Pensions Body Criticizes Increased Data Requirements

Law360, London (March 24, 2021, 5:30 PM GMT) -- Regulatory requirements that oblige trustees of defined contribution pension schemes to include more information in the reports they publish and file to regulators make them "less readable" and should be reconsidered, an auditors' industry group warned on Tuesday.

Shona Harvie, chairwoman of the executive of the Pensions Research Accountants Group, said that pension scheme reports and accounts "are becoming very long" because of the amount of information needed.

She criticized so-called DC Chair Statements, which trustees of defined contribution schemes submit when they report on matters such as investment strategy and governance, the processing of core financial transactions and the disclosure...

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