The Pensions Regulator issues warning over scheme data, or lack of
Following on from our earlier article on this topic, results from the Pensions Regulator’s (tPR’s) fifth annual record-keeping survey has unfortunately brought to light a decline in the rate at which occupational pension schemes are putting in place processes to measure their data, with figures almost identical to the previous annual survey. The proportion of schemes that are still not formally measuring conditional data continues to be high, with 42 per cent of schemes failing in 2014 in contrast to 46 per cent in 2013.
However, there is some good news. The survey has indicated a continuing trend of better record keeping by the larger pension schemes. For example, 64 per cent of large schemes hit tPR’s common data target in contrast to only 33 per cent of small schemes. No doubt one contributing factor is due to the greater resources available…
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