Agenda item

This report provides updates regarding:

·         Pension Fund membership update

·         Online Member Self Service portal update

·         Update on McCloud

The Pensions Manager introduced the report which provided updates regarding a Pension Fund membership update, an online Member Self Service (MSS) portal update, and an update on McCloud.

In relation to membership, it was reported that the number of members had been fairly consistent in the quarter. There had been a similar number of active members, a slight increase in pensioner members, and a slight decrease in deferred members. In relation to the online MSS portal, it was explained that this allowed Pension Fund members to view and update their personal info as well as generate retirement benefit estimates. It was noted that there had been a slight increase in the use of MSS; the Pensions Team had been undertaking sessions with employers to raise awareness of the service and further engagement was planned in the upcoming financial year. It was added that the report presented MSS usage figures although it was noted that there was no target to maximise usage because members would only need to use the portal based on their individual requirements.

In relation to the McCloud legal case on age discrimination, it was noted that new guidance had been issued by the Scheme Advisory Board in March 2023; this provided options for administering authorities where employers had not responded to requests for information or where the data provided did not appear to be correct. It was explained that preparatory work was continuing with Heywood, the Pension Fund’s administration software provider. It was commented that approximately 45% of employers had provided responses so far and that the next stage of the process would involve analysis to determine the accuracy of the data provided. It was added that future updates would be provided to the Pensions Committee and Board at future meetings.

In terms of staff awareness of the MSS portal, some members suggested that it could be useful to include information on staff payslips. The Pensions Manager noted that work was underway to include improved information about pensions as part of staff inductions. It was stated that it may not be possible to include pensions administration information on payslips as the payroll system was separate from the Pension Fund but that this could be investigated. It was clarified that any member of the Pension Fund who did not use the MSS portal could still contact the Pensions Team directly for any queries related to their member record. It was understood that MSS accounts would need to be set up by individuals and were not generated automatically.

In relation to the actions required in response to the McCloud age discrimination court case, some members expressed concerns that the response rate from employers was 45%. The Head of Pensions and Treasury noted that, because of the nature of the historical data required, it was prudent to assume that funds would generally struggle to attain a 100% response rate. It was explained that the Haringey Pension Fund had been in contact with all relevant employers and was working to obtain as much information as possible. It was commented that some guidance had been issued by the Scheme Advisory Board and that this was helpful in setting out the recommended courses of action where there was missing or unreliable data.

Some members enquired whether the Pension Fund would have sufficient resources to undertake the work required by the McCloud remedy. The Head of Pensions and Treasury noted that the regulations relating to McCloud had not yet been finalised and so it was difficult to confirm the resourcing implications; officers would monitor any developments and would provide further information once the regulations had been issued and the resource implications were better understood.

RESOLVED

To note the report and the information provided regarding the Pension Fund’s administration activities as set out in section 6 of the report.