Issue - meetings

WEST YORKSHIRE PENSION FUND (WYPF) PRODUCTION OF ANNUAL BENEFIT STATEMENTS FOR MEMBERS 2021.

Meeting: 14/09/2021 - West Yorkshire Pension Fund Pension Board (Item 14)

14 WEST YORKSHIRE PENSION FUND (WYPF) PRODUCTION OF ANNUAL BENEFIT STATEMENTS FOR MEMBERS 2021. pdf icon PDF 142 KB

The Director, West Yorkshire Pension Fund (WYPF) will present a report (Document “H”) which provides an update on WYPF annual benefit statement (ABS) production project 2021 for all members entitled to receive an ABS for the calendar year 2021.

 

Members are requested to consider and note the report.

 

 (Ola Ajala - 01274 434534)

 

 

Additional documents:

Decision:

Resolved –

 

That the report (Document “H”) be considered and noted.

 

Action: Director, West Yorkshire Pension Fund

Minutes:

The report of the Director, West Yorkshire Pension Fund (Document “H”) was submitted to the Board in order to update Members on the Annual Benefit Statement (ABS) Production project to provide all eligible members with an annual statement.  LGPS funds were required by legislation (regulation 89 of LGPS Regulations 2013) to provide statements to active, deferred, deferred pensioners and credit members within 5 months of year end (March 2021).  The IPR also required LGPS funds to meet the August deadline and any significant breach of the deadline would be self-reported alongside an action plan to remedy the situation.

 

Members were encouraged to register to access statements online as part of the aim to reduce WYPF carbon footprint.

 

The performance report indicated that 99.99% of ABS statement target had been met. An explanation of the other 1% was provided as a break down, which did not constitute a breach reportable to the IPR.

 

Officers further advised that Barnet, a recent addition to the customer base was now up to 98% on time but had joined without good pension records.

 

The report also included details of how data was maintained and the template used for ABS which resulted in less enquiries for estimates as more information on pension amounts and lump sum payments was included.

 

Resolved –

 

That the report (Document “H”) be considered and noted.

 

Action: Director, West Yorkshire Pension Fund