Skip to main content

Your browser is out of date, and unable to use many of the features of this website

Please upgrade your browser.

Ignore

This website requires cookies. Your browser currently has cookies disabled.

Scheme records

Important

Early draft of the code of practice

This code is not in force yet. It is an early version for the new code of practice consultation.

To give us feedback on issues such as the design, usability and navigation of this code, email us at webfeedback@tpr.gov.uk.

You can also read more information about the consultation.

Published: 17 March 2021

There are requirements for governing bodies to maintain complete and accurate records.SH1, SH2

The Occupational Pension Schemes (Scheme Administration) Regulations 1996SH3 set out the records that must be maintained by governing bodies of trust-based pension schemes. Under section 249A of the Pensions Act 2004,SH4 governing bodies of certain schemes must establish and operate an effective system of governance (see Scheme governance) including internal controls (see Managing risk using internal controls). However, there are certain exemptions.SH5

The Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations 2014SH6 set out the records that must be maintained by governing bodies of Public service pension schemes. Under section 249B of the Pensions Act 2004,SH7 scheme managers of public service pension schemesSH8 are required to establish and operate internal controls which are adequate for the purpose of securing that the scheme is administered and managed in accordance with the scheme rules,SH9 and with the requirements of the law.

Governing bodies must in any event keep records of information relating to transactionsSH10, SH11 and meetings of the governing body and decisions.SH12, SH13

Governing bodies should have a series of measures in place to maintain scheme records. Our expectations for these processes can be found below.

Record-keeping

  • Be able to demonstrate to us, where required, that they operate processes to maintain accurate and up-to-date records sufficient to run their pension scheme.
  • Keep records of transactions made to and from the scheme.
  • Ensure that the data they or their administrator holds enables financial transactions to be processed accurately. Learn more in Financial transactions.
  • Identify and rectify any errors in scheme records.
  • Review and amend processes as necessary to prevent further errors.

Administrative systems

  • Ensure that processes exist to record member benefits, identifiers, contributions, investments, member decisions, payments and transfers.
  • Record accurate investments and disinvestments.
  • Accurately perform standard benefit calculations.
  • Provide members with accurate information regarding their pension benefits (both accrued and projected entitlements) as required and on a timely basis.SH14
  • Carry out reconciliations of data, transactions and investments held.
  • Identify members approaching retirement and other scheme specific events.

Data from other parties

  • Have processes in place enabling participating employers to provide timely and accurate data.
  • Ensure that appropriate procedures are in place to reconcile employer data and scheme data.
  • Have processes in place for situations where an employer fails to meet their legal duties to the scheme. See Decision to report for more information.

Governing bodies should also consider adopting the following measures as best practice:

Record-keeping

  • Hold member and benefit records electronically on a dedicated administration system where feasible.
  • Keep records of scheme governing documentation including details of any amendments and how they apply to members.
  • Make sure the administrator has basic member information known as common data.
  • Work with the administrator to identify the items of scheme specific data.
  • Take into account developments in technology that may be available to the scheme to improve administration and record-keeping.

Administrative systems

  • Process financial transactions, including core transactions automatically (where feasible) and securely. See Financial transactions.
  • Generate appropriate reporting on historic contributions, membership movements, and core and scheme specific data. See our guidance on What records to keep.

Data from other parties

  • Encourage employers to understand the main events where member information should be shared by the employer to the scheme and/or another employer.

Glossary and legal references

Common data

This data is needed so that a member can be uniquely identified. Learn more in our Record-keeping guidance.

Identifiers

Personal information that could be used to identify a member such as their national insurance number

Internal controls

• arrangements and procedures to be followed in the administration and management of the scheme,
• systems and arrangements for monitoring that administration and management, and
• arrangements and procedures to be followed for the safe custody and security of the assets of the scheme (Section 249A of the Pensions Act 2004)

Scheme specific data

Other data specific to a scheme relating to its members and their participation in the scheme. Learn more in our Record-keeping guidance.

SH1Regulation 4 of The Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations 2014
[Regulation 4 of The Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations (Northern Ireland) 2014]

SH2Regulation 12 of The Occupational Pension Schemes (Scheme Administration) Regulations 1996
[Regulation 12 of The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997]

SH3Occupational Pensions Schemes (Scheme Administration) Regulations (Northern Ireland) 1997

SH4Articles 226A of The Pensions (Northern Ireland) Order 2005

SH5Section 249A(3) of the Pensions Act 2004
[Article 226A (3) of The Pensions (Northern Ireland) Order 2005]

SH6Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations (Northern Ireland) 2014

SH7Articles 226B of The Pensions (Northern Ireland) Order 2005

SH8As defined in section 318(1) of the Pensions Act 2004
[Article 2(2) of The Pensions (Northern Ireland) Order 2005)

SH9As defined in Section 318(2) of the Pensions Act 2004
[Article 2(3) of The Pensions (Northern Ireland) Order 2005]

SH10Regulation 5 of The Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations 2014
[Regulation 5 of The Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations (Northern Ireland) 2014]

SH11Regulation 12 of The Occupational Pension Schemes (Scheme Administration) Regulations 1996
[Regulation 12 of The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997]

SH12Regulation 6 of The Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations 2014
[Regulation 6 of The Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations (Northern Ireland) 2014]

SH13Regulation 13 of The Occupational Pension Schemes (Scheme Administration) Regulations 1996
[Regulation 12 of The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997]

SH14Section 14 of the Public Service Pensions Act 2013 [Section 14 of the Public Service Pensions Act (Northern Ireland) 2014], and the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 [The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014]

Related content