LCP is urging trustees to get smart about data as the deadline for connecting all pension schemes to dashboards approaches
LCP says that trustees are responsible for developing their data-matching process in accordance with PASA recommendations and addressing this challenge will yield cost savings and time efficiency post-dashboard launch.
Trustees must address key data concerns before dashboard deployment, focusing on surname, date of birth, and National Insurance number for robust identity verification. Additionally, expanding data options to encompass unique identifiers, like email addresses and mobile numbers, is vital to accommodate potential data issues.
LCP says an extensive analysis of data item interactions is necessary to produce reliable matching criteria. These criteria must strike a balance between giving “sufficient coverage” and “sufficient focus” in order to maximise correct matches and to minimise the possibility of “non-members” being incorrectly identified as possible matches.
LCP is urging trustees to refine these criteria to establish a solid foundation for the live dashboard, even if a comprehensive assessment of matching criteria is only possible post-launch.
LCP senior consultant Ella Holloway says: “Creating data matching criteria is a complex task that requires careful consideration, and there is no one-fits-all approach. However, smart choices made during this period can lead to a more seamless transition into the new dashboard world.”
