Chris Sier, MD, UK, Kas Bank, explains to what extent pension funds can make use of data and how this need for data is driven by regulators.
It’s no surprise that people may forget what pensions they have considering they may have first set them up 30 years ago, especially as they change jobs or move addresses. But there’s a clear duty of care for organisations to make sure they can get in touch
with the people who are owed money. These high numbers of ‘lost pensioners’ is symptomatic of old data, and locating those eligible becomes like searching for a needle in a haystack. It’s often not a question of a lack of transparency; it’s simply a question
of having access to the correct information. In this era of big data thousands, perhaps millions, of pensioners shouldn’t be missing out just because providers can’t locate them.
© Finextra Research 2018