In order to help trustees and administrators get their scheme records in order by the end of the year, The Pensions Regulator (TPR) has published a progress checklist for trustees and a list of frequently asked questions about measuring data.

In 2010 the regulator set targets for schemes to improve their 'common' data records – this includes data such as name, address, date of birth and National Insurance number. For new data created after June 2010, the target to be met is 100% of common data to be in place; and for data created before June 2010, the target is 95%.

The checklist sets out the key tasks trustees will need to carry out to meet these targets. It includes the following steps:

- Discussing plans with the scheme administrator

- Having their scheme data checked and receiving their data score

- Identifying any systemic issues and taking steps to address them

- Agreeing processes with administrators for ongoing data monitoring, reporting and dealing with errors.

Louise Hallard, policy lead at TPR, said: "Data impacts almost everything that happens in a pension scheme and poor record-keeping can have a negative effect on members' retirement benefits.

"By now, we expect schemes to have taken significant steps to meet the targets set out in our 2010 guidance. Our recent research showed encouraging progress, however there is still some way for schemes to go to make sure their records are complete and correct."

The checklist can be viewed by clicking here and the list of frequently asked questions here.

The regulator is also running a webinar for trustees on 16 October to provide further guidance on record-keeping and common data targets.

First published 06.09.2012

azeevalkink@wilmington.co.uk