As a professional trustee, it is the quality of your scheme data that gives you transparency on your scheme’s governance and drives where trustee oversight adds the most value. Management Information is reported from digital data and is often automated. Accurate data is therefore essential to the governance, compliance and risk management processes of a scheme informing Trustee decision making and providing information to regulators and other government bodies.
Future demands on good quality data
It feels as though my entire time as a trustee has been all about data. With the continuing interconnectivity of systems servicing the pensions landscape from payroll systems, Origo transfers, HMRC RTI, Dashboard, member portals and Apps, this integration is going to continue to grow and develop.
The increasing interconnectivity of these systems will only be as good as the data they hold and process. One flaw in the data, particularly when it occurs at the outset, can proliferate across all systems. When data is inaccurate within a complex multi-organisation process it can be difficult to identify the root cause of errors, get the engagement of other parties and then agree rectification. Then there is the ‘who is liable and who pays’ discussion, which is never a cost-free exercise.
There is much greater dependency on external parties to deliver good outcomes in this interconnected model. Working closely and responsively with partners across this landscape is essential but not always achieved. As a professional trustee, being able to challenge external parties within an interconnected environment, is going to become increasingly important.
Whatever complexity we need to understand at the moment, it is not going to be less complex in the coming years. Getting a grasp of the current position will provide a foundation to understand how AI tools are interacting as part of the pension scheme ecosystem.
AI not only uses data, and the quality of that data impacts on the results, but also produces its own data. AI must provide an audit trail for how it has supported processes or performed member interactions and that data needs to be readily available for interrogation and evidence. Data analysis is a skill and is carefully defined, built, tested and peer reviewed before answers are relied upon. AI is a powerful tool that has been made widely available without training and allows users to access digital data and ‘answers’ to their questions potentially without these controls in place.
The digitisation of data has meant that it can be copied, manipulated, stored, accessed and shared not only internally within the pensions administration operation but with suppliers, regulators, partners, clients, employers and members.
Understanding how data moves across systems is essential to ensuring good quality data is maintained. The pensions dashboard is a current example of how important it is to ensure the source of the data is accurate and proliferates through all systems and processes to land at the dashboard as accurate and up to date good quality data.
At Pi Partnership, we are increasing the training for our professional trustees as well as increasing the focus on data digitalisation in governance reviews and risk management oversight. Often following on from the ORA outputs, this will be a focus whether it is supporting a journey to buy-in, a transfer to a consolidator or improving DC member outcomes.
Good-quality pension scheme data is fundamental to effective governance, compliance and risk management. As systems become increasingly interconnected and AI adoption grows, trustees must understand how data is managed, shared and scrutinised to support better decisions and member outcomes.
The role of the professional trustee is evolving as DB schemes move towards endgame, governance models change and technology plays a greater role. But as AI adoption accelerates, trustees must look beyond data and operational risks to consider its environmental impact — and whether ESG thinking needs to evolve alongside it.
Pension scheme data underpins everything from valuations and liabilities to member services and project delivery. But while member data quality receives significant attention, scheme data can be just as critical. This article explores the risks of digitalisation, the importance of accurate scheme data and why effective governance and trustee oversight are essential.
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Amanda is a Board Director of Pi Partnership Group and leads the development of Pi’s services. She works closely with clients, the Pi team and professional advisers to ensure all of Pi’s services meet the changing needs of the pension market and deliver clear value to Pi’s clients.
Amanda has over twenty-five years’ experience in the pensions industry and, as well as ensuring Pi’s services continue to meet the needs of our clients in a rapidly changing pension landscape, is also a member of Pi’s Executive Management Team. She provides specialist project management for clients on a range of services, including adviser selection and review, trustee board assessment and governance design.
As well as being a Fellow of the Pensions Management Institute (PMI) and Chair of the PMI London Group, Amanda holds PMI certificates in Pensions Automatic Enrolment and DC Governance, was a past Prince2 practitioner and is a Certified Risk Management Practitioner.
What do you most enjoy about your role: Successfully delivering complex projects and creating a happy team environment.
Interests outside work: Travel, theatre and as part of Abundance London helping create beautiful spaces in urban settings.
Top achievement to date: Competing in the 2005/06 Round the World Clipper race.
