SCHEDULE 4SYSTEMS AND PROCESSES REQUIREMENTS

Member records

I14

Whether the scheme’s systems and processes ensure that—

a

there is an accurate record of each member’s details, including the contributions made in respect of each active member for each pay period, on the relevant IT system;

b

any unpaid contribution in respect of active members can be explained to the Regulator and remedied;

c

members’ records are reviewed regularly for completeness and accuracy and updated promptly with changes of information;

d

errors in members’ records can be identified and addressed, and any financial impact of such errors on members can be rectified;

e

records are maintained in respect of each member in decumulation for each financial year including—

i

the method of decumulation,

ii

the total amount withdrawn from the scheme and the amount taken as free from income tax, and

iii

the amount of pension income received.