The Pensions Regulator highlights the importance of record keeping
As more and more businesses begin complying with pension auto enrolment. The Pensions Regulator is again urging schemes to improve the quality of their record keeping by correcting errors in “common data” and putting plans in place to improve the quality of “conditional data”.
The Pensions Regulator has been reviewing the record keeping of approximately 250 schemes of different sizes in an attempt to gather the information needed to review its record keeping guidance next year following the passage of the current Pensions Bill.
The regulator’s executive director for DC, governance and administration Andrew Warwick-Thompson said:
“We don’t expect schemes to sit on their hands waiting for targets to be set. Record-keeping is an important part of the new DC code of practice. Trustees have a duty to maintain accurate records and should be taking action to measure their conditional data and putting plans in place to improve it now.
Accurate records are central to members receiving the pension benefits they are due, and this will be even more important with the introduction of the automatic transfer regime and the Government’s initiative to drive up quality standards.”
Maintaining high quality records is a vital component in ensuring a successful transition to automatic enrolment. One major aspect of this is having the right systems in place.
Information for assessing employees’ eligibility for automatic enrolment will be kept within payroll, so you need to make sure that you have payroll software that can handle your requirements.
Why not look at the full range of IRIS Payroll software and see which option is best suited for your business.