Issue - meetings

24.1     The Committee considered a report on the performance of Business Operations.

24.2     The Committee RESOLVED to:

1) Note the report; and

2) approve the expenditure of £5,000 for the annual use of a monthly mortality screening service.

3) request that a briefing is circulated on the implementation of online Annual Benefit Statements.

1.1.        The Board considered a report about the Business Operations Team.

1.2.        JB confirmed that the Team is on target to deliver all annual benefit statements to employees by 31 August, despite the tight deadline. The Statements will be available online this year for active members with emails, all deferred members will be sent the statement via post and encouraged to register online.

1.3.        JB confirmed that stage 2 of the Guaranteed Minimum Pension (GMP) reconciliation process will commence during the next week as HM Revenue & Customs is due to issue the data requested for stage 2.

1.4.        The Board RESOLVED to:

1) note the report; and

2) recommend that the Pension Committee agree to the proposal to use a monthly mortality screening service.

9.1       The Committee considered a report providing an update on the pension administration services provided by Orbis Business Operations.

9.2       The Committee RESOLVED to note the report.

13.1     The Board considered an update from Business Operations.

13.2     JB clarified that the online Annual Benefits Statement system is robust and uses the same calculations, and the same information from employers, that Pension Administration Team uses to calculate benefits. The system relies on the primary input being correct and there are the appropriate waivers in place to inform employers when they submit the information.

13.3     The Board RESOLVED to note the report.