The Pensions Administration Standards Association (Pasa) has published new guidance on data presence versus accuracy for pension schemes.

The guidance aims to show what accurate data is, what trustees should do to improve their data accuracy, outlining a number of steps that should be taken to ensure data accuracy is maintained.

In particular, Pasa said that trustees need to be prepared to face new obligations in addition to existing duties, arguing that an increased focus on good record keeping is being taken by The Pensions Regulator (TPR) and what was considered “nice to have” is now a “must have” for schemes.

The guidance said that the timing of a data accuracy review will be influenced by decisions made by the trustees on the future of the scheme, noting that, in the case of de-risking or review of scheme funding, for instance, this will be a key driver in the decision making.

It also suggested that data remediation projects are a useful tool for maintaining accurate data, although it said that trustees should also maintain data improvement and management plans to ensure continuous monitoring.

"The call for data auditing is not new, and this latest guidance builds on a suite of content focused on improving and maintaining scheme data," Pasa chair, Kim Gubler, said.

Gubler also said that while advances have been made in improving data scores, the industry needs to “push forward to ensure data is not just present, but accurate”.

“As noted by TPR’s chief executive, trustees have explicit obligations to ensure the accuracy of scheme records. General Data Protection Regulation also requires all reasonable steps should be taken to ensure personal data is accurate. The time to act is now,” she said.

Pasa data working group chair, Kristy Cotton, added: “Trustees should recognise data quality management is an ongoing process.

“Data needs to be consistently monitored throughout the life of the scheme and controls reviewed to ensure they remain adequate to prevent future data degradation.

“Accurate data can be achieved by audit, remediation, root cause analysis, and strengthening system controls.

“Trustees should also maintain data improvement and management plans to ensure continuous improvement. Poor quality data can lead to poor decision making.”

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