Tracing or locating deferred members is an important challenge in the administration of a pension scheme. Outdated, reactive, certificate of existence and letter forwarding services initiate contact with deferred members but are time consuming, do not provide the scheme with the forwarding address and are entirely reliant on the lost member re-establishing contact with the scheme.
Schemes must look at the integrity of their data and actively monitor common data to highlight any changes before conducting tracing exercises. The Pensions Regulator’s record-keeping guidance identifies that poor data management can lead to significant additional costs and reputational damage.
People are most likely to forget to inform pension providers when they move home1.
Each year in the UK:
“We are re-engaging with a higher percentage of our customers while reducing mailing costs and also reducing the risk of data protection breaches”
Are you doing enough to maintain accurate member records in your pension scheme? Our free guide provides advice on steps to mitigate data decay and trace gone away members.