Pensions - Articles - Data Protection Bill gives clarity for pension schemes

 Michael De Souza, Technical and Compliance Manager at Trafalgar House, commented: “In the modern technological world it is imperative that the UK has a system that is fit for the 21st century. The Bill aims to ensure the UK’s framework is suitable for the new digital age and to establish new regimes for data processing are important for schemes and sponsors, giving a clear confirmation that the UK still intends to meet the obligations of the upcoming EU General Data Protection Regulation (GDPR).

 “The Bill also gives pension scheme members greater comfort that their data protection entitlements will be fully enshrined in UK law and strengthen their rights over personal data use – which is a very positive step for improving people’s trust in financial institutions.”

 De Souza continued: “At Trafalgar House, we have been taking steps in recent months to ensure we are prepared and aligned for the new regulations ahead of May 2018. The details of the Bill will ensure we are GDPR ready and able to assist trustees with their responsibilities under the regulations.”