With the Dashboard prototype delivered to spec, to time and under budget, The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pension administration, is urging the industry not to derail its positive progress with arguments over data.
Geraldine Brassett, Chair of PASA’s Pensions Dashboard Working Group said: “There has long been a view that some scheme data is sub-optimal. The Pension Regulator’s (TPR) recent review certainly highlighted a lack of urgency in terms of engaging with and improving data quality. While some trustees say they may not be able to able to participate in the Dashboard when it is introduced in 2019 due to poor data and the complexities and costs associated with it, this perhaps indicates a lack of understanding about dashboard and the approach being taken. There is no question that data will need to be accurate, but it is important to reserve judgement on participation until there is clarity over the data set required to be ‘dashboard ready’. Inevitably if there are data issues identified these will quickly be followed by a request to correct it immediately. If there was ever a motivator to improve and share data, what better than the prospect of lots of members asking why their scheme is not part of dashboard?
“To help maximise dashboard provision, the PASA Dashboard Working Group is liaising with the Dashboard Project and TPR to create a data standard that is achievable and meaningful to members, and will allow virtually every scheme in the land to participate in dashboard.” Brassett added: “We see dashboard as an evolving service and the scope of data required will grow. As a consequence, data will be reviewed and cleansed as part of a continuous improvement process. Some naysayers contend that if information is not complete and perfect from the outset, people will reject dashboard. We don’t agree. As a minimum, if dashboard helps people track down and engage with pension saving and planning for retirement this will be a huge leap forward.”