The Regulator is targeting schemes with over 100,000 active and deferred memberships to understand the progress they are making with their dashboard data preparations. Meetings with schemes will be scheduled over the next few months, and it may issue the schemes with questions ahead of the meetings.
The areas the Regulator intends to look at include:
- The processes schemes have in place to keep up data quality on an ongoing basis.
- An assessment of the quality of the data schemes intend to use for matching.
- How schemes intend to deal with possible matches.
- The readiness of schemes’ value data, specifically whether value information is recent and calculated in line with FRC and/or scheme rules.
- The processes schemes have in place to ensure that benefits are correctly calculated.
In addition, the Regulator will also be contacting a representative sample of smaller schemes to better understand their approach to their dashboards duties and to gather insights and information on specific challenges they are facing relating to connection, data and operational readiness.
