TPR takes tougher approach on poor record-keeping
1 Mar 10
The Pensions Regulator (TPR) has published a consultation paper setting out standards for member record-keeping and requiring schemes that fall short to take steps to improve their performance
A study carried out by the regulator found that 19 per cent of schemes surveyed had checked that they had all the fundamental common data. Of these, some 53 per cent appeared to be missing more than one item of this data.
Under new proposals from TPR, it will be a requirement for all schemes to maintain high-quality standards of data. The regulator proposes to set targets for the accuracy of the common data which schemes must hold. Where schemes fail to have adequate plans in place to resolve data issues, the regulator will require them to improve.
The consultation can be viewed on the regulator’s website.