SCHEDULE 5 Systems and processes requirement

Features and functionality of IT systems
2. Whether the IT systems have the capacity and capability—
(a) to process financial transactions securely, accurately and by automated means, including the core transactions described in regulation 24(2) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (requirements for processing financial transactions);
S.I. 1996/1715. Regulation 24 was inserted by S.I. 2015/879.
(b) to make and receive electronic payments;
(c) to accept contributions from multiple sources;
(d) to exchange data with other IT systems, including those used by employers and service providers;
(e) to process information securely, accurately and by automated means for the purposes of calculating the rate or amount of benefits to be provided under the scheme, in accordance with the scheme rules;
(f) to reconcile data on transactions and produce reports so that those activities can be monitored and transaction errors rectified promptly;
(g) to identify and categorise transactions and payments for authorisation and countersigning at an appropriate level of authority;
(h) to be updated to reflect changes in the legal requirements affecting transactions, payments and records, including changes in tax thresholds, the annual allowance and the lifetime allowance.

Sch. 5 para. 2 in force at 1.8.2022, see reg. 1(3)