Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • June 2014
06

TPR highlights 'disappointing' standard of record keeping

Open-access content Monday 23rd June 2014 — updated 3.59pm, Monday 4th May 2020

The failure of some schemes to properly assess the quality of their record keeping is a serious issue, The Pensions Regulator has warned.

Delivering a strong message to scheme trustees and administrators in its annual record-keeping survey, published late last week, the watchdog said more needed to be done to ensure the right benefits are paid to members at the right time. Record-keeping problems has led to TPR opening up four new investigations, in addition to the seven it launched following last year's thematic review.

Andrew Warwick-Thompson, TPR's executive director for DC governance and administration, said it was 'highly disappointing' that some 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.

'Members have the right to expect to be in schemes which are well run, which is why good record-keeping is an integral part of our codes of practice and why we will address cases of bad practice. Our recent thematic review unveiled a number of concerns, which led us to open new cases.'

The regulator's research highlighted a slowdown in the rate at which schemes are taking action to measure their common data - items applicable to all schemes - for the first time, with figures almost unchanged since last year's survey.

Warwick-Thompson stated that the regulator's survey consistently found weaker governance ad 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,' he said.

The survey found that two-thirds of trust-based scheme members are in plans that have met the regulator's common data targets - data such as member's name, address, NI number and date of birth - but found a ceiling is being reached in terms of schemes engaging with the process.

For larger schemes, 64% of plans had a data score of 95% or greater, compared with 33% of smaller schemes.

The number of defined benefit schemes hitting the 95% common data score level rose from 56% last year to 68%, while for defined contribution schemes the proportion rose from 47% to 55%, found the survey.

It also showed that 32% of members are in schemes that have a conditional data score of more than 90%, with year-on-year increases across all plans.

Conditional data captures additional details such as the employing company, date of leaving lifestyle DC transactions and investment splits.

TPR noted that there continued to be a high proportion of schemes where conditional data is not formally measured.

This article appeared in our June 2014 issue of The Actuary.
Click here to view this issue
Filed in:
06
Topics:
Regulation Standards

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ