The Pensions Regulator has issued guidance on the subject of accurate record keeping. The guidance is essentially broken in to three main areas of member data.
Common data which covers those items that all pension schemes should record as a matter of course. Examples include date of birth and NI number.
Confidential data which is dependent on the type of scheme in place. Examples include service start dates and pensionable salary and contribution histories.
Numerical data which give trustees comfort, albeit at the highest level, that the data is broadly in line with their understanding. Examples could include the number of members with part time history, benefits transferred from elsewhere or paying voluntary contributions.
Whilst the guidance is just that, trustees and pension managers should be taking action now to assess the accuracy of their scheme's data and put into place plans to correct or supplement the data where necessary. It will come as no surprise if the focus of 'educating and enabling' is replaced with a more regulatory enforcement approach post 2012.
We are committed to providing a fast and accurate service to our clients. We know only too well the effects of incorrect or missing data. If you feel the same, and would like to learn more about how we can help you identify any weaknesses or errors in your data, please contact us.