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 Communications The fund publishes its Communications Policy on its website www.staffspf.org.uk. The fund believes that clear and meaningful communication with members and employers is vital and it uses various media to achieve effective communication including newsletters for members and a separate newsletter for pensioners. nest egg inContact A Newsletter for retired members of the Local Government Pension Scheme participating the Staffordshire Pension Fund December 2011 – Issue 7 A newsletter for members of the Local Government Pension Scheme participating in the Staffordshire Pension Fund Latest News on Pension Reform The story so far… Since the last edition of Nest Whatever changes do eventually occur, it should Egg, public sector pensions be remembered that the LGPS will still provide an have remained headline news. excellent range of benefits to its members. We explain The Government and various these benefits inside this edition of Nest Egg and public sector unions have been the consequences of what you could lose if you are in discussion regarding the considering opting out. future for a number of public sector schemes. This edition Your Annual Benefit Statement for 2011 provides of nest egg provides more details of the estimated value of your LGPS benefits as at detail regarding the Local 31 March 2011 and it is worth remembering that despite Government Pension Scheme (LGPS) and aims to clarify any future change, the basis upon which these have built the headlines and present them as more meaningful facts up will not be affected. for members of the scheme. In brief, the Government has adopted a 2 step approach to reform. The first step which forms the basis of the current consultation can be viewed on our pension website. The key proposals are: Janet Caiazzo • an increase in employee contributions from April 2012 Pensions Manager • reduced future benefits from April 2013/2014 • linking the scheme retirement age to state retirement age The second step would see the introduction of a new In this issue scheme by 2015. Pension Reform – the story so far___________ 1 An alternative solution may be to roll all the changes into Pension Reform – reason for change_________ 2 one; this is currently being considered at a national level. Pension Reform – how may it affect me? __ 3 & 4 Spring 2012 The details in this Nest Egg are current as at date of going to press and could be subject to change. Pension Pension Reform – CARE scheme proposal__ 4 & 5 In this issue Services are committed to informing its LGPS members Frequently asked questions_____________ 6 & 7 of any further developments relating to Pension Reform • Pensions Increase for 2012 How to keep up with what’s happening_______ 8 as they happen. We have started issuing a series of information bulletins on the subject, which can be found on the ‘What’s New’ page of our website: www.staffspf.org.uk . The fund offers to hold pension surgeries for members of all employers, normally at their sites. During the calendar year 2011, approximately 350 members were seen on an In addition, employers receive regular updates individual basis. These members were asked to to keep them informed of all changes that complete satisfaction questionnaires rating the affect them. The fund’s objective is to provide adequacy of the fund’s response, the helpfulness information electronically where appropriate. of the fund’s staff, the suitability of the location The fund is currently developing a strategy to and the privacy afforded them. The results the increase its use of electronic delivery of generic fund received from these questionnaires were information such as member and employer very positive. newsletters. It is accepted that a significant Annual Benefit Statements are an important number of the fund’s members do not have tool in communicating with email access at their workplace and they can both active and deferred opt to continue to receive information in a members of the scheme. The printed format. Despite this, significant future statements provide valuable savings are expected in reduced printing and information that assists costs.DRAFT postage costs. members in understanding The fund has had its own dedicated pension just how their benefits are website for over ten years and this is now a calculated and whether major source of information for members and or not they need employers. The site has separate sections for to make any further each category of membership and also one for financial provision for employers. themselves in the future. The website received an increased number of ‘hits’ this year demonstrating an increased interest in pensions following media coverage of the Hutton Review of public sector pensions, which has significantly highlighted the profile of pensions. DRAFT 24 A re-design will be taking place of the statements due to be issued in 2013 which should make them even clearer to understand. Dear I am pleased to be sending you your latest annual benefit statement which provides details of the benefits arising from your membership of the Local Government Pension Scheme (LGPS). The Local Government Employers and the Unions issued a joint Statement on 31st May 2012 outlining the main design features of the new 2014 LGPS, You should by now have received our newsletter explaining the changes and timescales which the government is working towards for implementing the new Scheme. More newsletters are planned together with road shows on the run up to 1st April 2014 to help members with the transition to the new Scheme. Pension Services welcome any comments or suggestions you may have in respect to this statement or any other aspects of your pension benefits. The notes included in the statement should provide you with an explanation of the details quoted but if you still require assistance please get in touch. Our contact details are provided on the back page. Yours sincerely Janet Caiazzo Pensions Manager Contact Details for Pension Services: Wedgwood Building Tipping Street Stafford ST16 2DH Email: pensions.enquiries@staffordshire.gov.uk Telephone: 01785 278222 Web: www.staffspf.org.uk Dear I am pleased to provide you with your annual deferred benefit statement from the Staffordshire Pension Fund, at April 2012. The benefits shown overleaf will be paid to you in addition to your state pension and any other benefits you hold in this or other pension schemes. Information on your state pension scheme benefits can be found at: www.direct.gov.uk Information on Additional Voluntary Contributions (AVC) is not included; if you have investments in any of the fund’s AVC plans you will receive a separate annual statement from your chosen provider(s). Pension Services would welcome any comments or suggestions you may have in respect of this statement or any other aspect of your pension benefits. For further information on the LGPS please visit the Staffordshire Pension Fund Website: www.staffspf.org.uk Yours sincerely Janet Caiazzo Pensions Manager Contact Details for Pension Services: Wedgwood Building Tipping Street Stafford ST16 2DH Email: pensions.enquiries@staffordshire.gov.uk Telephone: 01785278222 Web: www.staffspf.org.uk Annual Benefit Statement Deferred Members 2012 Annual Benefit Statement 2012
F u n d m e m b e r s h i p Customer Satisfaction We place customer satisfaction and service excellence at the heart of everything we do. We achieve this through delivering services through efficient business processes and providing quality communication which encompasses customer first, best practice and value for money. Here are some the comments we received from our stakeholders over the last twelve months: Thank you for all your help in dealing with my redundancy Information Active member I would like to thank you and your team for how quickly I received my lump sum and my first pension payment from you Retired member May I thank you very much for the way my pension was dealt with…… excellent service Retired member DRAFT DRAFT I just wanted to thank everyone for still making the effort to send out the In Contact magazine. I found it very informative and helpful and commend the council for keeping the pensioners up to date Retired member 25
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 and 24: F u n d m e m b e r s h i p aT New
Page 25: F u n d m e m b e r s h i p Benchma
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

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

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