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Schemes falling short of pension regulations

02 February 2010

Less than 20 per cent of the UK's pension schemes have made checks to ensure they have all the "fundamental common data" required by the Pensions Regulator's common data scheme.

The revelation comes as the organisation published a consultation on member records, which urged schemes to put in improved performances.

Under the regulator's data scheme, pension organisations are advised to hold certain information which can be easily accessed.

However, the consultation revealed that more than half of the pension schemes were missing at least one piece of the recommended data.

Bill Galvin, the Pensions Regulator's executive director of strategic development, said: "Accurate, complete data on members is a basic building block for almost everything that happens in a pension arrangement, and we will take a much firmer line going forward.

"Poor record-keeping can lead to significant additional costs for schemes - with the potential effect of reduced benefits for members."

Fears that poor data management might affect their benefits could see a number of trustees look into schemes such as equity release to secure their retirement.

Such policies can boost a homeowner's income with cash drawn from the value of their assets.