The many duties of a pension administrator

pensions

Since A-Day all pensions schemes have to appoint an administrator, in some cases the investor, who must perform a wide range of duties or face heavy fines imposed by the FSAA, the Revenue & Customs, or Pensions Regulator

The Finance Act 2004, as amended by the Finance Acts 2005 and 2006, introduced a new function in connection with the operation of UK pension schemes - the administrator. This is a formal duty which must be carried out in addition to the usual day-to-day administration of a pension scheme. Some providers will take on this role, but some have opted out, so that the responsibility falls to the pension investor (see issue of 14 August for ways to address this problem). This article explains the day-to-day role of pension administration, the formal duty of administrator, and the fines or penalt...