Pension scheme trustees should ‘get smart’ about their data ahead of the final deadline for all pension schemes to be connected to dashboards, LCP has said, warning that there is no one-fits-all approach.

The firm argued that while there is good guidance set out by the Pensions Administration Standards Association for trustees when creating a data matching strategy, it is ultimately the responsibility of trustees to determine how to get their data-matching process in order.

And despite recent delays, the firm suggested that addressing this challenge now could prove cost-saving once dashboards are officially launched, as well as saving time in the long run.

Given this, it argued that trustees should be considering several issues around their data to make sure they are in the best position ahead of going live with their dashboards.

In particular, the firm explained that the key bits of data needed to verify a member's identity are their surname, date of birth, and National Insurance number, confirming that if all three of these match exactly, then it is highly likely that the member's identity has been confirmed with certainty.

However, given the data matching issues that are likely to arise, LCP suggested that widening data options to include unique data items, such as email addresses and mobile numbers, alongside traditionally used information is key.

In addition to this, it emphasised that the way data items work together is important, stressing the need for trustees to take the time to explore all possible scenarios, so that they can create a robust set of matching criteria.

The firm also clarified that whilst a full assessment of the matching criteria cannot be done until the dashboards are made public, it is important to invest time now to make the matching criteria as reliable as possible, and ensure a strong foundation when the dashboards go live.

LCP senior consultant, Ella Holloway, commented: “Creating data matching criteria is a complex task that requires careful consideration, and there is no one-fits-all approach.

“However, smart choices made during this period can lead to a more seamless transition into the new dashboard world.”

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