In the pensions endgame business, you only get one shot at calculating all the benefits and they have to be right. The fact that much of the necessary information is still held in a variety of electronic and paper records does not help the process.
The industry has had 20 years now since computerisation became the norm and its record in archiving full information in a consistent form does not inspire confidence – not least because it is a long and laborious task.
But the digitising of vital information needs to be completed now as more and more schemes close to accrual. The time for bad record-keeping is past. Like the rest of the industry, it has to be dragged into the 21st century.
Issued on behalf of Spence & Partners by Karen Milne at Blueprint Media tel 0141 353 1515
Date: January 2010