Pensions trustees 'need to improve standards'

Trustees of workplace pensions need to improve their record-keeping standards, the Pensions Regulator has warned.

The industry body made the comments as it launched a new consultation designed to raise standards in this area, something that may interest those involved in private banking.

Noting that the adoption of guidance released last year had been poor - with only 19 per cent of schemes checking they had all the required data on file - the regulator said that it will be stepping up efforts to ensure all pension schemes maintain good records.

’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,’ remarked executive director of the Pensions Regulator Bill Galvin.

He added that failing to keep full records can generate higher costs for schemes, which in turn reduces benefits for members.

Last week, PricewaterhouseCoopers urged pension scheme trustees to remain cautious, in spite of the fact that the number of corporate insolvencies fell steadily last year.ADNFCR-2318-ID-19592138-ADNFCR