The report of the Director, West Yorkshire Pension Fund (Document “J”) indicated that since a change in the pension regulations resulted in an increase in requests for pension estimates from age 55, WYPF changed the information provided on its Annual Benefit Statement (ABS) to include figures for retirement from age 55, 60, 65 and state pension age. This feedback demonstrates the effects which the change brought about for WYPF administration in its working practices, and the benefits for members of the pension scheme.

Recommended –

That the Pension Board

·         notes the work undertaken to implement improvements to the ABS’s for scheme members in order to provide more details of retirement figures

·         notes that the range of benefit calculations provided in one statement enables members to be better financially informed about retirement options

·         notes the improvements and increases in work production following the application of functionalised working methods in the Service Centre

(Grace Kitchen – 01274 434266)

Resolved  –

1.    That the work undertaken to implement improvements to the ABS’s for scheme members in order to provide more details of retirement figures be noted.

2.    That the range of benefit calculations provided in one statement enables members to be better financially informed about retirement options be noted.

3.    That the improvements and increases in work production following the application of functionalised working methods in the Service Centre be noted.

ACTION: Director, West Yorkshire Pension Fund

The report of the Director, West Yorkshire Pension Fund (Document “J”) explained that on 14 May 2017 an amendment to the regulations was issued allowing deferred members to take reduced benefits from age 55.   Roughly 56,500 members were aged over 55 in December 2018 which accounted for about a quarter of all members.  In response to concern that the fund would not be able to maintain its high standard of service delivery with the ever increasing requests for estimates, it was decided to work towards providing figures at different ages for members on their ABS.  The information provided on Annual Benefit Statement (ABS) was amended to include figures for retirement from age 55, 60, 65 and state pension age.

The report explained that officers in the Service Centre team provided all the immediate pension calculations and services to current, deferred and retired members.  Changes had previously been made to how those staff members worked and dealt with the different areas of pension work.  The work was functionalised into teams and resources allocated according to demand.  As surges in any type of work were experienced work was rotated to meet that demand.   That system was utilised to ensure that demand resulting from  regulation changes and from members could be managed.  Statistics to reflect changes in work patterns were contained in Document J.

In response to questions about the response to the new arrangements it was reported that feedback from the Pension Liaison Group and members had been favourable.

Following discussions about investment in information technology it was confirmed that IT was crucial to the provision of member information.  Whilst the information would be basic the implementation of the “My Pension” portal would allow members to calculate their own estimates.

Resolved –

1.    That the work undertaken to implement improvements to the ABS’s for scheme members in order to provide more details of retirement figures be noted.

2.    That the range of benefit calculations provided in one statement enables members to be better financially informed about retirement options be noted.

3.    That the improvements and increases in work production following the application of functionalised working methods in the Service Centre be noted.

ACTION: Director, West Yorkshire Pension Fund