The Pensions Regulator (TPR) and the National Insurance Services to the Pensions Industry (NISPI) have published a statement that sets out how the two organisations will be working more closely together to improve administration standards.
The statement, which is part of TPR’s current drive to improve pension scheme administration, outlines how actively engaging with NISPI can help complete the wind-up process quickly and cost-effectively.
The joint statement sets out: the importance of trustees making it clear to scheme administrators that they should engage with NISPI to complete scheme wind-ups as quickly and cost-effectively as possible; the roles and responsibilities around record-keeping and data reconciliation; why schemes should make use of NISPI’s ‘Shared Workspace’ web-based tool; and an outline of NISPI’s structural changes to assist with contracting-out on a defined contribution (DC) basis.
NISPI is part of HM Revenue and Customs (HMRC) and deals with contracted-out occupational pension schemes.
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