Pension Scheme Record-Keeping with MM

Trustees of pension schemes are tasked with complying with the guidance laid out by the Pensions Regulator to ensure accurate and up-to-date records.

MM offer transformative solutions to streamline record-keeping processes and facilitate compliance with regulatory requirements.

In this article we explore how MM can assist pension schemes in adhering to the Pension Regulator guidance on Record-Keeping.

Understanding the Pensions Regulator’s Guidance on Record-Keeping

As a pension trustee or someone running a public service scheme you need to keep certain records and data. This enables the administrator to accurately identify scheme members and value their benefits.

There is clear guidance provided on the records you need to keep. This includes ‘member and beneficiary information, including the date each member joined the scheme’ as well as Common Data.

MM Residence is our automated solution which confirms if the member is living as stated or has moved home and in some cases provide a new address. Address quality and currency is a crucial part of data preparation and consistency for seamless pension dashboard integration.

The  Pension Regulator guidance state that the below information must be valid and maintained in order to become dashboard ready. As well as supporting our clients with address currency, we are also helping append and validate D.O.B which has a significant impact on efficiently matching members to pension pots.

• NI Number
• surname and either forename or initials
• date of birth
• date pensionable service started, membership/policy start date or first contribution date
• expected retirement/maturity date (target retirement age)
• membership status
• last status event – the date at which the membership status last changed, eg from active to deferred – where appropriate, you should also capture the reason for the change in status (eg retired or opted out)
• address including postcode

Contact Us today to see how MM can ensure your Scheme’s data is in compliance with the Pension Regulators guidelines.