Pension trustees told to drive up standards in record-keeping

The Pensions Regulator (TPR) has warned over the standards of record-keeping among scheme trustees, it has been revealed.
According to a new report, more than 400 trustee boards have been “urgently ordered” to review the data they hold as part of a “crackdown” on inadequate financial reporting.
The regulator said those involved in the crackdown, believed to have failed to review their data in the last three years, have just six months to comply with their demands or face penalties of up to £50,000.
This involves reporting to the regulator, within six months, on what proportion of their members they hold common data for, such as names, dates of birth, and addresses, and scheme-specific data for, such as how funds are invested and level of pension contributions.
The latest action forms part of a sector-wide campaign to drive up standards in pension governance, administration and reporting. Earlier this year, scheme trustees were also reminded about issues such as dividend payments to shareholders and the length of recovery plans.
Commenting on the report, David Fairs, TPR’s Executive Director of Regulatory Policy, Analysis and Advice, said: “Accurate record-keeping is vital to good governance and administration – without it trustees cannot ensure that savers will get accurate information or receive the pensions they are entitled to.
“Requiring trustees to carry out reviews will force them to look closely at their data and administration and take appropriate action to bring their systems up to scratch.”
The regulator added that proper record-keeping will also be “vital” for pensions dashboards so that “savers can see exactly what pension savings they have and consider whether they need to put more away for later life”.
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