The Pensions Regulator (TPR) has flagged significant data quality concerns as the pensions dashboards deadline approaches, warning that many schemes still carry a backlog of “data debt” caused by years of underinvestment in maintaining accurate records.
According to a blog by TPR’s Julian Lyne, the success of dashboards relies on having accurate, high-quality data, otherwise, savers could receive incomplete or misleading information. He stresses that good data acts like a “superpower,” allowing for “better and more personalised services, improved efficiency, and better decision-making.” He urges the industry to “tackle the data debt once and for all” and warns, “now is not the time to slow down” if pensions dashboards are to succeed and their full potential is to be unlocked.
TPR’s research shows 80 per cent of schemes are on track to connect to the central digital architecture by their ‘connect-by date’, a “major achievement”. However, connection alone isn’t enough, says Lyne. He says: “The success of dashboards depends on quality data, both the personal data schemes need to find savers, and the value data they must return, often instantly. Without quality data, saver outcomes could suffer.”
Only half of the schemes surveyed know what data they will use to find savers, with a similar proportion confident in its quality. Many still have to implement data improvement plans. Notably, one in four schemes hold some data in non-digital form, and only half of defined benefit schemes had recent pension value data for all members.
TPR has targeted schemes with poor data scores, asking how they are reviewing and improving their data since October. The regulator will meet the largest schemes soon to scrutinise their dashboards readiness and plans a campaign targeting medium-sized schemes due to connect in 2026.
Lyne urges trustees and scheme managers to “make sure they are taking the steps set out in our dashboards guidance and checklist” and to work closely with administrators and AVC providers to ensure data is dashboards-ready.
He adds: “Trustees need to change their mindset – and appropriately focus on and invest in their data. We expect trustees to involve administrators in strategic discussions, look at synergies between data projects, and explore what new technologies can do for them to improve data quality.”
Lyne adds that addressing data debt offers wider benefits beyond dashboards compliance, including reducing complaints, enabling automation, and supporting strategic goals such as buyout or consolidation.
