The Chartered Institute of Public Finance (CIPFA) and consulting firm Aon have produced a new guide for local authority pension funds on administration in the LGPS.
The guide is aimed at administering authorities in the UK responsible for managing LGPS funds and it highlights the importance of effective management and monitoring of administration issues. It also looks at the need to raise awareness of the pensions administration function, and notes that it is the collective responsibility of senior officers, committee and board members to ensure that proper governance of LGPS funds includes administration and communication issues.
CIPFA pensions network advisor, Neil Sellstrom, said: “Within the public sector environment there is continual pressure to drive down costs – and the administering authorities of local government pension funds have not been able to avoid this pressure. While there is much good practice within the LGPS, the CIPFA Pension Panel has become increasingly concerned that in some instances the pensions administration function may not be operating as effectively as it should be. This guide is timely given the increasing focus by the Pensions Regulator on the need to deliver effective and efficient administration.”
Aon senior public sector consultant, Catherine Pearce, said: “It is important that those tasked with the governance of LGPS pension funds fully understand how to raise the quality and improve the timeliness of their administration.”
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Published: February 1, 2019
Home » New guide aims to help increase administration efficiency at LGPS funds