From The Pensions Regulator:
The Pensions Regulator has stressed the importance of good record-keeping in the governance of pension schemes in a
The regulator acknowledges that there are some schemes and providers which achieve high standards. However, evidence suggests that there is certainly scope for improvement in standards of record-keeping, and that this is true irrespective of size or type of scheme. The main problem areas we have found include poor legacy data and limited appreciation of the importance of good record-keeping.
Poor record-keeping can lead to significant additional costs in a number of areas, such as higher costs during buy-outs or wind-up, more expensive administration, claims from disgruntled members, and inaccurate actuarial valuations. These costs are ultimately borne by members, the employer, or both.
The regulator’s consultation calls for views on some specific steps, to…