Industry can and should do better on record keeping inaccuracies

Rory Murphy says members end up footing the bill for poor scheme and provider service

clock • 3 min read
Rory Murphy: Keeping member records accurate can improve outcomes for savers
Image:

Rory Murphy: Keeping member records accurate can improve outcomes for savers

In 2020 there were, according to the Association of British Insurers (ABI), 1.6 million unclaimed pension pots, with a jaw-dropping aggregate value of nearly £20bn.

The reasons for the failure of the pensions industry to pay out this enormous sum - or for its customers to claim their full entitlements - are various and often relate to commonplace life events. ...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Admin / Technology

Pension administrator capacity biggest obstacle to buyout, LCP finds

Pension administrator capacity biggest obstacle to buyout, LCP finds

LCP says schemes at risk of being caught in ‘bottlenecks’ due to lack of administrator bandwidth

Martin Richmond
clock 18 December 2024 • 2 min read
Aptia partners with HSBC on pension payments

Aptia partners with HSBC on pension payments

Partnership will see firm adopt bank’s payment pre-validation API to reduce risk of errors or fraud

Martin Richmond
clock 16 December 2024 • 1 min read
Majority of asset managers using AI to support investment research

Majority of asset managers using AI to support investment research

XPS analysis finds four-fifths using a form of AI to improve their internal business efficiency

Martin Richmond
clock 12 December 2024 • 3 min read
Trustpilot