so be mindful that as data decays over time, you need to be proactive with your cleansing efforts. Not only do you have to get your data in good condition, you have to keep it in good condition at all times.”
With the first wave expected to connect to pensions dashboards by 30 April 2025, we are entering a crunch time for pension schemes that have yet to prioritise data accuracy – after all, matching and matching rules will not be as effective without a foundation of accurate data.
The introduction of pensions dashboards presents a significant opportunity to enhance the transparency and accessibility of pension information. However, it also brings challenges that must be addressed to ensure a seamless experience for all users.
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