PENSIONS REGULATOR SURVEY SHOWS MANY SCHEMES NOT KEEPING THE REQUIRED RECORDS
29 July 2013
The Pensions Regulator's (TPR) annual record-keeping survey shows there is a lack of awareness of data obligations amongst smaller schemes.
Maintaining accurate records is crucial to the effective administration of pension schemes.TPR previously set targets for schemes to meet certain 'common' data standards by the end of 2012. 'Common' data includes name, date of birth, National Insurance number and other basic member information.
Schemes also need to ensure that their 'conditional data' is correct and complete. This is additional information required to accurately calculate benefits.
TPR’s recent survey has revealed that many schemes are still falling short of achieving the standards set, despite steady improvements in some areas.
It shows that the majority of large and medium trust-based schemes measure common data, and over half meet the overall target.But measuring conditional data is less prevalent, with 29% of large schemes saying that it was not a priority and half of trust-based schemes unaware of the requirement to do so.
TPR are currently undertaking a detailed review of some schemes to establish whether they have met the targets for the accuracy of records. If they find breaches of pensions legislationthey will consider actions such as improvement notices or financial penalties. TPR intends publishing the results of the review later this year and will update their guidance to reflect the key findings.
View the full survey.