Heywood Pension Tech
Tick tock! With less than one year to go until the first schemes must connect to pensions dashboards, the countdown is on.
As pensions dashboards approach at pace after a yearlong reset, the publication of connection dates has set the stage for a flurry of activity over the next 12 months as schemes gear up to meet their connection deadline.
One core area in a scheme’s preparation is data. It is your member data after all, or rather, the accuracy of your member data that will form the foundation of dashboards success.
Without accurate data, members simply won’t be able to locate the pensions you hold for them. Instead, the dashboards interface will likely tell them that you *might* have a pension for them. Don’t wait for a tsunami of inbound email and telephones calls to ensure your records are up to date.
Check your pensions dashboards connection date here
When a member submits a request to the dashboards architecture, a search will be sent out to ask if you know them. A set of data will subsequently be shared with you which you are then required to analyse and respond to: “Do you know John Doe?” – it’s up to you to corroborate if you have a pension for them.
Supporting schemes to get data-ready
In the lead up to pensions dashboards, our data experts have been busy supporting schemes to get their data ready. In total, we’ve completed over 70 dashboards data readiness reports, representing over 3.2 million member records. A vital first step in preparing your data is understanding the condition of it.
We’ve spent some time crunching the numbers and compiling some key insights from our findings.
What are the results we’re getting from the 3.2 million records?
The schemes and providers who have turned to us to run the rule over their data, have done so to get an indication of where they need to apply their focus to get their data ready for dashboards.
We have examined six core data fields: first name, middle name, surname, date of birth, national insurance number and post code.
Our data shows pensions schemes have very few issues regarding invalid National Insurance Numbers, though even an error rate of 0.21% represents over 6,000 members.
When we examined post codes, we found 1.74% to be incorrect, and when we looked at dates of birth, this figure was 1.13%. The percentages may be small, but extrapolated across 3.2 million members, that is a lot of people missing correct information.
The real eye-opener and something for schemes to be conscious of is incorrect surnames. Over 8% of surnames were found to be incorrect on average. This is likely to be down to marriage, divorce, or the occasional typo, but these discrepancies highlight the need for meticulous data maintenance.
In the run up to pensions dashboard, data accuracy should be a priority, and once you have a solid understanding of the state of your data, you can then take proactive steps to rectify any discrepancies. The good news is that there are third-party data services available that can help you along the way.
Finally, it’s important to note that having a high TPR score, and complete data fields don't necessarily guarantee accuracy. As we gear up for the pensions dashboards rollout, now's the perfect time for schemes to roll up their sleeves and fine-tune their data.
It’s time to get ready for pensions dashboards. Request a Dashboards Readiness Report to understand the condition of your member data now.
