Pensions Records UK

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Description of Business Function

The function of administering pension schemes.

Basis of Retention and Disposition

There are a number of statutory obligations with regards the keeping of pensions records. Records evidencing an individual employee's pension contributions and entitlement should be retained until the death of the member's beneficiary.

Please also see the Finance and Accounting records page of the wiki.

Retention Rules Per Record Type

Please use the following formatting for each row within the table below:

|-

| Name of record type || Retention period including any trigger || The legal citations and/or other rationale for determining this rule


Record Type Minimum Retention Period Rationale
Actuarial and Accounts Indefinite - Records evidencing an individual employee's pension contributions and entitlement should be retained until the death of the member's beneficiary Exceeds 6 years from the end of the scheme year in which falls the date on which the accounts were signed, or, as the case may be, the report was signed within the Retirement Benefits Schemes (Information Provision) Regulations 1995
Administration and Financial Indefinite - Records evidencing an individual employee's pension contributions and entitlement should be retained until the death of the member's beneficiary Exceeds 6 years from the end of the scheme year to which they relate or in which the event took place within Occupational Pension Schemes (Scheme Administration) Regulations 1996 + Retirement Benefits Schemes (Information Provision) Regulations 1995 + Employers’ Duties (Registration and Compliance) Regulations 2010, regs. 5-8 + As accounting records
Investment 6 years from the end of the scheme year in which the transaction took place Retirement Benefits Schemes Information Provision) Regulations 1995 + Limitation of legal action and support of financial record
Professional Advice 6 years after appointment ceases Pensions Act 2004 + Occupational Pension Schemes (Scheme Administration) Regulations 1996; Also supports limitation of legal action as a simple contract under Limitation Act, 1980, c 58 s 5
Schemes and Trustees Keep for life of scheme (or if merged with another scheme, 12 years after merging) Pensions Act 2004 + Evidence / Limitation of legal action + Occupational Pension Schemes (Scheme Administration) Regulations 1996 - There is no statutory obligation beyond the need to keep Records of trustees’ meetings for at least 6 years from the end of the scheme year to which they relate (The Occupational Pension Schemes (Scheme Administration) Regulations 1996, regs 13 & 14) and the need to keep scheme details as employer pension records re automatic enrolment under the Employers’ Duties (Registration and Compliance) Regulations 2010, regs. 5-8

Citations and References

Please also see Employee records retention and disposal schedule published by The National Archives http://www.nationalarchives.gov.uk/documents/information-management/sched_personnel.pdf

Retirement Benefits Schemes (Information Provision) Regulations 1995 http://www.legislation.gov.uk/uksi/1995/3103/part/I/made

Occupational Pension Schemes (Scheme Administration) Regulations 1996 http://www.legislation.gov.uk/uksi/1996/1715/made

Employers’ Duties (Registration and Compliance) Regulations 2010 http://www.legislation.gov.uk/uksi/2010/5/contents/made

Pensions Act 2004 http://www.legislation.gov.uk/ukpga/2004/35/contents

The Pensions Regulator guidance on Record-keeping http://www.thepensionsregulator.gov.uk/guidance/guidance-record-keeping.aspx