Issue - meetings

The Committee had before it a report by the Head of Finance which provided an update on the provision of the Annual Benefit Statements (ABSs) to the Fund’s active and deferred members.  The statements provided members with an estimate of their pension position at retirement age, based on data currently held by the Fund.

The report advised that 99.76% compliance had been achieved.  Although this had fallen slightly short of 100% compliance, issues had been identified in the outstanding member records (56 records) which had prevented the target being met.  The data issues with these member records would be addressed in preparation for the 2017/18 year.  A problem with a further 3 records had been raised with the software provider and it was therefore hoped that the resolution of these issues would improve performance next year with the aim of achieving full compliance.

In line with the NESPF Breaches of Law Policy, the fact that the full 100% compliance was not achieved would be recorded as a breach in the Register, however as this was not a breach of material significance, it would not be reported to the Pensions Regulator.

The report recommended:-

that the Committee note the report.

The Committee resolved:-

to note the report.

The Board resolved:-

to note the decision of the Committee.