The Director, West Yorkshire Pension Fund, will present a report

(Document J”) which updates the Local Pension Board on WYPF annual benefit statement (ABS) production project 2020 for all members entitled to receive an ABS for the calendar year 2020. Local government pension schemes (LGPS) funds are required to provide active, deferred, deferred pensioners and credit members with an annual benefit statement, within five months of the fund’s scheme year end of 31 March, therefore a deadline of 31 August. 2020.

Specific legislative requirement is provided by Regulation 89 of the LGPS Regulations 2013

Management confirm that WYPF has complied with LGPS Regulations 2013 on ABS.

Recommendation

That the report be noted.

(Ola Ajala -  01274 434534)

Resolved –

That the report be noted.

ACTION: Director, West Yorkshire Pension Fund

The Director, West Yorkshire Pension Fund, presented a report

(Document J”) which updated the Local Pension Board on WYPF annual benefit statement (ABS) production project 2020 for all members entitled to receive an ABS for the calendar year 2020. The report explained that local government pension schemes (LGPS) funds were required to provide active, deferred, deferred pensioners and credit members with an annual benefit statement, within five months of the fund’s scheme year end of 31 March, therefore a deadline of 31 August. 2020. Specific legislative requirement is provided by Regulation 89 of the LGPS Regulations 2013

It was confirmed that WYPF had complied with LGPS Regulations 2013 on ABS.

The report revealed that despite the impact of the pandemic 99.99% of statements were issued by the deadline of 31 August 2020.  Those statements which had not been issued were as a result of the Fund not receiving the correct data from employers or employers’ payroll. 

It was explained that the Fund led the sector in the production of ABS and was able to do so because of the quality of data kept and monthly data process undertaken since 2014.  It was proposed that there may be a refresh of the process but the level of performance would be maintained.

It was questioned if revenue from the provision of administrative services to other organisations would be reinvested in the Fund and it was explained that no profit was made from administrative services, however, the more organisations joining the Fund would reduce the cost to all. Costs per Member had reduced by approximately £5 to £6 per year and improvements developed for one partner would be shared by all.   The benefits of sharing operations were shared experiences, shared cost and quality of service.

Resolved –

That the report be noted.

ACTION: Director, West Yorkshire Pension Fund

The Director, West Yorkshire Pension Fund, will present a report

(Document J”) which updates the Local Pension Board on WYPF annual benefit statement (ABS) production project 2020 for all members entitled to receive an ABS for the calendar year 2020. Local government pension schemes (LGPS) funds are required to provide active, deferred, deferred pensioners and credit members with an annual benefit statement, within five months of the fund’s scheme year end of 31 March, therefore a deadline of 31 August. 2020.

Specific legislative requirement is provided by Regulation 89 of the LGPS Regulations 2013

Management confirm that WYPF has complied with LGPS Regulations 2013 on ABS.

Recommendation

That the report be noted.

(Ola Ajala -  01274 434534)