Sackers comments on record-keeping consultation

On 2 February 2010, the Pensions Regulator published a consultation on proposals for regulation entitled, “Record-keeping: measuring member data”.  The consultation document describes:

• progress made by pension scheme providers, trustees and administrators in taking up the “good practice” guidance issued by the Regulator in January 2009; and
• proposals for the regulation of standards for member data.

The consultation closes on 27 April 2010.

Robin Simmons, partner and governance expert at specialist pensions law firm Sackers, commented: "The writing has been on the wall since early 2009 that the Regulator would likely move from its “educating and enabling” phase to a stronger “enforcement” stage.  We agree wholeheartedly with a push towards improving standards of record-keeping: all too often we find trustees are astounded when they realise the gaps in their current data.  Whilst the tougher regulatory approach proposed appears to be well-balanced and measured, the reality may be that the Regulator's relatively low expectations on costs may not be borne out in practice.  Hopefully, though, an industry-wide push for higher standards in this critical aspect of scheme governance will see administrators compete to demonstrate that they have the resources and systems to help trustees meet these important challenges."

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