Health and Safety Records retention: an overview
Ever run into the problem where you just cannot find that document or piece of paperwork, just when you need it most? When someone’s on the phone waiting on your information or you need to complete government or tax paperwork? It happens to everyone, but this problem is preventable if you put together a strong system for personal records retention.
This process means more than saving you hours of inconvenience and frustration – you may actually save money. Giving yourself more structure will likely help you stay on top of important personal documents related to your finances, health and working life, amongst other things. On top of that, what’s better than simple peace of mind, knowing you have a firm grip on your important files?
With business records, regulations for retention are often clear and legally mandated. But personal records also should be kept for specific periods of time based on the type of record, and there’s often less formal structure about what you should keep and for how long.
So, what personal records should you keep?
Here are our recommendations.
The most important personal records
Bank, credit card, and loan statements: Keep at least the last three months of statements, but also check these statements regularly for any odd or incorrect charges. You will also likely get an annual summary from your bank or credit card company which you should keep handy as well.
Utility bills: Keep these for at least a year. It’s a useful comparison for what you are actually using in comparison to the projected bill.
Warranties and receipts: Maintain warranty records for as long as the warranty exists. Dispose of them when they expire if you would like.
Insurance documents: These documents are essential for making claims, so we advise keeping them beyond the expiration of the policy and only putting them into archive storage or shredding them upon receiving your new policy information.
Payslips: Keep all monthly payslips until you receive your annual P60. We also recommend keeping your P45.
Medical information: Any documents related to illnesses or treatments should be kept in perpetuity. While your physician will likely maintain a copy as well, having your own copy is recommended.
Personal identification: items such as passports, driving licenses, birth certifications, wills and more should be kept in a safe place indefinitely. Some of these can be put in deep storage i.e. wills and deeds; others will need to be kept closer to hand (i.e. passports and driver’s licenses).
Managing your personal records
Of course, any document management system also needs a schedule and a storage space. Getting into the habit of storing bills and statements immediately will prevent losing or inadvertently destroying these documents. Take some time each month to sort any new documents into specific categories, considering if they can be stored away indefinitely or if they will need to be retrieved on a regular basis.
If you prefer to store hard copies, specialised archive boxes are your best option, providing much needed durability to protect your documents. If you prefer to only have electronic copies, create multiple backups of your files – but bear in mind that, in many cases, it’s sensible to retain physical copies of original documents.
Of course, not everyone has the time for personal record keeping. Contact our records management and document scanning experts at Access Records Management to discuss how to manage either your personal records or your business records today.
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