Industry can and should do better on record keeping inaccuracies

Rory Murphy says members end up footing the bill for poor scheme and provider service

clock • 3 min read
Rory Murphy: Keeping member records accurate can improve outcomes for savers
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Rory Murphy: Keeping member records accurate can improve outcomes for savers

In 2020 there were, according to the Association of British Insurers (ABI), 1.6 million unclaimed pension pots, with a jaw-dropping aggregate value of nearly £20bn.

The reasons for the failure of the pensions industry to pay out this enormous sum - or for its customers to claim their full entitlements - are various and often relate to commonplace life events. ...

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