Pensions Watchdog Cracks Down On Poor Record-Keeping

Law360, London (October 2, 2019, 1:26 PM BST) -- Britain's pensions watchdog ordered hundreds of trustees on Wednesday to urgently review the data they hold in a crackdown on poor record-keeping in the sector.

The Pensions Regulator said a review of U.K. pension plans had shown that 1,200 were failing to keep records properly. The watchdog has told the trustees of 400 boards to audit their data within six months, amid concerns records that they have not checked records in three years.

Those that fail to comply with the notice could be handed fines of up to £50,000 ($61,400), the watchdog said. The Pensions Act 2004 also gives the regulator authority...

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