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AEGON: Poor data could cost pension schemes millions

19 February 2010

Inaccurate data and poor record keeping could cost the UK's pension schemes millions of pounds in the long run.

This is the view of leading insurance group AEGON, which has backed the Pension Regulator's calls for improved governance of pension schemes.

According to AEGON, poor record keeping could see variations of up to five per cent, which could equate to losses of £50,000 for each £1 million of assets.

Steve Connor, head of pensions services at AEGON Trustee Solutions, said: "It's clear that 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."

Concerns among trustees about the standards of record keeping at pension schemes could lead to a number of people looking at additional ways to provide for their retirement.

Schemes such as equity release can provide a homeowner with a welcome financial boost with funds taken form the value of their property assets.