Revised Funding Strategy Statement and Supporting Policies

In September 2020, the Government amended the Local Government Pension Scheme (LGPS) Regulations 2013, introducing new powers for administering authorities to review employer contributions, spread exit payments and set up Deferred Debt Agreements (DDA). In March 2021 statutory guidance was issued to assist administering authorities who wish to use the new powers. The guidance sets out high level principles and points which the government believes should be considered by administering authorities.

As a result of the new regulations and guidance, revisions are proposed to the Devon Pension Fund’s Funding Strategy Statement (FSS). The revised version makes reference to two new policies, one in relation to contribution reviews and one in relation to Deferred Debt Agreements (DDAs) and Debt Spreading Agreements (DSAs).

Following endorsement by the Pension Board the revised FSS and the new Contribution Review and DDA/DSA policies are now being sent to employers for consultation. These policies, as presented to the Pension Board on 26 April can be found at the following link:

https://democracy.devon.gov.uk/documents/s3

5262/Item%2010%20FSS.pdf

Please provide any comments or views on the revised documents back to Martyn Williams – martyn.williams@devon.gov.uk by Friday 4^th June. Any comments will then be reported to the Investment and Pension Fund Committee when they consider the new policies for approval at their meeting on Friday 18^th June.

Keep us updated

Please remember to keep us updated with any changes in staff responsible for completing our forms (authorised signatories). This can be done by completing our via our online form.

You can also use this form to notify us of any authorised delegated contacts, your IDRP Stage 1 Appeals Officer, your Payroll Provider, your contact for Interfaces and to sign up to our employer newsletter Pensions Line

Change of Payroll Provider & Provision of Data

It is important that you contact the Employer & Communications Team if you are changing your payroll provider. We can then work with you to ensure you put processes in place to retain access to historical payroll information and continue to fulfil your responsibilities as a Scheme employer.

Payment of Pension Fund Contributions

Please remember to inform us and the relevant Finance team each time you have paid your pension scheme contributions, by filling in the Monthly Contributions Form. If we receive the returns right away with the payments and they are correct, it makes the process so much easier, so please ensure that you build this form into your procedures.

If you are a Somerset Pension Fund employer, please contact the Corporate Finance Team for a copy of the Monthly Contribution Return: Corporatefinancepens@somerset.gov.uk

If you are a Devon Pension Fund Employer, you will need to use the online EAS5 form. 

TUPEs & New Academies

If you are outsourcing services and have a number of staff who will be subject to TUPE and moving to a new employer or your school is converting to an Academy or moving MAT, please do not submit any leaver forms as this will complicate the process – instead there is a staff data capture spreadsheet you can complete on our website.

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