Pension scheme trustees and employers need to prepare for GDPR

The EU's General Data Protection Regulation (GDPR) is due to come into force on 25th May 2018, and trustees and sponsoring employees of occupational pension schemes need to make sure they are aware of their requirements and take the necessary steps to become compliant.

Pension scheme trustees and employers will need to undertake significant reviews  and introduce all necessary measures to ensure compliance with the new regulations, but a number of areas in particular that will need to be considered are:

  • Management of the personal data of scheme members and beneficiaries held by pension scheme trustees. Necessary security should be implemented to ensure the data can't be accessed by other employees who are involved in trustee work. A protocol, policy or agreement should be put in place which deals with how data is handled and shared.

  • Have former trustees retained personal data gathered during their role as trustee? They no longer have any basis for holding or dealing with this data and will need to return or destroy it. Trustee boards should implement a procedure in this regard for when a trustee steps down or is removed.

  • Sharing of personal data between the trustees and the pension scheme's sponsoring employer should be formalised in a data sharing agreement.

  • Third party contracts should be reviewed to make sure they are GDPR-proof.

  • A data privacy notice should be created and circulated to pension scheme members and beneficiaries, and anyone else whose personal data is held. Trustees and sponsoring employers need to be prepared to deal with any data subject requests that arise as a result of this notice being circulated.

If you require legal advice from a solicitor specialising in Information Privacy Law, and in particular with regard to the upcoming changes with GDPR and the Data Protection Act 2018, contact Wilson Nesbitt in Northern Ireland by clicking here.

To speak to a solicitor specialising in Pension Law in Northern Ireland, contact a member of our specialist team in Bangor by clicking here.