“Big Data” is a topic that is frequently referred to in the news. The traditional definition of Big Data is data that contains greater variety, arriving in increasing volumes and with ever-higher velocity. Whilst this definition isn’t typically of direct relevance to trustees of UK occupational pension schemes, it does have some application in the context of guaranteed minimum pension (GMP) equalisation.
Trustees are already grappling with scheme data in connection with the submission of data scores to the Pensions Regulator as part of their scheme returns. In addition, data issues are high on many trustee agendas, for example, when addressing data security and data privacy obligations, or looking ahead to the information to be provided to pension dashboards. Following the recent High Court decision on the issue of GMP equalisation and historical transfers – a ruling commonly referred to as “Lloyds 3” – trustees have a potential further headache regarding scheme data to deal with.