The Pensions Regulator (TPR) has issued a consultation document on record keeping to canvass opinion on ways of improvement. The consultation is targeted primarily at those who are responsible for scheme record keeping, namely trustees or providers of contract-based arrangements and those who administer pension schemes i.e. insurers, third party administrators or in-house administration service providers.
- TPR believes good record-keeping is vital to ensure that:
- Members receive accurate information about their pension rights
- Members receive the correct benefits
- Additional costs associated with the effects of poor record keeping are avoided
- Decision-making by members, trustees, and employers on various issues is rendered easier and more effective
- Buy-outs are not rendered more expensive where there is doubt over the quality of records in a defined benefits (final salary) scheme
The deadline for responses is 15 October 2008 and the consultation is intended to result in good practice guidelines being issued.
View the consultation document (274KB)(pdf)