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The Pensions Regulator Consults on new Record-keeping Requirements
Regulator’s consultation
The Pensions Regulator has issued a consultation document on proposals for a strengthened approach to regulating record-keeping following the introduction of its good practice guidance in January 2009. The guidance explained the importance of good record-keeping, set out how schemes could measure the presence of common data (mandatory) and conditional data (scheme-specific), and suggested improvement plans where there were discrepancies.
Do You Have Sufficient Knowledge To Act As A Trustee?
At Capita Hartshead we have developed a range of training courses to ensure trustees are fully conversant with the requirements of the Pensions Act. Our training builds on the e-learning tools available on the Pensions Regulator website and provides practical examples of the day to day issues faced by trustees.
With the Pensions Act 2004 introducing the requirement for trustee knowledge and understanding (TKU), individual trustees must now have ‘appropriate’ knowledge and understanding of the law relating to pensions and trusts, the principles relating to the funding of occupational pensions and the investment of assets. Trustees are also required to be conversant with their own scheme's policy documents.
GMP Equalisation
On 29 January, Angela Eagle, Minister for Pensions and Ageing Society, submitted a written statement to Parliament on the subject of Pension Schemes and Equality. It was thought that the statement was in the context of the equalisation of benefits, which include GMPs, for schemes whose assets are being transferred to the Financial Assistance Scheme (FAS). However, the statement appears to have the potential to include all schemes providing GMP benefits, and therefore could have far-reaching consequences for the pensions industry.
