As a trustee you are required by law to keep certain information about your pension scheme up to date. This is known as ‘registrable information’ and is kept on a register that we maintain.
If you need to update this information, use Exchange. You should make the changes as soon as you can.
What you need to keep up to date
Information you need to keep up to date includes:
- name and address of the scheme
- full name and address of each trustee or manager of the scheme
- name of the scheme chair (for schemes providing money purchase benefits)
- number of members at registration and at each scheme year end
- whether new members may join the scheme
- whether members may build up further benefits under the scheme
- whether further contributions may be paid to the scheme
- whether the scheme has members still paying in to it
- benefit categories under the scheme, eg defined benefit or money purchase
- name and address of each employer relating to the scheme
- the start date if you are winding up a scheme
This list is not exhaustive. You should make sure that you are aware of and understand all your legal obligations to update us about registrable information.
You also need to complete a scheme return every one or three years. This requires you to provide all registrable information, as well as any other information we may require to exercise our functions.
Failing to make updates
Failing to tell us about changes to registrable information as soon as reasonably practicable is a breach of the law. This can lead to financial penalties against the trustee or manager.
Keeping your registrable information up to date will save you time when you need to complete your scheme return. It will also help to make sure the correct levy is applied to your scheme.