Pension scheme trustees must make accurate record-keeping a priority given the increase in pension flexibility and minimum governance standards for defined contribution schemes the Pensions Regulator has warned.
The Pension Regulator wants Pension trustees to note the following:
- Minimum governance standards for defined contribution schemes from April 2015
- Record keeping requirements for public service pension schemes from April 2015
- The Government plan to introduce automatic transfers from Autumn 2016, so some defined contribution schemes have to record members leaving with pensions below £10,000
Richard Porter, Director Lonsdale Benefit Consultants said: ‘The Pension Regulator is asking trustees to work closely with pension administrators given the new pension legislation, to ensure trustees always receive accurate and relevant data so their members can make the most appropriate pension choices.’