View more on these topics

TPR investigates four more schemes over record keeping

The Pensions Regulator is investigating a further four pension schemes over record keeping failures.

It launched a review of seven schemes last year as part of a thematic review.

It follows TPR conducting its fifith annual survey of record keeping, finding a third of trust-based schemes are failing to meet its targets.

Defined contribution executive director Andrew Warwick-Thompson says: “It is highly disappointing to see that a proportion of schemes still do not see record keeping as a priority.

“We will be working with schemes to improve standards but we will take action where problems become apparent to us and report publicly on the outcomes, as appropriate.”

The seven investigations announced last year are ongoing.

TPR has the power to fine schemes if they fail to meet its demands.

Warwick-Thompson adds: “Our recent thematic review unveiled a number of concerns, which led us to open new cases.

“Schemes that are measuring their common data regularly are improving their scores, highlighting the benefits of undertaking this important exercise.

“But with the Government’s legislation on quality standards coming into force in under a year, the introduction of automatic transfers, and the end of contracting out for defined benefit schemes, it is vitally important that all schemes work closely with their administrators to really get to grips with their data and avoid problems and high costs further down the line.

“Through the record keeping survey, and other research and analysis, we consistently see weaker governance and administration standards in smaller schemes. To address this we plan to overhaul our strategic approach to improving the quality and skills of the people responsible for running pension schemes.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment