Pensions Regulator warns that "pensions schemes must get the basics right"

The Regulator’s Chief Executive has told the industry that schemes must get the basics right on data quality to deliver on key areas such as pensions dashboards and value for money.

A press release issued on May 22, 2024, summarises Nausicaa Delfas’ keynote speech at Professional Pensions Live, in which she set out the Regulator’s roadmap for pensions, which “drives value for DC savers, security for DB members and higher standards of trusteeship for all.”

Ms Delfas stated that regulatory compliance is not optional and that there will be a significant change in the Regulator’s enforcement approach to ensure schemes have high quality data and deliver value for members. With savers soon being able to interact with their personal data through pensions dashboards and the value for money framework, the Regulator plans to engage hundreds of schemes and will ask them to account for how they are measuring and improving their data. Action will be taken where trustees fail to meet the Regulator’s expectations.