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The European General Data Protection Regulation (GDPR) will apply directly in the UK from 25 May 2018, and will make some fundamental changes to the current requirements surrounding data protection. Key areas of change include:
Complying with GDPR is expected to be obligatory, regardless of the outcome of the UK’s Brexit negotiations.
There are four key areas for trustees of pension funds to consider
Clearly for most SSAS schemes the third party will of course be the Scheme Administrator who will need to comply on behalf of the trustees. It may no longer be necessary to register schemes with the ICO.
Like many organisations we are working through the detail and will be advising member trustees of any duties that may fall to them.