Record-keeping: a consultation document - The Pensions Regulator

Appendix 3: The legal background
Pensions Act 1995
Section 49 of the Pensions Act 1995 places an express obligation on trustees
to keep records of their meetings and books and records relating to any
prescribed transactions as set out in the regulations.
The Occupational Pension Schemes (Scheme Administration)
Regulations 1996
Regulation 12 of the Occupational Pension Schemes (Scheme
Administration) Regulations 1996 requires trustees to keep records in relation
to certain transactions including records of:
• any amount received in respect of any contribution payable for
an active member of the scheme;
• the date on which a member joins the scheme;
• payments of pensions and benefits;
• payments made by or on behalf of the trustees to any person
including a professional adviser and such records to include the
name and address of the person to whom payment was made
and the reason for the payment…(Note that this is not an
exhaustive list) 4
There are also specific requirements to keep records in respect of:
• movement or transfer of assets;
• transfer of members in or out;
• appropriate insurance policies;
• payments to leavers, employees, and other payments or
withdrawals from a scheme.
Data Protection Act 1998
The Common Law requirement is codified in the Data Protection Act 1998
which came into force on 1 March 2000, classing trustees as 'data controllers',
and those working for trustees (eg. administrators and insurers) as 'data
processors'. This Act makes many demands of data users. There are eight
Data Protection Principles, which (amongst other things) include requirements
that personal data:
• shall be adequate, relevant, and not excessive in relation to the
purpose or purposes for which it is processed;
4 Regulation 12 of the Occupational Pension Schemes (Scheme Administration) regulations
1996.
The Pensions Regulator: Record-keeping consultation document
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