Duty of care when processing quotations and awards
Duty of care when processing quotations and awards
6.1.21 You have a duty of care in ensuring that your staff who are members of the CSP arrangements receive accurate quotations of pension benefits.
6.1.22 You must have robust procedures in place between yourself, your payroll (or payroll provider) and the Scheme Administrator for transmitting data accurately (see Section 8 – ‘Compendia, payroll and data responsibilities’ for more guidance). You must build in appropriate deadlines for the individual stages of each process to avoid delaying any resulting award. You need to consider the length of time it takes to communicate with the member regarding their leaving options. If you are offering exit terms, for example, you will need to supply the member with a quotation of their pension benefits. Section 6.3 (‘Early departure and ill health’) provides more details.
