Pensions Regulator stresses importance of good record-keeping

The consultation is aimed at those responsible for record-keeping and pension scheme administrators.

The regulator said poor record-keeping can lead to significant additional costs in a number of areas, such as higher costs during buy-outs or wind-up, more expensive administration, claims from disgruntled members, and inaccurate actuarial valuations. And these costs are ultimately borne by members, the employer, or both.

The consultation calls for views on some specific steps, to be implemented by providers and trustees, which the regulator recommends as good practice.

TPR chief executive Tony Hobman said: "The quality of record-keeping has a huge impact on all aspects of administration of a pension scheme. We wish to raise awareness of this essential aspect of pension scheme governance and welcome views on the approach set out in the consultation document."