Pensions - Articles - Understanding the challenges of LGPS administration is vital

Aon has worked with the Chartered Institute of Public Finance and Accountancy (CIPFA), to develop a new guide for pensions authorities ‘administration in the LGPS'. The guide, which is aimed at administering authorities throughout the UK responsible for managing Local Government Pension Scheme (LGPS) funds, highlights the importance of effective management and monitoring of administration matters.

 ‘administration in the LGPS' focuses on the need to raise the profile and awareness of the pensions administration function and stresses the collective responsibility of senior officers, committee and board members to ensure that proper governance of LGPS funds includes administration and communication matters. The publication then looks at ensuring clear strategies and robust business planning, outlining the key elements of information that should be monitored on an on-going basis.

 Catherine Pearce, senior Public Sector consultant at Aon, said: “LGPS administration teams have gone through an unprecedented period of change in the last decade and this is likely to continue. It is important that those tasked with the governance of LGPS pension funds fully understand how to raise the quality and improve the timeliness of their administration."

 Karen McWilliam, partner at Aon and Head of Public Sector Governance and Benefits, said: “Quite simply, the key role of LGPS administering authorities is to administer and pay benefits for its scheme members. We believe that many LGPS decision makers will benefit from this guidance to ensure they can receive good quality monitoring information. This will allow them to support their administration teams by identifying where additional resources, systems and support is required to deliver the most effective and efficient administration."

 Neil Sellstrom, Pensions Network Advisor, CIPFA, said: “Within the public sector environment there is continual pressure to drive down costs - and the administering authorities of local government pension funds have not been able to avoid this pressure. While there is much good practice within the LGPS, the CIPFA Pension Panel has become increasingly concerned that in some instances the pensions administration function may not be operating as effectively as it should be. This guide is timely given the increasing focus by the Pensions Regulator on the need to deliver effective and efficient administration."

 ‘administration in the LGPS’

Back to Index

Similar News to this Story

DC investors need to be confident in master trusts
Following the publication of TPR’s blog on master trust authorisation extensions, Andy Parker, Associate at Barnett Waddingham, believes DC investors
Pensions industry must not think older people wont go online
Trafalgar House, the pensions administration specialist, has today urged schemes to reconsider the benefits of online solutions, following their surve
GMP equalisation to cost less than expected at eight billion
According to analysis by Hymans Robertson the true cost of GMP equalisation to UK businesses is likely to be around £8bn. This is about half the £15bn

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.