In a report prepared for The Pension Regulator by OMB research to gain a greater understanding into pension scheme administration and the challenges faced by Administrators.
The data section of the survey focused on large administrators (100,000+ memberships) and threw up some interesting results.

Whilst the vast majority of these administrators were confident in the accuracy of the data they hold, there were significant issues around historical gaps and lack of email and phone numbers.

These gaps can have a significant impact on a scheme’s ability to contact their members and the figures from the survey are concerning.

All large administrators were asked if they were ‘Confident in accuracy of data for at least 75% of memberships’ for both active and deferred members.

Only 56% of schemes were confident in the accuracy of their active members email addresses, this figure dropping alarmingly to 11% for deferred members.

Mobile phone numbers represent another significant challenge to administrators with only 38% of them confident in the accuracy of >75% of their Active Members. Again the figure is, expectedly, far lower for deferred members at 13%.

These figures represent a fundamental challenge in an administrator’s ability to contact a scheme’s members outside of costly mailouts.

The report also highlights issues with regards to pension administrators’ ‘Dashboard Readiness’ ahead of the Pensions Dashboards Program’s rollout. A quarter surveyed expressing that ‘availability of data, accuracy of data and inability to fill historical data gaps’ being just some of challenges the success of the program will have. Accurate and complete member email addresses will be critical when matching members with multiple pots and reducing the number of partial matches.

MM, are a government-licensed data services company, supplying the pension & insurance industry. Our innovative solutions address this critical gap in member information with a new source of over 50m opt-in email addresses.

Our Email Append Service is designed to solve the very problem outlined in this report by OMB Research. This service seamlessly integrates email addresses into existing data sets ensuring administrators can comply with regulations and reduce operational costs.

OMB Research. (2022). Survey of pension scheme administrators 2020 to 2021 [Online]. Prepared for The Pension Regulator.