The Pensions Regulator (TPR) and the National Insurance Services to the Pensions Industry (NISPI) has published a joint statement setting out the intentions of the two organisations to work more closely together in 2011 to improve administration standards.

The NISPI is part of HMRC and deals with occupational pension schemes and Appropriate Personal Pension Schemes that are contracted-out.

Faced with the end of contracting out on a defined contribution basis in 2012, TPR and NISPI emphasise that trustees are ‘legally accountable for record-keeping and data reconciliation’ and that administrators are responsible for ‘keeping customer data safe and secure, as well as relaying certain information to HMRC/NISPI’.

They have suggested that the Shared Workspace tool will help to speed up the reconciliation process (required when a member leaves contracted out employment and when the scheme ceases to contract-out).