On 9 January the Pensions Regulator published its final-form guidance on record keeping (Record keeping: good practice in measuring member data), targeted at those involved in scheme administration (including trustees, providers and administrators of all work-based schemes) and designed to help them put in place good practices for measuring the presence of member data.
The Regulator makes it clear that the purpose of the guidance is to enable and educate those involved in scheme administration. It will review this policy over the course of 2009 and will then consider whether an enforcement approach is necessary.
The guidance lists certain events which the Regulator considers give rise to an "urgent need" to review record-keeping:
- Full or partial scheme wind-up.
- Entry into a Pension Protection Fund or Financial Assistance Scheme assessment period.
- Change of scheme administrator.
The Regulator also lists certain events which give rise to an opportunity for trustees to review record-keeping. These events include closing the scheme to future accrual, actuarial valuations, ceasing to contract-out and scheme rationalisation.
A copy of the full guidance can be found on the Regulator's website here.