Helen Roberts and Jane Marshall
At this time of year pension trustees, like everyone else, are thinking about the year ahead. What will be the major projects for 2026? And, increasingly, does this involve a buyout or wind- up of the pension scheme?
There's one key question we at the Pensions Archive Trust (PAT) would encourage trustees to add to their to-do list – is now the time to take a new broom to the mountain of pension documents that have inevitably piled up over the years?
Today's schemes operate digitally, but what about member records, trust deeds and resolutions, old announcements and member booklets that aren't digitised and may never to see the light of day again? For schemes facing wind-up or buyout, it's worth having a serious conversation about what will happen to these documents and whether, at least in part, they should be preserved for posterity.
It isn't always easy to decide what to do with old records. They usually contain a wealth of information about the scheme and its members which may have been forgotten, particularly where schemes have a long history.
In the mid-20th century, for example, it was common to operate separate schemes for works, staff and senior executives. Such schemes were often rationalised as administration and regulatory costs climbed or created after corporate acquisitions and reorganisations. This paper trail provides fascinating insights into social and corporate history, as well as the financial and regulatory context of the time.
What should trustees do?
So, what should trustees do? Some may conclude that old records have no value and should be destroyed. But if data protection and security concerns can be addressed, best practice is to avoid such an irrevocable step.
Scheme records may contain information that could be needed later but, more importantly, they have intrinsic value in documenting the commitment and investment in a system that revolutionised retirement for millions.
Employers, trustees and pension professionals are rightly proud of that achievement, and the records should be preserved for future generations to learn from both past successes and failures. The solution could be to organise your records into an archive - an orderly collection of historically significant material which deserves preservation.
Some companies maintain professionally organised corporate archives, and pension records can often be added to these.
If this proves to be your solution, don't forget to notify PAT so we can act as a resource for researchers and anyone interested in pensions across the country. In other cases, it is worth talking to us to explore whether depositing your records with PAT is feasible. Schemes contemplating buy-out or wind-up should address this early, before the trustees and the infrastructure that support the scheme are no longer in place.
The Pensions Archive Trust
PAT exists to preserve the documentary and material history of the British occupational pensions movement.
Our overriding purpose is to ensure that donated material is stored securely and can be accessed as an educational resource for researchers, policy makers and anyone interested or involved in occupational and private pension schemes.
PAT holds an extensive collection of pensions material donated by a wide range of organisations and individuals, from industry bodies such as Pensions UK (PLSA /NAPF) the Pensions Management Institute, Association of Consulting Actuaries and Pensions Research Accountants Group as well as schemes including BAE Systems, Kingfisher and Associated British Foods.
Other collections include pensions publications such as the Maxwell scheme documents and the personal archive of George Ross Goobey, which provides a valuable insight into the development of pension scheme investment.
Depositing your scheme records with PAT enriches an established centre of pensions social history and education while giving depositors peace of mind.
Records are professionally catalogued, securely held at the London Archives and managed with data protection built in. Records can be accessed in accordance with established archival practice, meaning that material which relates to living individuals or which is particularly sensitive can be embargoed until an agreed date.
Wield the New Year broom
To those wielding the New Year broom, please contact us! Working with the London Archives, PAT will assess the collection and ascertain whether, and to what extent, restrictions on public access to the material are necessary.
Most of the material currently held by PAT is in hard copy form, but digital collections or part collections are welcome as we continue to evolve to meet the needs of users. Education and access are important objectives, and work on digitising some of its collections has already started. Our own New Year resolution is to enrich and expand our collections so that important material is not lost. We will happily respond to questions or requests for further information.
Pension archives shine a spotlight on a British success story - an early example of corporate responsibility in action.
Let's not forget, company pension schemes provide retirement security to workers whose parents and grandparents frequently had none. Historical records, showing both the triumphs as well as the missteps and occasional disasters allow us to learn from the past-and help prevent similar problems in the future. Let 2026 be the year we take a broom to these archives and preserve, showcase and celebrate the story of British pensions!
Jane Marshall and Helen Roberts are trustee directors of the Pensions Archive Trust
Find our more about PAT at pensionsarchive.org.uk
