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Somerset Pension Fund Administration Strategy


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Introduction

Peninsula Pensions was formed in 2013 as a shared pension administration service, with Devon County Council acting as lead authority, for the provision of the Local Government Pension Scheme (LGPS) administration for the Devon County Council and Somerset County Council Administering Authorities.

The Devon County Council and Somerset County Council Administering Authorities, Investment and Pension Fund Committees and Pension Boards remain independent from each other with each Administering Authority retaining investment and governance responsibility for their respective pension fund.

Although not a statutory requirement, a Pension Administration Strategy (PAS) was introduced in April 2015, following approval by the Devon County Council and Somerset County Council Investment and Pension Fund Committees.

Although there is a separate PAS in place for each Administering Authority, the content is identical in order to ensure that a fair and consistent approach is maintained for all stakeholders.

The legal context for this Strategy is Regulation 59 of The Local Government Pension Scheme Regulations 2013 which permits Administering Authorities the opportunity to prepare and review a Pensions Administration Strategy. The PAS also has regard to the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and The Pension Regulator Public Sector Code of Practice 14.

The PAS sets out the performance standards and expectations of the Administering Authority and employers, defining clear roles and responsibilities, and aims to ensure the delivery of a high-quality service for all stakeholders.

The revision to the PAS, effective from April 2020, reflects the growth in membership and demands of Scheme members and employers, changes to LGPS regulations and advances in technology.

The PAS is linked to the following statutory documents of the Administering Authority which are located within the Devon County Council Pension Fund Investment area of the Peninsula Pensions website:

  • Governance Policy and Compliance Statement (link)
  • Communications Strategy (link)
  • Funding Strategy Statement (link)
  • Investment Strategy Statement (link)

Under no circumstances does the PAS override any provision or requirement of the LGPS regulations nor is it intended to replace the more extensive commentary provided by the Employer’s Guide and associated documentation for day-to-day operations, which can be found within the employer’s area of the Peninsula Pensions website.

Key Administration Strategy focus

This strategy formulates the administrative arrangements between the Administering Authority and employers.

It recognises that employers and the Administering Authority have a shared role in delivering an efficient and effective pension service to scheme members and that this can only be achieved by co-operation and working together.

The strategy document sets out in detail how we will achieve our key focus points, which are:

  • setting out the quality and performance standards required of the Administering Authority and employers
  • promoting good working relationships and improving efficiency between the Administering Authority and employers for the benefit of scheme members
  • enhancing the flow of data by having clear channels of communication in place, so that each stakeholder is fully aware of its role and responsibilities within this process
  • providing a framework to enable administration costs relating to significant employer underperformance to be met directly by the employer responsible, as opposed to sharing the costs across all employers in the Pension Fund*

(* Regulation 70 of the 2013 LGPS Regulations permits the recovery of additional costs from an employer where unsatisfactory performance levels have incurred additional costs to the Administering Authority)

An annual report will be issued by Peninsula Pensions to illustrate the extent to which the performance standards established under this strategy have been achieved and such other matters arising from the strategy as appropriate.

Record keeping

Record-keeping is a fundamental part of managing a scheme such as the LGPS. Administering Authorities and employers have a legal obligation to collate and maintain accurate data records.

Each party shall duly observe all its obligations under all applicable laws which apply to the handling of personal data, including the General Data Protection Regulation (Regulation (EU) 2016/679) and the Data Protection Act 2018 as may be amended, extended or replaced from time to time.

The Administering Authority and the employers agree to comply with the obligations set out in the ‘Memorandum of Understanding regarding Compliance with Data Protection Law between the Administering Authority and all employers within the Fund’ (the “MOU”), a copy of which is published on the Peninsula Pensions website (link to privacy notice – should PP have their own?). The Administering Authority reserves the right to amend, update or replace the MOU from time to time.

Peninsula Pensions must be able to demonstrate that records are accurate and up to date, within the parameters of data protection legislation, in order to govern and administer the pension scheme efficiently and effectively for scheme members.

Employers (and their delegated payroll providers) are responsible for providing the core data required by the Administering Authority. Employers need to ensure that legal obligations regarding the provision of timely and accurate information to the scheme are met.

The Administering Authority has a legal duty to provide scheme members with accurate and timely information regarding their benefits. The use of electronic processes aides all parties to do this in a timely and efficient manner.

A strong working partnership between the Administering Authority and employers is key in delivering a successful administration service. This document describes how the Administering Authority provides support to employers in meeting their responsibilities.

Peninsula Pensions will notify employers in advance of any proposed changes in systems, processes, legislation and data requirements and will provide sufficient time, support and guidance for employers to implement any changes.

Full details covering the processes for employers, including the procedures for the escalation of outstanding requests for information, can be found within the employer’s section of our website.

If employers have concerns about the data required, they should contact Peninsula Pensions without delay. This will allow Peninsula Pensions to work with employers to resolve any issues and enable both parties to meet their requirements for the benefit of scheme members.

Where an employer does not actively engage with Peninsula Pensions to resolve issues and/or consistently fails to meet its responsibilities under the LGPS Regulations, the Administering Authority (or stakeholders such as the Pension Board) has a statutory duty to report any breach to The Pensions Regulator. Similarly, stakeholders (such as the Pension Board) may report Peninsula Pensions to The Pensions Regulator if it is believed that a breach has occurred in respect of its duty as scheme administrator.

If deemed to be materially significant, The Pensions Regulator has the authority to take prompt and effective action to investigate and correct the breach and its causes, and, where appropriate, to notify any members whose benefits have been affected.

The Pensions Regulator may impose a penalty under section 10 of the Pensions Act 1995. At the time of creating the PAS, the maximum amount of a penalty in relation to a breach is £5,000 in the case of an individual and up to £50,000 in any other case.

Penalties may be imposed on any party who has legal requirements or responsibilities relating to the management or administration of the scheme, and anyone else who could be subject to any of The Pensions’ Regulator’s statutory powers of investigation and enforcement, such as employers and professional advisers.

View The Pensions Regulator’s compliance and enforcement policy for public service sector schemes.

Find out more about the work of The Pensions Regulator.

Roles and responsibilities

The key focus of the Strategy set out in section 2 will be achieved by:

  • clearly defining the respective roles of employers and the Administering Authority
  • setting clear and achievable standards of service levels for the functions carried out by employers and the Administering Authority
  • setting out clear procedural guidance for the secure and effective exchange of information between employers and the Administering Authority
  • monitoring service delivery, identifying poor performance and establishing a platform for the provision of support to improve performance where required
  • continuous development of resources via the use of digital technology and staff training for both the Administering Authority and employers
  • applying charges where an employer consistently fails to meet deadlines to ensure the resulting additional administrative strain is not a burden on all employers

The employer’s roles and responsibilities

The key responsibilities for the employer are to:

  • communicate the LGPS to eligible staff
  • ensure the correct level of monthly pension contributions are collected and paid by the 7th of the following month, and no later than the 19th
  • report information and data to the Peninsula Pensions as set out in this Strategy
  • keep up-to-date with Peninsula Pension communications
  • provide a prompt response to information requests

The Administering Authority’s roles and responsibilities

The key responsibilities for the Administering Authority are to:

  • administer the LGPS in respect of all scheme members (active, deferred and pensioner members) in accordance with this Strategy
  • maintain and review the Pension Fund’s statements, policies and reports and all other matters relating to the governance of the scheme
  • communicate and engage with employers on LGPS matters
  • provide support/training to employers
  • maintain and develop an effective web presence for the benefit of members and employers

A guide to the roles and responsibilities of employers and the Administering Authority are set out in Appendix A. The guides include a summary of duties, defining the main functions, which will facilitate the delivery of an efficient, accurate and high-quality pension service to scheme members.

Failure to comply with any of the duties listed in Appendix A will be considered as a reportable breach. The ultimate aim is to work together to ensure that any issues of concern are addressed before an issue reaches a breach status.

Any affected party will be given sufficient warning and the opportunity to address any outstanding issues before a breach is recorded.

Any breaches of duty will be recorded on our breaches register, which will be reviewed by the Pension Board on a quarterly basis. Individual breaches will be reported to The Pensions Regulator as required.

Performance monitoring

The Strategy recognises that there is a shared responsibility for ensuring compliance with the LGPS regulations and the PAS. Below we have set out the ways in which performance and compliance will be monitored:

  • The Administering Authority and employers must aim to ensure that all functions and tasks are carried out to the agreed quality standards set out in this Strategy.
  • The Administering Authority will regularly monitor, measure and report on compliance with the agreed service standards outlined in this document.
  • The Administering Authority will undertake a formal review of performance against this strategy on an annual basis and liaise with employers in relation to any concerns on performance.
  • The Administering Authority monitors its own performance against internal key performance indicators and the Disclosure Regulations 2013. Formal monitoring is carried out on a monthly basis and is reported to the Pension Board on a quarterly basis.
  • The performance of employers against the standards set out in this document will be reported to the Investment and Pension Fund Committee and Pension Board, as appropriate, and will include data quality.
  • The Administering Authority will also regularly report to employers regarding individual performance, identifying any areas for improvement including outstanding data items.

Underperformance fees

The LGPS regulations provide administering authorities with the authority to recover any administration costs incurred as a result of the underperformance of an employer, from the employer responsible for the underperformance.

To date, the Administering Authority has not recovered these additional costs and has taken the decision to work with employers to improve service delivery.

However, we reserve the right to pass on these costs to the employer concerned, as opposed to sharing such costs across all employers.

From April 2020 Peninsula Pensions will monitor any additional costs incurred in the administration of the scheme as a direct result of underperformance, with a view to recovering these costs from the responsible employer.

Where areas of underperformance are identified, and an employer fails to make improvements and/or is unwilling to engage with Peninsula Pensions to resolve performance issues, Peninsula Pensions will:

  • write to the employer, setting out area(s) of non-compliance with performance standards, offer support and, where applicable, request attendance at a training/coaching session
  • where the underperformance is in respect of an admitted body, the originating employer will be informed and will be expected to work with Peninsula Pensions to resolve the issue(s)

If no improvement is seen within one month or the employer is unwilling to attend a meeting to resolve the issue, Peninsula Pensions will issue a formal written notice, setting out:

  • the area(s) of non-compliance that have been identified
  • the steps taken to resolve those area(s)
  • how the underperformance has contributed to the additional costs of administration and the amount of the additional cost incurred

Peninsula Pensions will also provide notice that the additional costs incurred as a direct result of the employer’s poor performance will now be reclaimed.

A breaches report will be presented to the Pension Board on a quarterly basis. This report will include the nature of the breach, the party responsible for the breach and details of any action taken to address the breach.

The report will also include a recommendation for the Board to consider whether a breach is significant enough to warrant reporting to The Pensions Regulator.

In the event of a levy being issued to the Administering Authority by The Pensions Regulator, the levy will be passed on to the relevant employer where it can be demonstrated that the employer’s action or inaction is responsible for the levy.

Any disagreement regarding the amount of the levy will be decided by the Secretary of State who will have regard to:

  • the provisions of the pension administration strategy that are relevant to the case
  • the extent to which the Administering Authority and the employer have complied with those provisions in carrying out their functions under these regulations

Interest on late payments

In accordance with LGPS regulations, interest will be charged on any outstanding amount overdue from an employer by more than one month. Interest will be calculated at 1% above the base rate on a day-to-day basis from the payment due date and will be compounded with three-monthly rests.

The employer will be reported to The Pensions Regulator where contributions are received late in accordance with The Pensions Regulator Code of Practice.

Feedback from employers

Peninsula Pensions is also accountable for its performance and we welcome feedback from our employers regarding the performance against the standards in this administration strategy, as set out in Appendix A.

Comments should be sent to peninsulaemployers@devon.gov.uk or to the Employer and Communications Manager. Any feedback received will be incorporated into the quarterly reports provided to the Pension Board.

Employers are also entitled to raise any performance-related issues direct to the Pension Board, via one of the Board’s employer representatives.

Liaison and communication

The delivery of a high-quality, cost-effective administration service is not only the responsibility of the Administering Authority but it also depends on the Administering Authority working with a number of individuals in different organisations to ensure that members and other interested parties receive the appropriate level of service and that statutory requirements are met.

Peninsula Pensions has a dedicated Employer and Communications Team who will work with employers to ensure they are equipped to meet their responsibilities in line with the LGPS Regulations.

Every employer will have access to a dedicated Member Services Team who will assist employers with queries relating to individual members.

Each employer will designate a named individual(s) to act as a pension liaison officer, who will serve as the primary contact regarding any aspect of administering the LGPS. The pension liaison officer(s) will be provided with a user name and password to access the employer section of the Peninsula Pensions website.

Peninsula Pensions will employ a multi-channel approach in liaising and communicating with employers to ensure that all requirements are consistently met.

The various channels of communication are set out below:

The Peninsula Pensions website is the main communication tool for both employers and scheme members.

    • Employers – a dedicated and secure employer section where employers can access procedure guides, information on courses run by the Fund, access back copies of the Pensions Line, access Employer Self-Service and interface information. All employers are required to provide data through the Employer Self-Service portal and/or interfaces.
    • Scheme members – access to up-to-date information about all aspects of the LGPS and the Member Self -Service area where members can update personal details, review annual benefit statements, complete their own pensions estimates and access online tutorials.
    • Contact details – Peninsula Pension staff roles and contact information are available on the website, together with contact details for the Investment Team, Investment and Pension Fund Committee and Pension Board.

Scheme members who have chosen to opt out of the Member Self Service will continue to receive statutory communication by post. They will still be able to access up-to-date information about all aspects of the LGPS via our website.

Periodic newsletters are issued to scheme members and all employing authorities and published on the Peninsula Pensions website.

Induction and pre-retirement workshops undertaken upon request to develop both employer and scheme member understanding (minimum of attendees 10 required per workshop)

Pension surgeries held for scheme members upon employer request to resolve any individual or collective issues that members may have.

Regular e-zine sent directly to employer representatives to provide notification of any scheme / administrative updates and developments.

Employer seminars and training groups held at least annually to review scheme developments, and/or to resolve any training needs that employers may have.

Annual consultative meeting held to review investment and administrative performance during the preceding 12 months and to consider future plans and challenges.

Employer representatives are responsible for ensuring that information supplied by Peninsula Pensions is communicated to scheme members within their organisation, such as scheme guides and factsheets.

For further information regarding our methods of communication, please see our Communications Policy. (link)

Note: Peninsula Pensions is not responsible for verifying the accuracy of any information provided by the employer for the purpose of calculating benefits under the provisions of the Local Government Pension Scheme and the Discretionary Payments Regulations. This responsibility rests with the employer.

Payroll providers – for employers who have delegated the responsibility to a payroll provider, for the provision of information direct to Peninsula Pensions, a delegation form will need to be completed confirming the areas for which they are permitted to act on your behalf.

If information received from the payroll provider results in incorrect information being issued or incorrect benefits being paid to scheme members, the responsibilities under the Local Government Pension Regulations lie with the employer.

Actuarial work

The Administering Authority will appoint an actuary, who will conduct a valuation of the pension fund, as appropriate.

The actuary will determine the assets and liabilities in respect of each employer and will calculate the appropriate contribution rate to be applied for the subsequent three-year period.

The costs associated with the administration of the scheme are charged directly to the pension fund, and the actuary takes these costs into account in assessing the employers’ contribution rates.

In the event that an employer elects to outsource a service, the actuary is required to produce a report in respect of those scheme members involved in the outsourcing.

The outsourcing employer will be liable for any actuarial costs arising from the outsourcing of a service, including the production of the report.

Guidance regarding the outsourcing of a service is located within the employer’s section of our website.

An employer may also commission the actuary to undertake additional work, the costs of which will be charged to the employer. Please note that these costs will also include an element of the cost of any administration work involved in liaising with the actuary.


Pension Committee
Somerset County Council

5 June 2020

Appendix A

Performance standards

The delivery of an efficient and cost-effective administration is dependent upon a successful joint working partnership between Peninsula Pensions and key individuals within or representing the employer.

Performance standards are expressed as targets (such as the level of performance expected in normal circumstances). It is accepted that there may be occasions where it may not be possible to achieve the target indicated and a pragmatic approach will be adopted, subject to employers using their best endeavours to meet expected standards wherever possible.

Employer responsibilities: communication

Function/Role Performance target
Primary contacts – Nominate and keep under review named contacts including main contact and HR and payroll links. Within 1 month of employer joining the Pension Fund or change to nominated representative.
Stage 1 Appeals (IDRP) Officer – Appoint a person to consider appeals under Stage 1 of the Applications for the Adjudication of Disagreements Procedure (AADP) and provide full, up to date contact details to Peninsula Pensions. Within 1 month of employer joining the Pension Fund or 1 month of a change in appeals officer.
Independent Registered Medical Practitioner (IRMP) – Appoint an IRMP qualified in occupational health medicine, or arrange with a third party, and seek approval of the appointment from Peninsula Pensions, for the consideration of all ill-health retirement applications from active and deferred members. Within 1 month of employer joining the Pension Fund or within 1 month of a change in IRMP(s).
Employer discretions – Formulate and publish policies in relation to all areas where the employer may exercise a discretion within the LGPS (including providing a copy of the policy document to Peninsula Pensions). Initial policy and subsequent revisions to be provided within 1 month of publishing.
LGPS content in contracts – Ensure that Fund-approved LGPS content is included in all contract/appointment/adjustment communications for LGPS-eligible positions including direction to the Peninsula Pensions’ website. Review LGPS content annually or within 1 month following receipt of information regarding adjustment to Fund approved wording.
Communicate any information provided by Peninsula Pensions to scheme members/potential scheme members. Within 1 month unless an alternate timeframe is set by Peninsula Pensions.
Refer new/prospective scheme members to Peninsula Pensions’ website. Within 1 month of commencement of employment or change in contractual conditions.
Outsourcing – notify Peninsula Pensions of contracting out of services which will involve a TUPE transfer of LGPS eligible staff to another organisation to enable LGPS information to be provided to potential contractors. Within 1 week following Committee approval.
Work with Peninsula Pensions to arrange for the admission of a contractor as a new employer. A minimum of 2 months in advance of the date of contract.

 

Notify Peninsula Pensions of changes/extension/cessation of arrangements with a contractor. Within 5 working days of decision being made.
Assist Peninsula Pensions in ensuring that the terms of the contractor’s admission as an employer (Admission Agreement) are complied with. Notify Peninsula Pensions immediately if the terms of the Admission Agreement have been breached.
Respond to enquiries from Peninsula Pensions and representatives from the Administering Authority. Within 2 weeks from receipt of the enquiry.
Respond to enquiries from Peninsula Pensions and representatives from the Administering Authority in respect of Breaches of the Law. Within 1 week of the request.

Employer responsibilities: payments to the Fund

Function/Role Performance target
The employer’s rate – apply the employer contribution rate and deficit sum agreed with the Administering Authority on becoming an employer and adjust as instructed by the Administering Authority from a date determined by the Administering Authority. Within 5 working days of receipt of information from the Administering Authority effective from a date determined by the Administering Authority following advice from the scheme actuary.
The employee’s rate – calculate and review the correct employee contribution rate for all members at commencement and on 1st April each year. Also, to be reviewed at intervals during the year at the employer’s discretion. Within 5 working days of commencement, on 1 April each year and as per the employer’s discretionary policy on adjusting the employee’s contribution rate at intervals during the year
Assumed Pensionable Pay (APP) – Ensure the correct application of APP during periods of reduced/nil pay in accordance with the LGA’s HR and payroll guides. Review of eligibility for APP immediately upon a member moving to reduced/nil pay.
Monthly Payment to the Pension Fund – Remit employee, employer and any additional contributions and submit the online contributions form to the Administering Authority. By the 19th of the month after deduction from pay or date specified by the Administering Authority.
Payment of AVCs – Remit Additional Voluntary Contributions (AVCs) to the AVC provider(s). By the 19th of the month following the deduction from pay
Make strain/shortfall payments to the Administering Authority in respect of early payment of benefits from flexible retirement, redundancy or business efficiency retirement or where a member retires early with employer’s consent. Within 5 working days of receipt of invoice from Peninsula Pensions or the Pension Fund.
Remit recharge payments in respect of pension members, for example, discretionary compensation/enhancement. Within 5 working days of receipt of invoice from Peninsula Pensions or the Pension Fund.
Payments in respect of FRS102 and IAS19 work carried out on behalf of employers by the Administering Authority and the actuary. Within 5 working days of receipt of invoice from Peninsula Pensions or the Pension Fund.
Payments in respect of all other work carried out on behalf of the employer by the Actuary and connected data quality assurance undertaken by the Administering Authority. Within 5 working days of receipt of invoice from Peninsula Pensions or the Pension Fund.
Prompt payment of invoices issued by the Administering Authority for specific services provided, for example, admission agreement work. Within 5 working days of receipt of invoice from Peninsula Pensions or the Pension Fund.
Make payment of additional costs to the Administering Authority associated with non-compliance with performance standards of the scheme employer. Within 5 working days of receipt of invoice from Peninsula Pensions or the Pension Fund.

Employer responsibilities: year-end return

Function/Role Performance target
Completing the Year-End Return – Provide a fully reconciled and completed Year-End Return to Peninsula Pensions in the format stipulated in the instructions issued each February. By 19 April following the year-end, unless employers are notified of an alternative date by the Peninsula Pensions.
To resolve all queries returned from the year-end return. To respond fully to all queries from Peninsula Pensions within 3 weeks of receipt of the query. In circumstances where an employer submits a late year-end return, limiting the time that Peninsula Pensions has to complete its duties, the timescales may be reduced, as advised by Peninsula Pensions.

Employer responsibilities: scheme members information

Function/Role Performance target
To notify Peninsula Pensions of all new scheme members, changes in personal details, for example, name, working hours via interface or Employer Self-Service. 1 month.
On cessation of membership determine the reason for leaving, final pay for calculating pre-2014 benefits and CARE pay for post-2014 benefits as appropriate.

NB Where an employee is suffering from a terminal illness and limited life expectancy, employers should contact Peninsula Pensions for guidance without delay.

For members in receipt of regular pay, where the employer can accurately project pay to the date of retirement, up to 1 month prior, or within 1 week following final pay period.

Leavers under age 55 within 1 month following final payday.

Apply a scheme members election to opt out of the LGPS to the member’s payroll record.

Notify Peninsula Pensions in line with the process for leavers, as stated above.

Election applies from the 1st of the month for the next available payroll, except where an opt-out is made within 3 months of an employee joining the scheme. In such cases, the opt-out is backdated to the joining date and all contributions refunded directly.
Where a member dies in service – determine final pay for calculating pre-2014 benefits and CARE pay for post-2014 benefits as appropriate. Within 1 week of final pay period.
Provide monthly CARE data within required format. Within 2 weeks of pay run.
Ensure members are notified of the option to pay Additional Pension Contributions following absences not covered by Assumed Pensionable Pay (APP). Within 2 weeks of the return to work, or as set out in the employer’s discretion policy.
Apply/adjust/cease the deduction of Additional Pension Contributions following an APC application from a scheme member and forward information via interface or ESS to Peninsula Pensions. In the month following receipt of election from scheme member.
Notify Peninsula Pensions of periods of unpaid absence not covered by APP. Within 1 month.
Arrange for the deduction of AVCs from scheme member’s pay following election. Commence deduction of AVCs in month following the month of election, as advised by AVC Provider.
Provide end-of-year data within required format. By date specified by Peninsula Pensions in January each year.
In line with General Data Protection Regulations (GDPR) an employer will protect information relating to a member contained in any item issued by Peninsula Pensions from improper disclosure. They will only use information supplied or made available by Peninsula Pensions for the LGPS. Ongoing requirement.

Administering Authority responsibilities: Peninsula Pensions

To complete cases in-line with the disclosure regulations, with at least 90% of cases completed within the internal targets.

Peninsula Pensions’ responsibility Disclosure regulations/Legal requirement Internal target
To accurately record and update member records on pension administration systems. Within 3 months of effective date of change. 2 weeks.
To produce a statutory notification and forward to member’s home address, together with information relating to the LGPS including how to request a transfer, inform us of previous service, and complete an expression of wish form. Within 2 months of joining the scheme or within 2 months of request being made. 1 month.
To process employer year-end contribution returns and provide consolidated and grouped error reports for action by employers. n/a 3 months.
To produce annual benefit statements for all active members as at the preceding 31 March and notify electronically or by post to member’s home address. 31 August. 31 July.
To produce annual benefit statements for all preserved members, as at the preceding 31 March, and notify electronically or by post to member’s home address. 31 August. 30 June.
To provide information and quotations to scheme member about additional voluntary contribution (AVC) options. Within 2 months of request being made. Within 10 working days.
To provide information and quotations to a scheme member on the option of making Additional Pension Contributions (APCs). Within 2 months of request being made. Within 10 working days.
To produce retirement estimates for employers, once in receipt of all the necessary information. Within 2 months of request being made. Within 10 working days.
To accurately record and update member records on pension administration systems for those members leaving the scheme, without entitlement to immediate payment of benefits. Provide them with the options available and deferred benefit entitlement. Within 2 months of receiving notification that pensionable service has ended or within 2 months of a request. Within 1 month.
To accurately calculate and inform the member of the options available to them upon retirement. Within 1 month following date benefit becomes payable (2 months if retiring before normal pension age). 10 working days from receiving all information from employer.
Upon receipt of members completed retirement forms finalise pension records and authorise payment of lump sum and set up of payroll record. n/a Within 10 working days.
Under the General Data Protection Regulations 2018 Peninsula Pensions will protect information relating to a member contained on any item issued by them or received by them from improper disclosure. n/a Ongoing requirement, online security within databases regularly reviewed.
Each administering authority is responsible for exercising the discretionary powers given to it by the regulations. The Administering Authority is also responsible for publishing its policy to its members in respect of the key discretions as required by the regulations. Peninsula Pensions will maintain links to these discretions on their website.
Notification of Pension Fund Triennial Valuation results including contribution rates. Assuming information provided by actuaries provisional results December following valuation, with final results the following March.

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