The Pensions Regulator on record keepingTuesday, November 13, 2012
The Pensions Regulator set targets in 2010 for schemes to improve member data.
For data created before June 2010, 95% of "common" data records (i.e. name, address, date of birth and national insurance number), had to be in place. For new data created after June 2010, the Regulator set a target of 100% of common data to be in place. The Pensions Regulator has issued a trustee progress checklist and FAQs on measuring data.
The checklist sets out the key tasks that trustees will need to carry out to meet their targets, which include:
• discussing plans with the scheme administrator;
• having scheme data checked and receiving their data score;
• identifying any systematic issues and taking steps to address them;
• agreeing processes with administrators for on-going data monitoring, reporting and dealing with errors.
The Pensions Regulator indicates that the trustees should also have targets for the accuracy of “conditional” data, i.e. scheme specific data. According to the 2010 guidance, The Pensions Regulator expects schemes to have taken significant steps to meet these targets. However, a survey earlier this year showed that less than 47% of responses to the survey had over 90% of required common data in place. It is imperative that the Trustee works closely with JLT to achieve the targets set by the Pensions Regulator and actively monitors progress, putting plans in place to improve data standards where appropriate.
Pension Scheme Trustee - FTSE250 company