Regulator toughens up on record keeping standards

Posted on Feb 02, 2010

Following extensive research during 2009, the Pensions Regulator has built on guidance on record-keeping standards published last year.

The Regulator has found that take-up of the guidance fell below the levels expected, with only 19% of schemes surveyed having checked that all fundamental data was held.

Under the new proposals, it will be a requirement for schemes to maintain high-quality standards of data. Where schemes fail to have adequate plans in place to resolve data issues, the Regulator will require them to improve.

Consultation on the new guidance runs for 12 weeks.