The Pensions Regulator is “determined to resolve” issues of data integrity and improve standards of record keeping and data maintenance, it has said.

Speaking at yesterday’s Pensions Age Spring Conference, TPR executive director Andrew Warwick-Thompson outlined the regulator’s key priorities including the improvement of pension scheme data and requirements for the 21st century trustee.

“Poor records can affect a scheme’s ability to carry out basic functions,” he said. Adding that this can “lead to increased costs and is a critical issue and one we are determined to resolve”.

Furthermore, the TPR also plans to address data security, in particular cyber security. Although there has not been a major cyber security attack in the pensions industry as of yet, Warwick-Thompson noted: “the data is there, the data is what these people are after”.

As a result of this, cyber security and data protection as a whole is something that schemes are encouraged to priorities.

In addition to this, Warwick-Thompson outlined TPR’s key corporate priorities including: the completion of auto-enrolment, quicker intervention where DB schemes are underfunded, creating an effective board structure and improving its clarity in codes, guidance and other interactions with schemes and employers.

TPR is also consulting with the industry to define common and conditional data as well as a definition for a professional trustee in order to set higher standards.

Share Story: