Decision details

Your Pension Service - Annual Administration Report 2015/16

Decision Maker: Pension Fund Committee

Decision status: Recommendations Approved

Is Key decision?: No

Decisions:

The Committee considered a report setting out details of the Your Pension Service Annual Administration Report for 2015/16.

 

The annual report was produced in accordance with a Service Level Agreement (SLA) for the provision of pension administration services to the Lancashire County Pension Fund and described performance against the standards set out in the SLA.

 

It was reported that, in future years, the report would need to be split between the Fund and the Local Pensions Partnership.

 

Reference was made to the following:

 

-  An increase in membership of the Fund of almost 9,000;

-  An increase in the number of deferred pensioners as individuals left local government as a result of spending reductions;

-  Improvements were being sought to the average length of time, currently 54 days, for administering the payment of retirement benefits and, in particular, the time taken to receive information from employers and members;

-  38 new employers had joined the Fund;

-  The impact of Government policy in relation to academies had the potential to increase the number of employers in the Fund from 250 to over 1,100 which would have significant implications for the administration of the Fund;

-  The impact of small employers, e.g. outsourced employers in schools providing cleaning services;

-  Work being undertaken to encourage take up of online services;

 

It was noted that the Local Pension Board had considered many of these issues during its first year of operation and had made suggestions around engaging with employers, encouraging take up of online services and engaging with 'hard to reach' fund members.

 

Resolved: - That the Your Pension Service - Annual Administration Report 2015/16 as set out at Appendix 'A' to the report, now presented, be noted.

Date of decision: 10/06/2016

Decided at meeting: 10/06/2016 - Pension Fund Committee

Accompanying Documents: