The Pensions Regulator (TPR) has begun contacting pension schemes to urge them to improve their data quality in the run up to pensions dashboards’ launch, warning that it “will challenge those that are not able to demonstrate how they meet [its] expectations, and regulatory action may be taken if necessary”.

Speaking at the PLSA Annual Conference in Liverpool, TPR interim director of market oversight, Neil Bull, said: “Over 10 years ago we focused on schemes improving their data.

"We are now reaching out to schemes that we think are failing in data to find out why they are not up to scratch. That started [last] week.”

In its correspondence to pension schemes, as seen by Pensions Age, TPR stated: “New pensions dashboards duties mean that it is more important than ever that schemes have robust controls around their data.

"Within the coming weeks we will begin engaging with a number of schemes that fall under the pensions dashboards scope, asking them to account for how they are monitoring and improving the quality of their member data.

"We will challenge those that are not able to demonstrate how they meet our expectations, and regulatory action may be taken if necessary.”

Speaking exclusively to Pensions Age, TPR pensions dashboards business lead, Lucy Stone, explained: “I know a lot of schemes have put the work in with their data, and a lot of schemes have put the work in with pensions dashboards preparation, but we think there are schemes out there that are still not and, with the dashboards coming, they are running out of time.

“Therefore, we are writing to all scheme professionals, reminding them of what we expect on data, based on our guidance and the General Code.

"We will use the data we receive from the scheme returns to identify schemes that we think are at risk of not meeting those expectations.

“We will have a chat with them separately, to look at what they are doing and to ask them to account to us for what they are doing about data, why they are not meeting expectations, and if we do find issues, we will issue an improvement notice.”

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