According to publicly sourced data, pension schemes can expect the details they have for members to change by 16.5% each year, or 17.5% if you factor in errors at input. That’s more than 1 in 6 member records
that are likely to contain outdated or inaccurate data every year, which then compounds over time, creating more severe data challenges further down the line.
This can lead to:
- Wrongly addressed mail that can cost schemes thousands of pounds
- Late mortality notifications resulting in potentially substantial overpayments
- Inaccurate or incomplete details which impact timely payments
- Missing or outdated beneficiary details delaying pay-outs and impact actuarial valuations