Data is an asset, but are you able to successfully control and exploit it for the benefit of pension scheme members, trustees and administrators? Is your data complete and accurate, and in the format you want it, where you want it, and at the right time? Does your data support your strategic goals, or hinder you at every turn?
Pension schemes often have a data strategy in place, but in isolation, that isn’t enough to deal with the world beyond their protected network or fluctuating member expectations; pension data management is the key, and is fundamental to the future happiness of your pension scheme.
Strategic goals
Whether you’ve got your sights firmly set on a full buyout of your pension scheme or providing an ongoing world class service to members, a healthy funding position is essential.
The current market value of your scheme’s assets may be great, but poor data management can easily give an inaccurate assessment of scheme liabilities and an uncertain funding position, making it difficult to know how you’re tracking against your strategic goals.
This could lead to unnecessary delays in maintaining or enhancing service levels for members. Would your members be happy with that? Do you know how much of an impact unhappy members have on your administrator?
Sensible, controlled use of your data
As the pensions landscape changes around you, you’ll be required to hold more personal and sensitive data than ever before to help protect your members and tackle the threats of cybercrime and fraud. Without the right pension management software, this will become increasingly difficult and costly.
Whether it’s software to regularly perform data audits to identify any risks associated with inaccurate data, or a data resolution application to help you rectify known data issues, pension management software will give you access to good quality data to support the needs of your members, trustees and administrators in a cost effective way.
Painting the Forth Bridge
When I think about pension data management, images of painting the Forth Bridge spring to mind, or maybe the phrase, “pension data’s not just for Christmas/Pensions Dashboards”.
Having good quality pension scheme data and using it effectively is an ongoing process of review and action activities – so don’t delay, give your data a health check today!
Written by Intellica Senior Client Manager, Hannah Blomfield.
