Pensions Fund Annual Report 2011-12 , item 18. PDF 4 MB

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F u n d m e m b e r s h i p DRAFT New scheme During the previous year the government announced that there was to be a review of all public sector pension schemes and a commission was set up chaired by Lord Hutton. The commission was set up to consider a number of options and issued a final report on 10 March 2011 containing 27 recommendations. Recently the Local Government Association and trade unions announced the outcome of their negotiations on a new LGPS scheme as a result of the Hutton review and it is expected that the new scheme will be introduced in 2014. Initial indications lead us to believe that the new scheme will be career average rather than final salary; a link will be made between scheme retirement age to the individual member’s State Pension Age and there will be full protection for service accrued up until the point of change. Staffordshire Pension Fund will keep its membership updated with all the proposals and the outcome of the consultation when full details are available. Retirements over the past 5 years Type 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 Ill Health 60 50 76 63 50 Redundancy or efficiency 375 918 557 530 558 Other early retirements 19 62 166 110 74 Normal 934 549 1,108 1,181 1,136 Total 1,388 1,579 1,907 1,884 1,818 Average cases processed per member of staff 2011/2012 640.7 (654 2010/2011) Total cases 18,324; staff 28.6 (19,358; staff 29.6 2010/2011) Based on CIPFA numbers for Retirements, Transfers, Refunds, Preserved Benefits, Purchases, Divorces and Deaths Internal dispute resolution procedure The LGPS has an appeal system known as the ‘internal dispute resolution procedure’. Scheme members or their representatives can appeal against decisions relating to the benefits they are awarded or the membership they are entitled to, or complain about the way their case has been handled. The appeal process is in two stages. At stage one, the scheme employer who made the original decision reviews the matter. At stage two, we, the administering authority, review the member’s appeal. Both we and the scheme employer must appoint a ‘specified’ person to review the appeal. DRAFT During 2011/2012 Staffordshire County Council as administering authority reviewed fifteen stage two appeals. The results are shown in the table below. Appeal Appeal Case referred to Decision due TOTAL CASES Dismissed Successful the ombudsmen to be made 15 9 3 0 3 TOTAL CASESDRAFT Although there have been successful appeals during 2011/2012, every effort is made by both employers and the administrating authority to take the relevant steps to prevent similar issues arising again. As a number of the appeals related to ill health decisions, steps are currently being taken to reform this method of referral. 22
F u n d m e m b e r s h i p Benchmarking National benchmarking: service standards result for 2011/2012 2011/2012 2010/2011 Transfer out - quote 100 (Target 10 days) 99 Refund - payment 89 (Target 5 days) 83 Deferred benefits - send details 86 (Target 10 days) 87 Death - send details 89 (Target 5 days) 86 Death - initial acknowledgement 97 (Target 5 days) 98 Retirements - payment 95 (Target 5 days) 96 Retirements estimate - issue quote 99 (Target 10 days) 99 Transfer in - issue quote 95 (Target 10 days) 95 0 10 20 30 40 50 60 70 80 90 100 % of procedures meeting standard (target 90%) Further development of procedures to monitor and evaluate the performance of the fund and scheme employers in meeting the agreed service standards will be a priority over the forthcoming year in line with the introduction of our Administration Strategy. CIPFA pensions administration benchmarking costs 2011/2012 The fund continues to participate in the Chartered Institute of Public Finance and Accountancy (CIPFA) Pensions Administration Benchmarking Club. The results for the administration cost for each member of the fund for 2011/2012 are below. Cost for each member Staffordshire County Council £22.21 (£20.57 2010/2011) averageDRAFT National average £21.54 (£22.68 2010/2011) DRAFT DRAFT99 DRAFT89 DRAFT83 DRAFT87 DRAFT86 DRAFT97 DRAFT98 Although the cost per member increased for 2011/2012, costs are continually monitored to ensure savings can be made where possible. Actual staffing costs were reduced in 2011/2012 but actuarial costs increased in the short term due to the high number of employers joining the fund. 23
Page 1 and 2: Staffordshire Pension Fund Annual r
Page 3 and 4: Contents 2 3 9 18 27 53 55 Chairman
Page 5 and 6: F u n d m a n a g e m e n t Governa
Page 7 and 8: 7 F u n d m a n a g e m e n t Pensi
Page 9 and 10: F u n d m a n a g e m e n t Adminis
Page 11 and 12: I n v e s t m e n t r e p o r t DRA
Page 13 and 14: I n v e s t m e n t r e p o r t DRA
Page 15 and 16: I n v e s t m e n t r e p o r t Inv
Page 17 and 18: I n v e s t m e n t r e p o r t Inv
Page 19 and 20: I n v e s t m e n t r e p o r t Cur
Page 21 and 22: F u n d m e m b e r s h i p Benefit
Page 23: F u n d m e m b e r s h i p aT New
Page 27 and 28: F u n d m e m b e r s h i p Custome
Page 29 and 30: Financial statements Staffordshire
Page 31 and 32: F i n a n c i a l s t a t e m e n t
Page 35 and 36: notesDRAFT DRAFT Assumptions The as
Page 37 and 38: Financial statements F i n a n c i
Page 55 and 56: G l o s s a r y Glossary of terms A
Page 57 and 58: C o n t a c t s If you have any que

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