KPMG analysis of over 100,000 member records reveals the most common administration failings and how they are increasing fund liabilities by up to 5%.
The professional services firm compiled a list of the top 10 errors in occupational scheme member records found by its data quality tool, KLean. It discovered over a third of all members' scheme records had some NI data missing with 22% missing some entries and 12% missing the complete history. The full top ten is: Missing entries in National Insurance history (22%) Guaranteed Minimum Pension figures missing (17%) Member's Normal Retirement Date inconsistent with expected Normal Pension Age for benefit category (13%) National Insurance contributions / earnings history compl...
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