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Poor data quality 'could cost pensions industry millions'
Feb 19 2010, 12:09 PM
Holding inaccurate and out-of-date information could cost the pensions industry billions, it has been claimed.
Steve Connor, Head of Pensions Services, AEGON Trustee Solutions, noted that a five per cent data quality variation could cost a £25 million pension scheme around £1.25 million.
"The impact of poor data quality could result in increased compensation risks as well as increased liabilities for the scheme sponsor," he commented.
Mr Connor noted that effective database management is at the core of good governance.
Meanwhile, the Pensions Regulator has issued a consultation paper calling for data quality to be improved within occupational pensions funds.
Research carried out by the body revealed that 53% of schemes have at least one piece of data missing.
The paper was issued last week, with consultation closing on April 27th 2010.
Peter Vipond, Director of Financial Regulation and Taxation at the Association of British Insurers, has welcomed the move.
He noted that improving data quality will benefit retirees and make processes more efficient.
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