Issue - meetings
Key Pension Administration Performance Indicators:
Meeting: 17/09/2015 - Pensions Committee (Item 5)
Minutes:
The Committee received a report that provided Members with the first quarterly monitoring information on the performance of the Pensions Administration Service covering the period, April 2015 - June 2015, Quarter 1, 2015/16.
A summary of the discussions is outlined as follows:
The Committee heard that:
- There has been a reduction in performance in certain areas over the past 3 months. Which it was noted was largely due to new legislative changes and the authority’s employment options. New procedures are in place to manage phase 2 of the Council’s employment options;
- That a number of key performance indicators (KPIs) are reported on quarterly basis to assess performance in key areas of work. However, some new KPIs on Death Benefit Administration, Benefit Statements and New Joiners are being developed and it was noted these will be reported from Q2 onwards; and
- The final new CARE scheme regulations introduced a requirement for LGPS Funds to issue Annual Benefit Statements by the end of August.
- Annual benefit statements for the 2014/15 should have been issued to all members by the end of 31 August 2015. However, despite the most strenuous efforts, it is unlikely that most LGPS Funds will have met this deadline. Accordingly, the issues faced by Funds this year in particular (New Scheme, new systems) have been raised by the Local Government Association, with the Regulator as mitigating circumstances in the hope that the regulator may agree to treat this year a non-material due to ‘teething issues’. A decision is awaited on the outcome of this engagement.
- Deferred members statements for the LBTH fund have issued before the deadline date (31 August 2015) but unfortunately this has not been the case in respect of the active members and they will now receive their statements by 30th September, 2015, this is as a result of a combination of factors arising from the implementation of the new scheme, including:
· 1st year end under the new scheme.
· This task required heavy manual intervention; and
· Like many other Funds LBTH have had to migrate from AXISe to a new administration system in the past year which has taken up a significant amount of time and resource alongside implementing the new scheme (including supporting employers and scheme members).
Accordingly, it was:-
Resolved
To note the contents of the report.