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The importance
of good record-keeping in the governance of pension schemes has
been highlighted in a consultation launched by the Pensions Regulator
(TPR), aimed at those responsible for record-keeping and those who
administer schemes.
According to the Regulator, while there are some schemes which achieve
high standards, there is room for improvement in others. The main
problem areas have been identified as poor legacy data and limited
appreciation of the importance of good record-keeping. Poor recognition
of its importance could, TPR said, lead to significant additional
costs in a number of areas.
The consultation states good practice as testing for the presence
of core information about every member of work based pension schemes,
discovering whether trustees or providers should identify and measure
additional information required to administer their particular scheme,
and if necessary developing a plan which will obtain missing information.
TPR is also calling for feedback on proposals to include the importance
of data, record-keeping and checking data integrity in their e-learning
programme ‘the Trustee toolkit’.
Chief executive of TPR, Tony Hobman, said: “The quality of
record-keeping has a huge impact on all aspects of administration
of a pension scheme. We wish to raise awareness of this essential
aspect of pension scheme governance and welcome views on the approach
set out in the consultation document.”
The consultation period will run for 12 weeks, ending 15 October
2008.
- Pensions Age
July 2008
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