Liz Firmstone (Service Manager, Finance Transformation) introduced the report which provided an update on the work of the Pensions Administration Service. She advised that Key Performance Indicators (KPIs) were continually monitored, this enabled resources to be diverted to areas where additional support was required. The report showed an increased number of requests for transfers into and out of the Pension Scheme. This was attributable to a broader trend of individuals changing jobs more frequently. She advised that implementation of the Member Self Service (MSS) system was likely to mitigate pressure resulting from queries relating to pension benefits. She provided a summary of the main points of the report.

In response to Councillor Simpson-Vince, Neil Buxton (Technical Specialist – Pension Fund Policy and Governance) advised that the Guaranteed Minimum Pension (GMP) reconciliation exercise related to the process to rectify overpayments and underpayments resulting from administrative changes. It was a substantial exercise affecting pension funds nationally across public and private sectors.

Resolved:

That the Staff and Pensions Committee notes the report.