The Pensions Regulator has issued a consultation on record keeping. Consultation closes on 27 April 2010.
It follows on from the Record Keeping Guidance issued in January 2009 which set out a series of tests. Since then the Regulator has found no evidence of a marked improvement in record keeping and the PPF has experienced significant problems with poor member data. The Regulator therefore intends setting new objectives.
In relation to “common data” (basic information all schemes will hold) 100% of new data must pass the tests from the date the new guidance is finalised and 95% of legacy (existing) data must pass the tests by 2012. Schemes must set their own targets in relation to “conditional data” (scheme-specific records).
To accompany this consultation the Pensions Regulator has also published a second e-learning module.
The new e-learning module