Pensions - Articles - Regulator publishes new Record-keeping research

 The Pensions Regulator has published a report detailing the key findings of the latest Record-keeping survey. The research was conducted amongst a representative sample of administrators and trustees of trust and contract-based pension schemes in February this year.

 
 The research shows encouraging progress on scheme data quality, however there is still significantly more for some schemes to do to ensure they maintain accurate records.

 
 Amongst schemes that knew their data score, the percentage with 90% or more ‘common’ data present in their records – such as name, address, date of birth – nearly doubled to 47% from 24% in 2011. The percentage of schemes able to provide this information (their basic data score) was 66% compared with 33% last year.
 The regulator set a standard in 2010 for schemes to achieve by December 2012 100% of common data in place for members joining a scheme after June 2010, and a 95% standard for members joining schemes before June 2010. High standards are essential as there are many risks associated with inaccurate data. Throughout a scheme’s lifecycle, trustees need to ensure that accurate and complete membership data and records are maintained and regularly reviewed.