The Pension Protection Fund has expressed concern that the poor quality of data is causing around 40% of schemes entering the PPF to experience delays. We have a selection of blogs on the subject of data issues; “Pension scheme data after scheme closure“, “Good record keeping is key to a well run scheme” and “Pensions administration – the devil is in the data”
The PPF have identified that better quality data is needed and, although they accept that standards will not improve overnight, believe more regulation is required.
Although not willing to compromise on data quality the PPF is aware that by reducing the time taken for a scheme to enter the fund the investment cost to the PPF would also be lower.
The PPF has announced their intention to work with the actuarial profession to speed up the process. Their aim is to reduce the length of time taken for entry from around two and a half to just two years for 75% of schemes.
Spence & Partners have extensive experience working alongside trustees to prepare pension schemes for the Pension Protection Fund. Find out more at “Discontinuance – Pension ProtectionFund”.