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During 2019/20 Peninsula Pensions undertook a review of our Pension Administration Strategy for both the Devon and Somerset Pension Funds. The review followed the restructure of Peninsula Pensions and reflects the growth in membership and demands of Scheme members and employers, changes to LGPS regulations, advances in technology and improvements to performance monitoring. The review process included consultation with the Pension Boards, employers and approval by both Pension Fund Committees.
In May 2020 we informed employers that a delay to the implementation date would occur due to challenges COVID 19 had brought to us all.
We are pleased to confirm the revised strategy will come into effect from 1st October 2020 for both Funds and is now available for viewing on the Peninsula Pensions website. We would ask you to take time to familiarise yourself with it.
Key aspects of the strategy include:
• The inclusion of the disclosure regulations in addition to our internal targets and timescales.
• Production of quarterly reports for the relevant Pension Board, including any breaches that have occurred and action proposed/taken.
• Annual performance reports for fund employers. These reports will run from 1st October to 30th September each year with employers receiving their first report during the Winter of 2021. They will contain details of how we have both performed against the strategy targets in the preceding year.
• Setting out how we will continue to work together for the benefit of our scheme members.
If you have any questions about the strategy please contact the Employer & Communications team.
Recently we have received an increased number of queries from members who were expecting payment of their pensions the day after they left employment. Regrettably due to the processes we must follow this is not possible. When sending out leaving correspondence to your members we would appreciate it if you could include a link to our "Your retirement" leaflet which details the retirement process including timescales.
For employers who are not aware the Disclosure Regulations state we must contact members within 1 month following date benefits becomes payable (2 months if retiring before normal pension age) to meet this time frame we are of course reliant on employers providing the leavers form and any associated documents to us in good time, thank you.
We would like to know if you have a set policy on whether you pay the strain cost in one lump sum, over three years or decide on a case by case basis. Please take the time to complete this short survey and submit your answers so that we can compile an internal database with a view to reduce queries and the amount of information required on the Leaver form.
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