Record-keeping: a consultation document - The Pensions Regulator

Impact of personal accounts
2.23 The introduction of personal accounts will inevitably require major
changes in the way in which some pension schemes’ data is collected
and transmitted. There will be additional data requirements including
the need to record auto-enrolment activity.
2.24 We met the personal accounts delivery authority during the
development of this consultation document. It fully supports steps to
improve the quality of record-keeping and will aim to take account of
the regulator's expectations in the specification it sets for the
administration of Personal Accounts in a manner that is consistent with
its statutory principles.
Technological advances in pensions administration
Web access for members
2.25 An increasing number of DC schemes and GPPs are providing members
with web access to their records, giving members instant access to upto-date
fund values, benefit projections and scheme information. Many
schemes also provide a facility for members to switch investments
online.
2.26 While there has been less enthusiasm to provide web access to
members of DB schemes, there is evidence that more DB schemes are
now seeking to do so.
2.27 It is moreover generally agreed that accurate records are a prerequisite
to providing web access, and that provision of web access drives better
record-keeping.
2.28 Better member understanding is the most desirable way of improving
scheme records. The regulator supports initiatives that improve
members’ access to and understanding of their pension rights.
Straight-through processing
2.29 In response to the need of administrators and fund managers to
streamline processing, a number of companies (under the guidance of
Idea Group and SWIFT) collaborated to define a market practice for
order processing data exchange, known as the ViaNova standard.
This standard facilitates the development of electronic straight-throughprocessing
(STP) solutions between pension administrators and
investment managers. The aim is to reduce manual intervention in
investment transactions which is intended to lead to a better and
quicker flow of information between the different parties in the
investment process, giving greater efficiency and improved risk control.
The ViaNova standard has now been accepted by the Securities
Market Practice Group who will oversee its further evolution.
The Pensions Regulator: Record-keeping consultation document
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