On Point Paper: A Match Made in Heaven? – Making Pension Scheme Data Fit for a World of Pensions Dashboards
22 March 2023
Earlier this month, the Department for Work and Pensions announced a re-set of the timetable for the Pensions Dashboards Programme, with no specific revised schedule. Since then, there have been calls for schemes to use the delay in the rollout to get their data ‘dashboard-ready.’
In our latest paper, in collaboration with Digidentity and TransUnion, we look at the potential for pension schemes to use data matching techniques to make dramatic improvements in the quality of their member data, by analysing the member data of a large Defined Benefit (DB) pension scheme with around 17,000 non-pensioner members.
Some key findings from the sample include:
- Member data was accurate for about five out of six active members but only just over half (58%) of deferred members.
- A higher percentage of deferred members than active members had incorrect address data (16% vs 5%, respectively).
- One in 10 deferred members had no address match but could be matched (generally uniquely) purely on the basis of name and date of birth against a person showing on TransUnion’s records.