The report of the Director, West Yorkshire Pension Fund (Document “G”) will be submitted to provide Members with the details of the register of breaches in accordance with West Yorkshire Pension Fund (WYPF) Breaches procedure.

In accordance with the Public Service Pensions Act 2013, from April 2015 all Public Service Pension Schemes come under the remit of The Pensions Regulator.

Section 70 of the Pensions Act 2004 imposes a requirement to report a matter to The Pensions Regulator, as soon as is reasonably practicable where that person has reasonable cause to believe that:

(a)    a legal duty relating to the administration of the scheme has not been or is not being complied with, and

(b)    the failure to comply is likely to be of material significance to The Pensions Regulator in the exercise of any of its functions.

Recommended –

That Members note the entries on the 2021/22 Register of Breaches.

(Caroline Blackburn – 01274 434523)

Resolved –

That the entries on the Register of Breaches of Law 2021/22 be noted.

ACTION:  Director, West Yorkshire Pension Fund

The report of the Director, West Yorkshire Pension Fund (Document “G”) was presented to provide Members with the details of the register of breaches in accordance with West Yorkshire Pension Fund (WYPF) Breaches procedure.

In accordance with the Public Service Pensions Act 2013, from April 2015 all Public Service Pension Schemes come under the remit of The Pensions Regulator.

Section 70 of the Pensions Act 2004 imposed a requirement to report a matter to The Pensions Regulator, as soon as is reasonably practicable where that person has reasonable cause to believe that:

(a)   a legal duty relating to the administration of the scheme has not been or is not being complied with, and

(b)   the failure to comply is likely to be of material significance to The Pensions Regulator in the exercise of any of its functions.

The entries on the Register of Breaches for 2021/22, related to:

·           the late payment of employee’s pension contributions by employers,

·           delay in making a transfer out payment to a new pension provider,

·           the non-issue of Annual Benefit Statements by the 31 August 2021 to a small number of active members.

·         delays in settlement amounts paid to the Fund by Prudential when members had retired. (details of that breaches and copy of the submission to the Pension Regulator reporting that breach were supplied to the July 2021 JAG meeting).

A Member referred to delays to payments by Prudential and questioned if the situation had improved since it had been reported in July 2021.  He was advised that the situation had improved significantly since that time.  Annual Benefit Statements (ABS) had been issued for the previous year and it would be monitored when ABS were provided for the current year.

He referred to people who he had seen take early retirement through necessity over the previous two years and was concerned that payment delays beyond a 13-week period had caused additional pressure in their lives.  In response he was assured that Key Performance Indicators stipulated that payments should be made within three days.  If Additional Voluntary Contribution payments from the Prudential had been delayed members would still have received their lump sums.  The reasons that benefits were not paid by the fund and AVC provider separately was to avoid a much higher rate of tax which was required on a second payment.

Resolved –

That the entries on the Register of Breaches of Law 2021/22 be noted.

ACTION:  Director, West Yorkshire Pension Fund