Listen to our latest Pensions Conjecture debate on Administration and Data Management.
The Pensions Regulator says trustees should ask themselves two questions about scheme records - firstly are their member records complete and accurate and, secondly, if you were asked to prove your records are complete, could they do this?
The regulator says trustees have a duty to ensure that members of their schemes receive the benefits they are entitled to - and it says trustees have a responsibility to make sure their member data is complete and accurate.
Yet, despite this, a number of schemes are failing to engage with the regulator's guidance on record keeping and an insufficient number are creating a plan to ensure data is complete and accurate.
The panel includes:
Paul Latimer - Partner, Barnett Waddingham
Michael Mann - Administration Director, MNPA
Claire Ross - Head of Customer Service Delivery, Mercer
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...