In a significant development for pension scheme governance, The Pensions Regulator (TPR) has recently unveiled its long-awaited 2024 General Code of Practice. Published on January 10th and due to come into force in March, this comprehensive code consolidates ten of the regulator’s existing codes, providing updates introducing new requirements to improve pension scheme governance.

One key aspect that demands attention is the Administration: Information Handling aspect, especially in terms of Record Keeping.

The new code places a heightened emphasis on the need for robust record-keeping practices within pension schemes. Effective record keeping is crucial for ensuring compliance with regulatory requirements, facilitating transparency, and supporting the overall governance of pension schemes.

This article explores how MM, a leading service provider in the financial and administrative sector, can assist pension schemes in meeting the stringent requirements outlined in the code.

1. Maintaining Robust Scheme Records and Data Monitoring:

Governing bodies are now required to have a comprehensive set of measures in place to maintain scheme records. This includes robust data monitoring and improvement processes. MM offers a suite of solutions designed to streamline these efforts and ensure compliance with TPR’s standards.

2. Demonstrating Processes for Accurate and Up-to-Date Records:

MM helps schemes demonstrate that they operate processes ensuring accurate and up-to-date records. Through innovative technologies and tailored solutions, MM ensures that pension schemes have the capabilities to run seamlessly and efficiently.

3. Error Identification and Rectification:

Prompt identification and rectification of errors in scheme records are crucial for compliance. MM facilitates efficient error resolution, ensuring that any discrepancies are identified and corrected as soon as possible.

4. Common Data for Administrators:

MM recognise the importance of common data for administrators and provides solutions, such as MM Spouse and Beneficiary, to ensure that beneficiaries are accurately accounted for. This feature is pivotal in maintaining accurate and comprehensive member information.

5. Collaboration with Administrators for Scheme-Specific Data:

Working collaboratively with administrators is a key aspect highlighted in the code. MM facilitates this collaboration by providing tools like MM Existence, which aids in identifying, recording, validating, and correcting scheme-specific data. This ensures that data accuracy is prioritized and maintained.

7. Complete and Accurate Record Maintenance:

MM’s solutions align with TPR’s requirements for maintaining complete and accurate records, encompassing both common and scheme-specific data. This not only meets regulatory standards but also provides a foundation for efficient scheme administration.

8. Processes for Monitoring and Reviewing Scheme Data:

MM supports governing bodies with processes for ongoing monitoring and periodic reviews of scheme data. This includes data improvement prioritization for members approaching the benefit-drawing stage, as well as scheduled tracing and existence exercises to validate member data.

9. Comprehensive Solutions from MM:

To address the requirements outlined in the code, MM offers a suite of solutions, including MM Spouse and Beneficiary, MM Existence, and MM Residence. These solutions collectively ensure accurate member data, validate information, and maintain correct contact details.

As pension schemes navigate the complexities of the new General Code of Practice, MM stands as a reliable partner in ensuring compliance with the Record Keeping and Data Monitoring standards set by The Pensions Regulator.

By leveraging MM’s innovative solutions, pension schemes can not only meet regulatory requirements but also enhance their overall efficiency in managing member data and scheme records.

Contact us to discover how MM can empower your pension scheme with cutting-edge solutions tailored to meet these evolving regulatory challenges.