The Fund's 2018 Pensions Administration Strategy
Submitted by Administrator on April 3, 2018 - 10:37am
The LGPS Regulations allow Pension Funds to prepare a Pensions Administration Strategy (PAS) for the purpose of improving administrative processes in compliance with regulatory provisions and the Code of Practice No.14 as issued by the Pension Regulator (tPR).
The legislative framework outlines the statutory pension benefit information and services which the Fund must provide free of charge and allows funds to recover costs incurred as a result of unsatisfactory employer performance.
In 2017, Merseyside Pension Fund revised its PAS to ensure adoption of best practice and compliance with standards set by the Pensions Regulator in regard to data quality, completeness and timeliness.
Changes since 2013 in regard to the benefit structure, statutory time limits and the requirement for public service pension schemes to deliver efficiencies, necessitates the introduction of a schedule of charges for non-statutory administrative services and to recover costs incurred by the Fund as a consequence of an employer’s unsatisfactory performance .
The 2018 PAS which came into effect on 1 April 2018 was developed in consultation with employers and the Local Pension Board with the purpose of setting out a framework outlining the policies and performance standards to be achieved to enable provision of a cost-effective and high quality pension administration service.
A copy of this PAS was issued to each of the relevant employers as well as to the Secretary of State.