8 March 2018
No update would be complete without mentioning probably the most significant forthcoming change to affect businesses across the board - that is the coming into effect of the General Data Protection Regulation ('GDPR') on and from 25 May 2018. Employers will, of course, need to consider their compliance obligations in relation to the new rules for processing data (we can help in relation to an employer's own staff data in a HR context¹, as well as with pensions related GDPR issues).
Employers should consider how their pension arrangements are set up and what data protection compliance obligations follow as a result. Indeed, if an employer has its own pension scheme set up under trust with its own trustees then special considerations apply and the full weight of compliance will fall on the shoulders of those trustees too. We already have much experience in helping clients prepare for the GDPR in this context (and the benefit of a specialist data protection team within the firm) so if you would like more information or help on that, please do not hesitate to contact our pensions team.
¹ Taylor Wessing has a free HR GDPR assessment tool which identifies key areas of GDPR risk, focussing on the HR/Employee data environment which can be accessed here.