The polling was conducted on an Aon webinar attended by representatives from 36 different LGPS funds across the UK. The attendees were asked these questions:
Do you feel that your LGPS organisation has sufficient staff with the required skills to carry out your day-to-day operations?
Nearly three-quarters of respondents indicated that they do not have sufficient resource, while a further
16 percent said they had the right staff and skills for now, but not for what lies in the future.
Do you feel that the pay and reward package offered by your LGPS organisation is sufficient to attract and retain staff?
More than half of the respondents – 60 percent - identified pay as a barrier, either in its own right or when coupled alongside the wider benefits offered as a reward package.
Craig Payne, LGPS talent solutions lead in the UK for Aon, said: “Despite the good news around the LGPS in relation to improved funding levels and reduced employer contributions, the administering authorities are clearly aware of wider pressures. Their internal teams face specialist skills gaps and capacity restraints, while also having to deal with increasing regulatory and reporting demands.
“These people and capacity pressures create real operational risks. Those range from delays in processing member cases and responding to employers, through to challenges in implementing regulatory change and managing complex projects such as McCloud, pensions dashboards and implementing the updated and backdating of survivor’s benefits. Any shortcomings in these areas can result in a worse member experience.”
Laura Caudwell, director of public sector pensions in the UK for Aon, said: “There are obvious challenges but the LGPS regulatory and pooling changes, along with Local Government Reorganisation, also represent a real opportunity. There is the chance to take stock and ensure stronger operational resilience, starting with appointing the LGPS senior officer. But this success can only come through investing in people and processes, ensuring teams have the skills to make their fund ‘fit for the future’ – and making certain that the member experience keeps pace with rising expectations.”
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