Under the UK Money Laundering Regulations, trustees of certain types of trust-based arrangements, including trust-based pension schemes, are required to hold and maintain certain records related to the identity of beneficial owners and beneficiaries of the trust. This transparency, in conjunction with other provisions under the Regulations, helps to deter criminals from using vehicles like trust-based arrangements to launder the proceeds of crime and to disguise the origin of illicit finances.

We’ve always needed to keep records of participating employers and other parties connected to The People’s Pension, but as we’ve said above, we also need to maintain those records and ensure they’re complete and up to date.