The Pensions Regulator (TPR) has launched a thematic review into the accuracy of record keeping by defined contribution (DC) pension schemes.
In 2010 the regulator set a series of ‘common data’ standards for around 250 DC schemes which includes information such as the member’s name, date of birth and National Insurance number.
TPR’s current review will check these standards are being met.
Louise Hallard, TPR policy lead for DC governance and administration, said: ‘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.’
‘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. However, if during the course of the review, we find breaches of pension’s legislation, we may consider taking action through use of our powers.’
Schemes will be targeted based on membership profile and previous interaction with TPR.