Issue - meetings

83.1     The Board considered a report providing an update on matters relating to Pensions Administration activities and Paul Punter (PP) drew the Board’s attention to the following points:

-           PAT performance numbers are 88% which is lower that the target at 95% with the impact of completing the B&H CC work now being felt. Lower performance figures are expected for the next quarter with various projects requiring resources including GMP and McCloud.

-           The printing and postage project went live in September and has been progressing well.

-           The team had to process over 2000 new starters following a large volume of data from one employer in August and there is still some way to go to process these. The prioritisation of tasks is key to ensure queries are responded to and issues addressed appropriately. Performance of retirement figures is at target.

-           Projects; now below 400 outstanding ABSs and the Administration working group have oversight of project.

-           The Members self-service requires some attention, the new version will be built from Quarter 1 2024,  the login process will be more secure in order to strengthen data protection.

-           Information regarding AVCs will be available at the next meeting as the data requires verification.

83.2     NS asked if these issues and the volume of work are likely to be more permanent or whether things will improve in time.

83.3     PP assured the Board that once one-off projects had been implemented there will be more resource available to respond to issues and that overtime had been offered and key appointments had been made. Automated resource will also be coming online which will be welcomed by the team and will add value.

83.4     RM confirmed that the Board would support extra resource being allocated to the team if required.

83.5     RM noted that the report included the number of the other types of pension top ups.

83.6     PP outlined the 50/50 scheme available to members and highlighted the 3 year auto-enrolment review that leads to members opting for the scheme more than once. There are 217 current members who have opted into in the 50/50 scheme .The scheme is actively promoted to employers as they are the ones who have to receive the request from their employees.

83.7     Tim Oliver (TO) highlighted that although the  member contributions are lower the employer continues to pay the full contribution rate which could impact the employers, though was assured that in the long run the valuation process would allow for the lower benefits being accrued.

83.8       The Board RESOLVED to note the report.