31 December 2012 – Will Your Scheme Be Ready?
By the end of 2012 the Pensions Regulator expects a marked improvement in the standard of pension scheme record-keeping across the industry.
Those responsible for running or administering a pension scheme are expected to have evaluated the quality of the records held, and where inadequacies occur, have a clear plan in place to rectify the problems.
Trustees and sponsoring employers have legal, regulatory and professional obligations which are dependent upon the quality of the records held and any deficiencies impact on scheme costs, increase risk exposure and can impact on reputation.
The Pensions Regulator intends to assess a number of schemes and is expected to use “a strong regulatory approach” and “enforcement action” against those who have not initiated a plan of action to improve record keeping standards. As 2012 approaches this enforcement is expected to become more rigorous.