Pensions Watchdog Warns Schemes On Paper-Based Records

Law360, London (May 27, 2021, 4:26 PM BST) -- Britain's retirement savings watchdog urged pension companies on Thursday to improve the way they store member data, ahead of the launch of an official online portal that will reunite Britons with forgotten saving pots.

Louise Sivyer, policy business lead at The Pensions Regulator, said that a portion of older workplace pension plans still used paper-based filing systems, a problem that needs to be remedied long before the introduction of the government's pension dashboard.

The Money and Pensions Service will launch the U.K.'s first portal in 2023, enabling long-term savers to track down lost or forgotten pension pots. But the success of...

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