The Pensions Regulator (TPR) has today launched a thematic review on record keeping targeting around 250 schemes.

In 2010, the regulator set a number of common data standards surrounding members' address, date of birth and national insurance number, so that members of a scheme can be uniquely identified. For new data created after June 2010, the target to be met is 100 per cent of common data to be in place, while for data created before June 2010 the target is 95 per cent.

As part of this review, a selection of DC, DB, hybrid, contract and trust-based arrangements will be assessed and targeted based on their scheme and membership profile. Previous interaction with the regulator will also be taken into account. Schemes will have to provide information on their exact actions to meet data standards and also detail processes to maintain or improve these standards. If the regulator decides to further scrutinise a particular scheme, the scheme will be provided with individual feedback reports.

The regulator’s policy lead for DC, governance and administration Louise Hallard said: “We expect schemes to have taken significant steps to reach the targets we set, but our last research findings showed many still had some way to go.

“We will be approaching a sample of schemes. Selecting a specific scheme for review does not mean that we expect to find problems with its record-keeping. However, if during the course of the review, we find breaches of pensions legislation, we may consider taking action through use of our powers.”

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