Issue - meetings
Report on Pensions Administration Performance Targets and Indicators
Meeting: 20/06/2019 - Pensions Committee (Item 8)
8 PENSIONS ADMINISTRATION PERFORMANCE TARGETS AND INDICATORS PDF 235 KB
To receive a report that outlines the Pensions Administration Performance targets and indicators
Additional documents:
- Appendix 1 Activity and Performance, item 8 PDF 25 KB
- Appendix 2 Membership Stats, item 8 PDF 264 KB
Minutes:
The Committee received a report that covered the performance during the current and previous financial years. This included the activity levels and the performance levels against agreed service standards. The main points of the report considered may be summarised as follows:
The Committee noted that:
· In the fourth quarter of 2018/19, the Pensions team had completed 88.68% of its workload in line with the services standards measured by the performance indicators;
· There are currently 180 cases classified as ‘Undecided Leavers’ i.e. members that have left employment or opted out of the pension scheme and have yet to be processed as refunds, deferred beneficiaries, pensioners of transfers out;
· Possible incoming transfer currently being processed – 158. In these cases we are either waiting for a response from the transferring scheme, waiting for a response from the member, or waiting for payment of the transfer;
· On 10 April 2019 HM Treasury had launched a consultation until 3rd July 2019 on draft regulations, guidance and Directions to implement the cap on public sector exit payments;
· The impact of the regulations on LGPS members if the cap is exceeded and the exit payment includes a pension strain cost is still unclear, but it is understood that the policy intent is for the member’s pension to be reduced to the extent that the exit payment cap is not breached, with the member having the option of paying extra to ‘buy-out’ some or all of the reduction. Amendments to the LGPS regulations would be required to facilitate this change. Guidance from the Government Actuary on calculating the pension reduction and operating the buy-out process would also be required;
RESOLVED to note the report.
Meeting: 20/06/2019 - Pensions Committee (Item 8)
8 LGPS (LOCAL GOVERNMENT PENSION SCHEME) CURRENT ISSUES AND UPDATES PDF 285 KB
To receive a report that outlines the Local Government Pension Scheme (LGPS)
Minutes:
The Committee received a report that provided an update on general developments in Local Government Pensions Scheme arena and also the Scheme Advisory Board’s key projects relating to the governance and administration of the Local Government Pension Scheme; specifically national initiatives that deal with inconsistencies across the Scheme for academies, the risks associated with Third-Tier employers and the conflicting interests at local authority employers who undertake the administering authority function.
The Committee noted the report which covered the following matters:
1) LGPS Employer Cost Cap;
2) New Fair Deal in the LGPS;
3) Separation Project / Good governance in the LGPS;
4) Academies Pension Cost;
5) GMP Equalisation and the LGPS;
6) Employer Exit Credits;
7) Cost Transparency;
8) Exit Payment Caps; and
9) Changes to the Valuation Cycle and Management of Employer Risk.
As a result of discussions on the report the Chair moved and it was RESOLVED to
1. Note the contents of the report.
Meeting: 29/11/2018 - Pensions Committee (Item 6)
6 Pensions Administration Performance targets and indicators PDF 85 KB
Additional documents:
Minutes:
Tim Dean, Pensions Team Leader presented a report that report covered the activities and performance of the Pensions administration team.
The Committee noted that
- There have been no changes to the staffing situation since the last committee report in July 2018;
- Overall, in the second quarter of 2018/19, the Pensions team has completed 87.91% of its workload in line with the services standards measured by the performance indicators. Noted that this is an improvement from the 85.66% completed in line with service standards during the 2017/18 year, but down from the first quarter figure of 89.43%;
- A change to the SCAPE discount rate, which is used to set employer contribution rate in unfunded public service pension schemes and actuarial factors across all public service pension schemes, means that transfer payments, both in and out, have been put on hold since 29th October 2918. New transfer factors are expected by mid-December;
- New regulations to correct the unintended error in the LGPS (Amendment) 2018 Regulations have been consulted on. The new regulations, if approved, would allow deferred members who left prior to 1st April 1998, to access their benefits from age 55 without the consent of their former employer;
The Chair Moved and it was:-
RESOLVED
To
- Note the information provided in this report in respect of the scheme administration and the performance metrics;
- Note that payment of member’s transfers has current been suspended; and
- Receive details of the backlog of data in the next report.
Meeting: 31/07/2017 - Pension Board (Item 7)
7 Report on Pension Fund Administration Update PDF 158 KB
Report to follow
Additional documents:
- 1 Appendix 1 July 2017, item 7 PDF 45 KB
- 1 Appendix 2 July 2017, item 7 PDF 31 KB
- 1 Appendix 3 July 2017 - Internal Audit, item 7 PDF 102 KB
Minutes:
Mr Bruce Interim Pensions Manager – HR, presented the report and the Board noted the following matters outlined in the report:
- Mr Dodia had retired. Mr Bruce also advised that he himself was soon to take up a new position in another authority.
- Since a decision on options for the Pensions Administration Service was pending, his role would be covered day to day by team managers and Sue Grinsted would provide management and mentoring on a part-time interim basis until a decision was reached.
- Performance of the administration service had improved and now stood at 82%
- An area requiring improvement was that or recovery of overpayments and it was noted that a proportion arose because of failures to notify the service of pensioner deaths. Methods of better tracing pensioner death and reducing overpayments were being explored.
- Information regarding the actuarial feedback on data quality deeming that it was fit for purpose.
- The member self-service portal structures were in place and the services would be launched after the benefits statements had been issued to fund members.
- The Board noted but did not comment on the admission of Mulberry Academy and Energy Kidz into the Fund.
Responding to Members’ questions the Board was informed that:
- In regard to addressing the issue of
overpayments:
- A National Fraud Initiative data matching exercise was recently carried out.
- Noting the information relating to Guaranteed Minimum Pension (GMP) at 3.37, the Board heard that it was necessary to ensure that data relating to this was accurate therefore the Fund and HMRC records were matched and revealed that 11 000 records agreed with the Revenue, 2000 have liability need to follow have been taking to an organisation £129 000 cost to identify. 87 000 check overpayment cost, October 2018 needs to be completed and this be put to tender as the matter needs to be concluded by December 2018 and the authority had been late in starting the reconciliation process.
- Because of the impacts of members joining and leaving the scheme, it was not possible to estimate the value of overpayments but figures would be presented at a future meeting.
- The NFI exercise, previously run biennially will now be run very six months.
- Norfolk CC was looking at establishment of arrangements for mortality screening for deaths in UK but for those retiring abroad, a death certificate would still be necessary.
- Overpayment recovery requires a death certificate and identification of and contact with the executor(s).
- Any irregularities around pension statements are covered by disclosure regulations.
RESOLVED
1. That the contents of the report and the Board’s comments be noted.
and
2. That the Board’s comments on the recommendation to approve the admission of Energy Kidz Ltd as an employer within the pension fund (para 3.10).