Pensions Regulator: schemes must improve data
The Pensions Regulator has published a report which suggests that pensions schemes could do more to maintain accurate records of members.
According to the latest record-keeping survey on trust and contract-based pension schemes, the number of schemes with 90 per cent or more ‘common data’ present in their records, which includes basic information on members such as names, addresses and dates of birth, nearly doubled to 47 per cent, from 24 per cent in 2011.
The percentage of schemes able to provide this information was 66 per cent, compared with 33 per cent last year.
The regulator has set a record-keeping standard for schemes to achieve by December 2012. The standard is that 100 per cent of common data is in place for members joining a scheme after June 2010, and 95 per cent of common data is in place for members joining schemes before June 2010.
A spokesman for The Pensions Regulator said: “High standards are essential as there are many risks associated with inaccurate data. Throughout a scheme’s lifecycle, trustees need to ensure that accurate and complete membership data and records are maintained and regularly reviewed.”
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