SCHEDULE 4SYSTEMS AND PROCESSES REQUIREMENTS
Member records
4
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the total amount withdrawn from the scheme and the amount taken as free from income tax, and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.