Agenda item

The Board received the report. Board members had the opportunity to consider the report and ask questions. The WYPF performance statistics is still consistent and 91% of cases are completed within their Key Performance Indicators (KPIs) for July 23 and similar figures are expected for August 23. The performance level slightly reduced in the beginning of the year however this has now improved. Their performances will continue to be monitored. The number of complaints received continues to be small and to date there are currently no stage 1 IDRP cases in progress and one stage 2 case. The stage 2 case was reviewed and has been rejected.  A complaint from The Pensions Ombudsman (TPO) has recently been received by the Pensions Administration Team.

The Pensions Administration Team is currently working on their Engagement Policy for the Fund, and this include visiting sites of work and offering members help with registering onto the Members Portal. The Communication Policy is being updated and the revised document will be presented at the next Board. The visits will be advertised extensively to ensure there is good response. Members were advised that the Board should receive feedback regarding the framework which is being used to undertake the AVC Provider review at their next meeting. The Annual Benefit Statement has been issued and 98.8% were completed within the set timescale of 31 August. There are 65 members who have not received their Statement and WYPF are working to send this information. These delays were due to employers not returning information and internal issues in obtaining data.

Following queries from the Board regarding the impact of the Mcloud Judgement, Officers advised that there was a limited number of members affected by the Judgement and adjustments to their pensions would not have a significant impact on the funding of the Pension Scheme

Members were reminded at their last meeting there were concerns regarding re-employees returning to the Council in April 2023 and informed that issues had been resolved and these were related to delays with data. The Board noted that some Capita CSG staff members had returned to Barnet Council in September 2023 and that were liaised with to ensure that issues experienced with the re-employees and Service Areas are not encountered again. The Board noted that the Pension Fund Team had delivered workshops for re-employees regarding Pensions options, and these had been helpful. Members commented that a presentation for these employees regarding options available in relation to transferring benefits of other Schemes or their Capita Pensions should be offered to this cohort. The Board noted that transferring benefits would need to be undertaken within a year following move and that not all members would be aware of this timeframe.

Officers advised that The Pensions Regulator (TPR) single Code of Practice was schedule to be published and that an update would be provided to the Board at their next meeting regarding its contents. The Board would also receive training on the new Code at a future date.

The following Action points were agreed: -

·         That the Local Pension Board receives the Pension Administration Team revised Communication Plan at their next meeting.

·         That the Local Pension Board receive feedback on the framework which is being used to undertake the AVC Provider review.

·         That detailed guidance on how re-calculations of benefits should be calculated be communicated in respect of the 2015 Mcloud Judgement coming into force on 1 October 2023.

·         The Pension Administration Team organise workshops for re-employees, regarding options in relation to their Pensions and transferring benefits of other Schemes to London Borough of Barnet Pensions Fund. 

Having considered the report, the Local Pension Board

RESOLVED:

That the Local Pension Board noted West Yorkshire Pension Fund’s performance levels along with the updates on other administration and legislative issues.