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Pensions regulator launches record keeping review

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The Pensions Regulator has launched a thematic review into pension record keeping standards, focusing particularly on defined-contribution schemes.

The regulator plans to review around 250 schemes covering a range of structures including DC, defined-benefit, hybrid, contract and trust-based.

The schemes will be asked to provide information demonstrating the actions taken to meet data standards. TPR will also request details on the processes and controls in place to maintain or improve those standards.

Schemes that are taken forward for further scrutiny will be provided with individual feedback reports and at the end of the review the regulator will publish a report summarising its overall findings.

The Pensions Regulator policy lead for DC, governance and administration Louise Hallard says: “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 pensions legislation, we may consider taking action through use of our powers.”

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