45 CIPFA BENCHMARKING REPORTS 
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West Yorkshire Pension Fund takes part in the CIPFA Benchmarking Club for Pensions Administration. The report of the Director, West Yorkshire Pension Fund, (Document “AE”) provides information about the costs of the Fund’s pensions administration service and compares those costs with other LGPS funds who are part of the CIPFA Benchmarking Club.
Recommended –
That the report be noted.
(Yunus Gajra – 01274 432343)
Additional documents:
Decision:
Resolved –
That the report be noted.
ACTION: Director, West Yorkshire Pension Fund
Minutes:
Members were reminded that the West Yorkshire Pension Fund participated in the CIPFA Benchmarking Club for Pensions Administration. The report of the Director, West Yorkshire Pension Fund, (Document “AE”) provided information about the costs of the Fund’s pensions administration service and compared those costs with other LGPS funds who were part of the CIPFA Benchmarking Club.
It was reported that not all Funds were involved in the Benchmarking club although efforts were made to encourage others to join.
During the current year 33 LGPS funds had reported their administration costs, membership details, workload and staff movements to CIPFA who analysed and reported on the data in comparative tables and graphs. The benchmarking related to the membership administration function of the Fund and did not cover investments. Officers from the Fund had also met with representatives from the other metropolitan funds to exchange information, share best practice and develop next year’s survey.
A summary of results, appended to the report, compared WYPF with all members of the benchmarking club. The Fund had the third lowest annual cost per member, although it was felt that the lowest cost shown was questionable.
It had been concluded that the Fund’s unit costs were one of the lowest across all pension funds. Member surveys revealed good levels of satisfaction from different categories of members. WYPF continued to win awards over the years for quality of service and best administration. Overall the administration service was considered effective and low cost, however Members were assured that the Fund would continue to seek efficiencies and savings to squeeze costs further.
Members acknowledged the impressive results in the benchmarking report. It was suggested that the number of experienced staff and the excellent environment within the Fund had contributed to those results.
Resolved –
That the report be noted.
ACTION: Director, West Yorkshire Pension Fund
