PASA releases new guidance on DB data accuracy

The guidance has been prepared by PASA’s data guidance working group which comprises representatives from schemes and providers. The working group regularly produces guidance to ensure that schemes hold accurate and up to date data.

The guidance has been produced to support DB schemes in ensuring benefit accuracy and focuses on:

1.     Benefit specification

2.     Data specification

3.     Benefit audit

4.     Automation (scalable based on scheme membership)

5.     Independent assurance

Schemes need to hold up to date and accurate data to ensure they are paying the correct benefits and to be pension dashboards ready.

On launching the new guidance, Kim Gubler, PASA chair, commented: “Trustees have a duty to ensure members receive the pension  benefits they are due. PASA has previously issued guidance focused on data quality and we are building on this here by focusing on benefit accuracy.

“When assessing DB scheme data, the benefits payable to a member should be at the forefront of the  evaluation to ensure they are currently accurate and remain accurate in the future. The investment to ensure benefits are right is time and money well spent, not only for the outcome and experience for members, but in comparison to the significant costs that arise when things go wrong.”

Kristy Cotton, chair of the PASA data working group, added: “Given the complexity of DB scheme  Rules, legislative requirements, and the variation of scheme design over the decades, making sure  benefits paid to members are correct isn’t always a straightforward task.”