01 March 2013
The Pensions Regulator is set to carry out checks to determine whether pension schemes are complying with its record-keeping guidance.
The regulator set a target in 2010 for 'common data' standards of 100% of data to be in place for schemes created after June 2010 and 95% if they were created before that point, and it now plans to check how accurate firms have been.
A deadline of December 31 of 2012 was set for funds to achieve the required standard for information relating to names, dates of birth and National Insurance numbers, but Louise Hallard thinks some schemes are not meeting the targets.
"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," said the policy lead for DC, governance and administration at the regulator.
"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."
Copyright Press Association 2013
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