Issue - meetings
Pension Fund Administration Update
Meeting: 21/09/2017 - Pensions Committee (Item 5)
5 Pension Fund Administration Update PDF 88 KB
Additional documents:
Minutes:
Bola Tobun, Investment and Treasury Manager presented a report which updated the Committee on issues affecting scheme members and employers
There have been several changes to the Pensions Management Team. Tim Dean has been appointed as the Senior Pensions Team Leader and Sue Grimstead has been seconded from Surrey County Council. Ms Grimstead will be providing support to the Pensions Team Leader and also to the various Projects. The activity levels and level performance against service standards indicates that 87% of activity met target dates. There is one outstanding IDRP, which relates to the award of a lump sum Death Grant payment. There is one new employer, Wettons Cleaning Services Ltd. Staff transferred to Wettons on 31 July.
The Committee were informed that the March 2017 Benefit Statements had been printed and dispatched on 17 September. There was a slight delay with dispatching the Statement; this was due to difficulties with the reprographies. The Statements were scheduled to be sent to active members at the end of August. Members were advised that the Benefits Statements sent in the previous year were wrong and also several months late. The Committee was advised that there were concerns about the current addresses of active members; overall the Services have received positive feedback about the statements.
Members commented and commended officers about the improvements on the timetabling and data accuracy of the Statements and asked what measures were being put in place to ensure that next year’s deadline is met. In reply; officers advised members that there were to be regular meetings and that resources were to be put in place to ensure that the Service meets its deadlines. The Pensions Team and the Human Resources will continue to work collaboratively. The HR Interface will also reduce printing.
The Committee were reminded that there would be increased monitoring on the administration of Pensions Fund and that fines were being levied at Local Authorities. Members agreed that the Pensions Committee and Pensions Board should continue to receive information about Monitoring and that their Board should monitor whether set targets were being met. Members agreed that the proposed division of work would be good use of both the Pensions Committee and the Pensions Board.
JTL Employee Benefits have been commissioned to trace individuals whose current address is unknown to the Local Authority. The projects to introduce member self-service, payroll data-interface (iConnect) and GMP Reconciliation were delayed as priority was given to the issuing of benefit statements.
RESOLVED:
1. To approve the admission of Wettons Cleaning Services Ltd as an employer within the pension fund.
2. To note the contents of this report in respect of the update on the administration of the pension fund
3. That the Pensions Board receives reports about the administration of the Pensions Fund and be delegated to closer monitor set targets.