UK - Failure to keep membership records up-to-date is exposing 80% of schemes to breaches of the Data Protection Act, a news report claims.
Leading data management company UBSi says its survey of 144 occupational pension schemes found that only 24 had taken steps to ensure their address database was accurate.
And with an estimated 10% of people moving every year the problem is getting worse.
UBSi say this means “literally thousands” of scheme members’ benefit statements are routinely being sent to the wrong addresses.
Head of partnering services Alister Esam said: “Many schemes worry about the detail of the Data Protection Act. However, they continue to issue data to addresses where members can easily be identified as no longer residing; this is in breach of three of the eight basic principles of the Data Protection Act.”
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
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