Trustees must ensure accurate and timely data submissions

The Pensions Authority’s Integrated Pension System (IPS) is now live, introducing new processes for the submission and validation of pension scheme data.

The Pensions Authority reminds trustees that they remain responsible for ensuring that all data submitted to the Authority is accurate, complete and submitted on time, including where these tasks are carried out by a Registered Administrator (RA) on their behalf.

Trustees should ensure that:

• there is an up to date service level agreement between the scheme and the RA covering the transmission of data to the Authority;
• their RA submits all required data through IPS within the prescribed timelines;
• submissions comply with the published data specifications and validation rules; and
• any validation errors are addressed promptly and resubmitted.

Accurate and timely data is essential for effective risk-based supervision. With the introduction of IPS, the Authority will validate submissions and notify users of any validation failures. Trustees and their administrators are responsible for correcting errors and resubmitting data where required.

A submission that fails validation is not accepted and is treated as not having been made. Validation confirms only that a submission is technically valid. It does not confirm the accuracy of the data.

The Authority has previously raised concerns about the quality of data submitted on behalf of many trustees and expects standards to improve. The Pensions Regulator has recently written to all the CEOs of RAs to underline this point.

Trustees and their administrators should also note that the same standards will apply to upcoming EIOPA XBRL reporting requirements.

Failure to submit required data within the prescribed timeframe constitutes a breach of the Pensions Act and may result in supervisory or enforcement action by the Authority.