LCPF Pension Administration Strategy Statement
Decision Maker: Pension Fund Committee
Decision status: Recommendations approved
Is Key decision?: No
It was reported that following a review by Officers of the Fund a revised draft Pension Administration Strategy Statement (PASS) had been drafted which extended the number of employer and fund performance standards to be measured and introduced charges to be levied on any scheme employer where performance fell short of the expected standards.
When considering the report the Committee noted that the Fund aimed to comply with a number of requirements in advance of the statutory deadlines set out in the PASS. The level of resources required to comply with the contents of the PASS was discussed and in response to a query it was suggested that details of the CIPFA benchmarking statistics be circulated to members of the Committee outside of the meeting for information. Reference was also made to the charges for late or underpayment of employer contributions and the Head of Fund undertook to clarify whether or not such payments would be per occasion.
It was also noted that the draft PASS would be referred to the Lancashire Local Pension Board for consideration.
1. That the Pension Administration Strategy Statement (PASS) set out in Appendix 'A' to the report presented is approved for consultation with Fund employers.
2. That the frequency of charges for the late or underpayment of employer contributions set out in the PASS be clarified before the document is finalised and approved.
3. That a report on the outcome of the consultation referred to at 1 above be presented to the Committee on the 8th June 2018.
4. That further information regarding CIPFA benchmarking statistics be circulated to all members of the Committee outside of the meeting for information.
Report author: Helen Gallacher
Date of decision: 23/03/2018
Decided at meeting: 23/03/2018 - Pension Fund Committee