Inspection of Registered Administrator (“RA”) Services
Tuesday 17 August 2010: As part of its risk based approach to supervision and pursuant to its powers under the Pensions Act 1990, as amended (the “Act”), The Pensions Board (the “Board”) will shortly carry out a series of both on and off-site inspections on the RA activities of selected RAs listed on the Board’s RA Register.
Initial inspections will focus on a review of the maintenance of adequate books and records of scheme members and their entitlements that demonstrate that RAs are discharging their core administration functions as detailed under the Act.
The Board will select a range of RAs from a broad spectrum of entities providing RA services for inspection, including life offices, brokers and pensioneer trustees.
The RAs selected for inspection will be notified in writing over the coming weeks and provided with information on how and when the inspection will be carried out. In particular, they will be advised of the information to be furnished to the Board in advance of the inspection, together with details of the requisite information to be made available to the inspection team during the on-site inspection.
An overview of the Board’s findings from the initial phase of inspections will be published on its website together with any general recommendations the Board may make to RAs to improve their administrative functions.