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As mentioned during the recent employer events, Peninsula Pensions have been reviewing the current Pension Administration Strategy.
Today, we have launched a consultation on the proposed revision with employers. The consultation will run up to 31 December 2023 and will enable Peninsula Pensions and fund officers to review the responses. These responses will then be taken forward to the relevant Pension Board and Investment and Pension Fund Committee for agreement and sign off ahead of implementation in April 2024.
The updates to the administration strategy encompass the implementation of a new Communication policy, along with a charging structure for instances of underperformance by employers, as allowed within the LGPS regulations.
Please share with officers within your organisation who hold responsibility for pension administration, so that they can respond with any comments for us to consider.
You can respond to the consultation through completing the online survey or emailing your response to the consultation to finance.peninsulaemployers-mailbox@devon.gov.uk.
Please find the links to the draft administration strategies here:
Administration Strategy - Devon (Draft)
Administration Strategy - Somerset (Draft)
You can view the current administration strategies here
Devon Pension Fund Administration Strategy - Peninsula Pensions
Somerset Pension Fund Administration Strategy - Peninsula Pensions
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