The Pensions Administration Standards Association (Pasa) Data Working Group has published new Data Management Controls Guidance, providing "practical support" for schemes and administrators in developing their own controls.

The guidance, which builds on previous Data Management Plans Guidance published in March 2021, has identified a number of key considerations when setting data controls, including the importance of benchmarking and what regular testing should look like.

It also highlighted the importance of data management in the industry, arguing that the accuracy of pension scheme records is “fundamental and the foundation for the majority of activities a scheme needs to undertake throughout its lifetime”.

“Pension scheme data only remains accurate for a finite period and will become obsolete if sufficient controls aren’t in place to maintain it," it stated.

“If pension scheme data isn’t accurate and kept up to date, time, resource and budget will be needed to accommodate and fix inaccuracies."

Adding to this, Pasa Data Working Group chair, Kristy Cotton, said: “Pension schemes regularly hold millions of data items and it’s essential appropriate processes and procedures are in place to manage this and ensure data remains in good shape.

"If data isn’t accurate and kept up to date, then time, resource and budget will be needed to accommodate and fix inaccuracies.

“Accurate data is essential for regular and one-off project activities, and the importance of holding precise data has never been more important."

Cotton also stressed that trustees are facing "ever increasing demands for accurate data", including in relation to dashboards’ requirements, regulatory reporting, de-risking activities, automated calculations, and self-service.

"As such, having confidence in an accurate and reliable dataset should be one of the key objectives for all trustees and their stakeholders," she concluded.

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