Focus July 2021
Downloadable version
A downloadable version is available below.
Focus July 2021 newsletter (260 KB)
You will be aware, from previous editions of this newsletter, that members’ Annual Benefit Statements (ABS) are no longer sent directly to members' home addresses but are available for them to view via our secure online facility My Pension Portal.
We have written to all active members and new joiners to the Staffordshire Pension Fund providing them with instructions on how they can register for My Pension Portal. And, following various promotional communications, we are very pleased to say that a significant number of Fund members have now successfully registered to use the service.
Under the Pension Regulations, each time the Fund uses a website to provide an ABS to an active member, the Fund must first have informed the member of that fact and explain to them how they can access and read the statement.
The Local Government Association’ (LGA) view is that the requirements would be met by bringing the information to the members attention via Scheme Employers. Therefore, we would very much appreciate your assistance in cascading the following message via your internal mail system, intranet site, news bulletins, notice boards etc.
Draft email – Staffordshire Pension Fund - Your Annual Benefit Statement (ABS)
If you are a member of the Staffordshire Pension Fund, then your Annual Benefit Statement will be available online via My Pension Portal (MPP) from 31 August.
If you have not yet registered for MPP and would like to do so, you can still apply on the Fund’s website for an activation code to be sent to your home address.
Keep up to date with your valuable pension benefits and register for MPP, by logging on today.
Downloadable poster (4.19 MB)
During the last year the Fund has provided all Employers with regular updates and guidance in preparation for us asking you to obtain employee payroll data, for past and present employees going back to 1 April 2014.
Each Employer was asked for a key contact, for the Fund to liaise with to obtain this data. Thank you to those Employers who have already provided us with a contact. If you haven’t done so, then we will email our request for data to the main contact we have in your Human Resources Team. If you still want to provide us with a different contact name, please email: martin.griffiths@staffordshire.gov.uk.
To further assist, the Fund has a webpage dedicated to the McCloud Judgement, where Employers can access all the relevant information, including background to the judgement, how the discrimination within the LGPS will be rectified .As data requirements may require some forward resource planning / payroll supplier involvement, within your organisation we have provided a summary and breakdown of the information Employers are required to provide, which follows the data collection requirements issued by the LGA. View the McCloud resource webpage.
Where possible the specific data request the Fund sends to your organisation will include a list, which may not be exhaustive, of the LGPS members linked to your organisation who we believe may be in scope.
As part of preparation for the request, consider:
- Which system(s) are Hours and Service Breaks data stored in dating back to 2014.
- How will the data be accessed from the system(s)
- Does support need to be scheduled from system(s) suppliers
- Is resource available from Q3 onwards to compile the data
There is a legal obligation for each LGPS Employer to provide data to Staffordshire Pension Fund, so we can calculate members’ benefits under this judgment. This data is needed from the date the LGPS changed from a Final Salary scheme into a CARE (Career Average Revalued Earnings) scheme in April 2014 up to 31 March 2021 initially, and then, if required, there will be a further request for data up to 31 March 2022.
Beginning September 2021, Staffordshire Pension Fund, will contact all Employers and provide them with a data template for completion. The letter will also provide detailed Guidance Notes for Employers on completing the McCloud Data Collection Template.
Staffordshire County Council is legally responsible for the Staffordshire Pension Fund. Managing the Fund's affairs effectively is one of our main aims and under the County Council’s constitution, the Pensions Committee are delegated to look after the affairs of the Fund.
As well as nine elected council members, the Pensions Committee also has co-opted members. The co-opted members cannot vote at meetings but play a valuable role of representing the views from organisations that have members within the Fund.
As a co-opted member of the Pensions Committee, you would be expected to attend meetings, which are held on a quarterly basis, and potentially deal with queries received from employers within your sector, who would like their views represented at the Pensions Committee.
During the year training sessions are also arranged for committee members, which you would be expected to attend.
We are currently looking for a representative from any of the Fund’s Admitted Bodies.
If you would be interested in taking up this role, please e-mail the Fund’s Communication Officer: martin.griffiths@staffordshire.gov.uk.
The closing date for registering your interest is 31 August 2021.
Requests have been received from several employers for the Fund to re-run the training it provided back in April on the Ill Health Process. As a result, we are going to run one further session on 12 August at 10am. If you would like to book a place, please email martin.griffiths@staffordshire.gov.uk.
Every year the Scheme Advisory Board (SAB) publishes an annual report for the LGPS for England and Wales. The LGPS is one of the largest defined benefit (DB) schemes in the world and is the largest Defined Benefit Scheme in England and Wales, with 16,300 employers, 6.1m members and assets of £276bn.
You can view a full copy of the SAB report LGPS Scheme Advisory Board - Scheme Annual Report.
The highlights include:
- Total membership up by 4.2% to 6.1 million members compared with 2019.
- Total assets decreased by 4.9% to £276 billion.
- The Local Authority return on investment over 2019/20 was -4.8%. This was reflective of the market conditions during the year and set against the UK return of -28.3%.
- The Scheme maintained a positive cash-flow position overall, including investment income.
- Over 1.8 million pensioners paid in the year.
- LGPS liabilities estimated at £291 billion on 31 March 2019.
This indicates an overall funding level of 98%. The next triennial valuation of the LGPS will be as at 31 March 2022.
If you require any further information or clarification, please do not hesitate to contact Martin Griffiths, Communication Officer via email: martin.griffiths@staffordshire.gov.uk or phone: 01785 276070