Poor pension records 'could cost schemes millions'

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Poor pension records 'could cost schemes millions'

Pensions schemes could be made better with an improved quality of record keeping, as British adults are currently being left millions out of pocket.

That is according to Aegon Trustee Solutions, which claimed that inaccuracies in data leave the average pension scheme five per cent down – meaning that a £25 million pot would miss out of £1.25 million.

The firm is supporting a recent paper by the Pension Regulator calling for a greater quality of data keeping when it comes to employee's retirement schemes.

Steve Connor, head of pensions services at Aegon, said: "High quality data is at the core of good scheme governance. The impact of poor data quality could result in increased compensation risks as well as increased liabilities for the scheme sponsor."

Aegon recently revealed that customers taking out two or more benefits on the same pension plan will be able to take advantage of more benefits.

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