Issue - meetings

Improvement Plan

Meeting: 06/09/2019 - Pension Fund Committee (Item 50)

50 Improvement Plan pdf icon PDF 229 KB

10:20

 

This report updates the Committee on progress against the objectives and milestones set out in the Improvement Plan.

 

The Committee is RECOMMENDED to note the latest position with regard to the implementation of the Improvement Plan.

Decision:

Recommendations agreed, subject to the following additional recommendation:

 

(b)     give a formal vote of thanks to Managers and Staff for their performance and excellent results.

Minutes:

The Committee had before then the latest report which gave an update on progress against achieving the Plan to the date of publication, together with a verbal update regarding final performance against the statutory deadline.

 

Accordingly, Mr Collins, Service Manager Pensions Insurance and Money Management reported that 99.3% of the active Annual Benefit Statements and 99% of the deferred Annual Benefit Statements had been issued by 31 August 2019, which equated to 18,840 out of 19,000 being issued, and was sufficient to avoid a breach of regulation report, though one employer would be reported to the pension regulator for failure to issue 6 Statements.

 

In respect of data quality scores, Mr Collins reported that the scores from the latest run were 95.3% for common data and 96.3% for scheme specific data, which was at the top end across the LGS funds.  The Fund actuary had confirmed that the quality of the data was exceptional.

 

In response to a question from members regarding fines being relatively low, Mr Collins confirmed that previously fines were bigger and had been determined by the Committee in relation to the size of the employer.  However, fines were not to make money and were now set to cover the cost of any additional work that may have arisen and that although the fines appeared small, they did add up and that any fines received went into ‘the pot’ and reduced the overall cost of the pension fund.

 

Following debate, Councillor Bulmer proposed and Councillor Lygo seconded and it was agreed, that a formal vote of thanks be given to the pension fund managers and staff for their performance and excellent results.

 

RESOLVED: (nem con)

 

(a)      to note the latest position with regard to the implementation of the Improvement Plan;

(b)      give a formal vote of thanks to Managers and Staff for their performance and excellent results.