Spence & Partners Launches Data Evaluation Tool

by Brian Spence   •  
Blog
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."

Further reading

Is your DB scheme an asset rather than a liability?

Blog
by Alistair Russell-Smith   •  

2024 Charity Defined Benefit Pensions Benchmarking Report

Blog
by Alistair Russell-Smith   •  

Spring Budget 2024 – What does it mean for pensions?

Blog
by Angela Burns   •  

More Insights?