Our new Pension Administration Strategy is now out
The LPFA’s PAS has been developed in consultation with employers in the Fund and is compliant with both statute and legislation relating to the running of a pension fund. It aims to improve efficiency and ensure agreed standards of quality in delivery of the pensions administration service.
According to Robert Branagh, LPFA’s CEO, “An LGPS pension is a highly valued employee benefit and plays an important role in in helping public sector organisations attract, engage and motivate staff. While our ultimate purpose is to pay our members their pensions, we know that by providing a high-quality, transparent and cost-effective pension service, we’re also helping our employers achieve their own objectives. We seek to help our members make the most of their money and pensions as a financially healthy nation is good for individuals, communities, business and the economy. Our Pension Administration Strategy is central to these beliefs and our aim of being a well-run and high-quality pension fund. It sets out how we work with the employers in our Fund, our respective roles and responsibilities, performance targets and how we will meet our obligations to our members and your employees."
The Local Government Pension Scheme (LGPS) Regulations 2013 (Regulation 59) allows Pension Fund administering authorities to prepare a Pension Administration Strategy for improving the administrative processes within their LGPS Fund. A PAS sets out the requirements on employers and the fund administering authority (which in this case is the LPFA), allowing both parties to meet the legal LGPS obligations and regulatory standards required by The Pensions Regulator (TPR).
The new PAS can be found using this link or you can find it in the 'Our objectives' section in our library.