Spence & Partners has launched a data evaluation tool for scheme trustees and administrators.
The specialist administrator’s launch follows guidance on record keeping from the Pensions Regulator (tPR).
The data tool evaluates the quality of electronically held scheme data and provides a rating. The report also delivers a quality rating in relation to a specific action, such as a scheme buyout or the provision of scheme transfers.
The report delivers information required to meet tPR’s outputs, as well as a list of aspects that need focussing on, prioritised according to their potential impact.
The tool can also be used to provide regular updates on data quality and to monitor any clean-up process that has been implemented by the trustees after scheme data has been loaded.
Spence & Partners administration manager Mike Selby said: “The standard of record keeping in the industry as a whole is pretty poor but most trustees don’t know where to start to address it.
Incumbent administrators are naturally resistant about disclosing deficiencies in data, which obstructs trustees in meeting their obligations on data quality.”