How can data accuracy affect a workplace pension?

By Mattioli Woods

28 Feb 2013

Work place pensions have gained a lot of press lately, and as the regulators send out the next wave of staging dates to businesses across the UK, specialist Colin Wildman from Preston based financial advisory group, Taylor Patterson talks about what systems and processes will employers need to put in place to meet the pension scheme automatic enrolment requirements.

One of the most important aspects of meeting the government’s pension scheme automatic enrolment regulations is data management. We are working with local businesses on improving their data systems ready to implement auto enrolment schemes. Employers will need to be assured that their payroll or pension scheme provider can provide a robust system. Data must be assessed both on an initial and on-going basis within each employee pay reference period.

Some of the leading pension scheme providers have developed administration hubs that will help employers assess employee data, make contributions, keep records, communicate with employees and meet the on-going requirements. Payroll providers have also started to add additional data fields to their systems to help employers meet their auto-enrolment duties.

From the software system used to hold the data and calculate the pension payments through to the process of updating the data when required, one thing is for certain, many businesses are facing data struggles over the coming months.

Another issue we regularly come across is the data policies, or lack of them in place within organisations. Many businesses are struggling with what data to manage and most importantly how.

Accurate and up to date data is fundamental if the employer is to: Correctly assess the different categories of worker; Communicate with employees; Auto enrol employees; Make contributions; Meet the Regulator’s record keeping requirements. Employers need to be confident that they hold the data required to meet the employer duties and that it is current, accurate and sufficient. Employers may require new data fields e.g. a workers State Pension age and ‘qualifying earnings’ as defined by the regulations. Taylor Patterson recommends that employers consider completing an employee data audit well in advance of their auto enrolment staging date. Any data held must be lawful, adequate, relevant and no more than sufficient in line with Data Protection legislation.

It is also worth noting that Employers must keep specific records about pensions and payments. Most of these records must be kept for a minimum of six years. Employers can use electronic or paper filing systems to keep or store any records as long as they are legible and can be produced if the regulator or any other Trustee asks to see them.

It is important that employers plan ahead and do not underestimate the complexities of auto-enrolment. This is a lesson which has already been learnt by the large employers who have passed their staging dates and have learnt through their mistakes. For further guidance and assistance with work place pensions and how auto enrolment may affect you please contact Paul Jackson or Colin Wildman on 01772 555073

Latest news

1

Major shareholder makes Inspired takeover bid inspired-500x500.png

Major shareholder makes Inspired takeover bid

23 Apr 2025

2

Nominate your favourite family-run business in Lancashire. Thompsons meeting (1).png.png

Nominate your favourite family-run business in Lancashire.

22 Apr 2025

3

Business academies to continue for an additional year Cllr Mark Smith (r) with Top Gun Tools & Fixings team presenting Blackpool Net Zero Academy certificate

Business academies to continue for an additional year

22 Apr 2025

4

Napthens advises A Lamb Associates (ALA) and subsidiary Morham & Brotchie Partnership on their acquisition by Hawkins & Associates Richard Robinson Feat IMG

Napthens advises A Lamb Associates (ALA) and subsidiary Morham & Brotchie Partnership on their acquisition by Hawkins & Associates

22 Apr 2025

5

Six promotions at Farleys Solicitors Promotions at Farleys Solicitors

Six promotions at Farleys Solicitors

22 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

The Business Network Central & East Lancashire
LBV Hub Networking
24 Apr 2025 - 24 Apr 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Preston Freelancer Meet-Up: April
1.png.png
LBV Hub Networking
25 Apr 2025 - 25 Apr 2025

Preston Freelancer Meet-Up: April

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin