The following Pensions guidance note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE RELATES TO REGISTERED OCCUPATIONAL PENSION SCHEMES
The general obligation upon trustees of registered occupational pension schemes to maintain adequate scheme records derives from a variety of sources, including:
general trust law and fiduciary principles, such as those requiring trustees to act in the best interests of their beneficiaries, a duty which in practice requires adequate record keeping
statutory obligations arising under pensions legislation, in particular:
the Pensions Act 1995 (PA 1995), ss 49(2) and 49A
the Occupational Pension Schemes (Scheme Administration) Regulations 1996, SI 1996/1715, regs 12–13
the Registered Pension Schemes (Provision of Information) Regulations 2006, SI 2006/567, reg 18
the Occupational Pension Schemes (Winding-up Notices and Reports etc) Regulations 2002, SI 2002/459, reg 13
the Occupational Pension Schemes (Winding Up) Regulations 1996, SI 1996/3126, reg 11(1)
the Occupational Pension Schemes (Scheme Funding) Regulations 2005, SI 2005/3377, reg 11
the Employer’s Duties (Registration and Compliance) Regulations 2010, SI 2010/5, regs 5–8
requirements to maintain adequate records contained in a pension scheme’s governing trust documentation
guidance and expectations from the Pensions Regulator
Record-keeping requirements are traditionally placed on scheme trustees, as illustrated by the record-keeping requirements set out in this Practice Note.
While trustees may choose to delegate such responsibilities (and other administrative functions) to a scheme administrator (including
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