Agenda item

Report of the Chamberlain.

Members considered an update report of the Chamberlain regarding the City of London: Police Pension Scheme and the following points were made.

·         A Member noted that the deadline for issuing the Pension Saving Statements (Annual Allowance Letters) had been met, albeit with a day to spare. The Member queried whether this was indicative of risks around capacity of the Pensions Team, and whether Members could be provided with a better understanding of the processes and procedures underpinning the preparation of the statements and any contingencies in the events of issues such as human error.

·         The Chamberlain was heard in reply, noting that data must first be collected and updated on member records during the year end process. This data is then used for the basis of pension calculations for annual benefits statements, which have a statutory deadline of 31 August, and then the Annual Allowance Pensions Savings Statements which have a statutory deadline of 6 October. It was, therefore, not possible for the Pensions Team to commence work on the savings statements before September each year. Due to the process to prepare the statements being a requirement of HMRC and not pension scheme regulations, it is not supported well enough by software and is largely a manual one and ,therefore, it would be appropriate for this to be factored into the Board’s risk register.

·         The Member thanked the Chamberlain for his response, noting that inclusion on the risk register would give Members – particularly those new to the Board – a greater understanding of the process involved going forward.

RESOLVED, that the report be received.