Updated: Oct 19
The launch of the new Pensions Administration Standards Association (PASA) Data Management Plan Guidance underlines that data quality and management is a top priority for pension scheme providers in 2021.
Produced in partnership with PASA’s Expert Knowledge Provider for data, Deloitte, the guidance sets out the purpose of a data management plan and the information which should be incorporated, such as processing, security and improvement.
“The pensions industry increasingly recognises that it must take steps to prioritise data, and this guidance sets out key areas of focus for trustees which is much needed,” explains Danielle Higgins, Managing Director of data management specialists, The Tracing Group. “The document sets out examples of best practice which will be very useful to trustees compiling a data management plan.”
A data management plan should form part of all good scheme governance, offering a means to document data held by a pension scheme and a strategy for managing it securely and effectively. The new PASA guidance outlines what information should be included in a well orchestrated data management plan. The importance of trustees understanding their pension scheme data to facilitate good administration practice is also highlighted. Trustees are advised that they should have visibility of the processes used in data handling to meet the objectives of the pension scheme. They should understandwhether there are improvements which can be introduced to further promote accuracy, efficiency or security of the work performed by the administration function. The guidance document also discusses methods for measuring data accuracy, providing specific information which can in turn be used to drive improvements. If data issues are identified, the data management plan will need to include a data improvement plan, and the guidance outlines how to implement this.
“Holding detailed and up to date data runs parallel with satisfying the primary objective of any pension scheme - to pay the correct benefit, to the right person at the right time,” adds Danielle, who has over ten years of experience in data management and people tracing. “It is also critical that data is complete and accurate to enable a scheme to meet its duties to its members, as well as comply with growing legislative requirements.”
Data quality and management has become a looming priority for pension scheme providers, but the task is large and complex so this guidance will be welcomed by those schemes eager to identify which tasks need to be at the top of the list.
For further information and advice on implementing a data management plan contact The Tracing Group on 01603 937800 or firstname.lastname@example.org