2 Pensions administration activity and Performance update PDF 392 KB
Minutes:
The report was introduced by Vicky Jenks, Pensions Admin Delivery Lead. She said the biggest project that had been worked on in the last quarter was the member self-service portal. Information had been sent out initially to deferred members, who were not currently contributing but held benefits in the pension scheme, as these were the first members to have their accounts on the portal activated. So far there had been a ten per cent uptake from deferred members. There had been a slight delay in the rollout of activations of employee members, but letters were due to go out to active members within the next few weeks and promotional material would be sent to employers so it could be circulated amongst staff. Annual benefit statements would be published to the self-service portal by 31 August.
Vicky Jenks said there were no major issues with the key
performance indicators. There had been a promising increase in the
amount of work that had been completed regarding transfers. This
was partly due to increased staff capacity to work on this project.
As from 1 April the Fund was no longer responsible for
administering the Fire Pension Scheme.
Members were told there had been a relatively high number of amber
breaches in March and a red breach was recorded in February. The
red breach was caused by a Multi Academy Trust taking its payroll
in-house and subsequently struggling to provide pensions data on
time. Vicky Jenks said the Trust had stopped using iConnect after
taking its service in-house, although this was due to be
reinstated. The Pension Fund had been working with the Trust to
help it meet its statutory deadlines.
Vicky Jenks said there had been a further
delay in the publication of the anticipated governance consultation
document from the Department for
Levelling Up Housing and Communities and this was now not expected
until autumn at the earliest. This meant the Fund would be delayed
in progressing with anticipated
workloads arising from the consultation
The guaranteed minimum pension reconciliation exercise had been completed by the deadline of 31 March and underpayments and overpayments had been corrected. Vicky Jenks said she had attended the PLSA Conference along with Chris Norton (Strategy and Commissioning Manager – Treasury, Pension, Audit and Risk) and the Chair.
Responding to a question from Jeff Carruthers, Vicky Jenks said
annual benefit statements would be published online but members
were able to opt out of this and continue to receive paper copies
if they wished.
Responding to a question from the Chair, Vicky Jenks said something
equating to a life certificate would be sent out to pensioners
living overseas. The Fund also had access to the DWP’s Tell
Us Once service and was a member of the National Fraud initiative,
which allowed staff to confirm details of a notification of a
member death.
Vicky Jenks confirmed the red breach was related to the receipt of February data and was reported by the Fund in March. The number of breaches reported in ... view the full minutes text for item 2