Trustees on the road to buyout may believe their data is accurate, but recent research from Professional Pensions and LexisNexis® Risk Solutions reveals a different picture.
Respondents rated their data highly for completeness and accuracy, yet many also reported poor member engagement and returned correspondence. And with data typically degrading by up to 11% each year, overconfidence could be increasing as time goes on.
Alan Clay, Director of Data Strategy at LexisNexis Risk Solutions, warns that even small data gaps can have major implications when it comes to transacting. "If there's any missing data, assumptions will need to be made, which will mean there is a higher variability in the actual quote received from the insurer. It isn't just about completeness either – correcting errors in full datasets is essential," he says.
Read The dangers of bad data on the journey to buyout today to find out why misplaced confidence in data readiness could mean schemes face obstacles on the road to buyout.
