Record-keeping: a consultation document - The Pensions Regulator
Record-keeping: a consultation document - The Pensions Regulator
Record-keeping: a consultation document - The Pensions Regulator
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Question 12: do you agree that the following events give rise to an<br />
immediate requirement for data cleansing?<br />
• Wind-up<br />
• Entry to PPF assessment period<br />
• Buy-out<br />
Proposal to report numerical information<br />
5.18 As well as the core and additional data there is numerical information<br />
regarding membership records that will help employers (where<br />
appropriate) and trustees. It will enable them to consider whether the<br />
number of such records is broadly consistent with their knowledge of the<br />
scheme.<br />
5.19 It is suggested, therefore, that the number of members whose records<br />
indicate that they have:<br />
• transferred in benefits;<br />
• part-time history;<br />
• additional voluntary contributions;<br />
• an earmarking order;<br />
• a pension sharing order; or<br />
• elected a lifestyle investment strategy (applicable only to DC<br />
schemes)<br />
should also be reported regularly, at the same time as data is being<br />
checked. Depending on the type of scheme, these reports may be<br />
available as appropriate to sponsors, trustees and the regulator.<br />
<strong>The</strong> technical summary <strong>Record</strong>-<strong>keeping</strong>: supplementary details<br />
(http://www.thepensionsregulator.gov.uk/onlinePublications/policy.aspx)<br />
includes the items that we recommend should be reported at the same time as<br />
data is validated.<br />
Question 13: Do you agree with the proposal to report numerical<br />
information about membership records at the same time as the presence<br />
of core and additional data is measured?<br />
Method for measurement of data<br />
5.20 Following <strong>consultation</strong> with representatives of those involved with<br />
scheme record-<strong>keeping</strong>, we are suggesting a methodology for checking<br />
the presence of records. <strong>The</strong> tests are designed to check the presence<br />
of individual member data.<br />
5.21 This testing methodology will specify any data errors found for individual<br />
members and, by combining the members' results, will provide an overall<br />
evaluation of the population of the required data fields, which can be<br />
shown separately for active members, deferred members and<br />
pensioners as appropriate. This will enable providers and trustees to<br />
<strong>The</strong> <strong>Pensions</strong> <strong>Regulator</strong>: <strong>Record</strong>-<strong>keeping</strong> <strong>consultation</strong> <strong>document</strong><br />
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