Agencies Pensions Update Keeping Employers Updated on Scheme Developments
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1 Agencies Pensions Update Keeping Employers Updated on Scheme Developments - March 2012 Issue Highlights: Contact Us New LGPS Update Technical Update Data Matching and FRS 17 Shared services People Focus Dexter House 2 Royal Mint Court London EC3N 4LP Member self service High Earners End of Year Queries New LGPS Update We previously reported that a broad agreement has been reached between the Unions and Government over the way forward for the LGPS scheme reform. The talks are continuing, an exchange of letters early in March indicated good progress, but with further work identified for Treasury on cost details. No details of the talks have been released at this stage and we will continue to update you as and when we receive further information. I am aware that with changes being made and announced relating to the LGPS there is a desire both from members to receive more information and for employers to be seen to be providing information. However, I stress that it is important at this stage for us all to stick with the known facts, as detailed in the February newsletter. I do realise that this is frustrating but if the timetable set by the Local Government Association is kept we can expect agreement on the big ticket items in April. Please continue to direct members to where any news will be placed on the relevant website. Neil Lewins Technical Specialist neil.lewins@lpfa.org.uk
2 Technical Update LGE released their latest bulletin, number 90 at the start of March. The full bulletin can be found here but, in brief, it covers the subjects of Academies, redundancy payments and auto-enrolment. Academies The joint letter on 22 nd December 2011 by the Secretary of State for Communities and Local Government and the Secretary of State for Education recommended that, where an academy requests to be pooled with the local authority, their request should be favourably considered. The letter also stated that supporting guidance would be issued; this is currently being worked upon by LGE, DCLG and DfE and will take the form of an FAQs document. Redundancy Payments The Employment Rights (Increase of Limits) Order 2011 came into force on 1 st February The effect of which is to increase the maximum week s pay used in calculating a statutory redundancy payment from 400 to 430 where the appropriate date is on or after 1 st February Auto-enrolment The Automatic Enrolment (Miscellaneous Amendments) Regulations 2012 were laid before Parliament on 1 st February The SI made many minor amendments, including a minor alteration to the definition of a PAYE scheme, an extension to the date by which an employer must provide information to the Pensions Regulator after the employer s staging date (extended from 3 to 4 months after the staging date) and changes to the information that an employer must supply to a jobholder. The LPFA is currently putting together a suggested process that we hope will be of benefit to our employers, we will be submitting a survey monkey questionnaire shortly to help us establish the knowledge of Auto Enrolment and the need for support from the LPFA, however I should stress that the responsibility to identify those staff to be auto enrolled can only be carried out by the employer. Alan Piper Pension Specialist Manager alan.piper@lpfa.org.uk LGPC Circular issued confirming rates and increases LGPC Circular 257 has been issued ( to confirm: The National Insurance contribution rates that apply from 6 April 2012 The annual increase to be applied to qualifying pensions from 9 April 2012 is 5.2% and the increase to be applied from 6 April 2012 to the post 5 April 1988 Guaranteed Minimum Pension element of a pension in payment is 3.0% The earnings factors to be used, from 6 April 2012, in the calculation of a scheme member s Guaranteed Minimum Pension have been updated The maximum weeks pay for calculating a statutory redundancy payment increased from 1 February 2012 from 400 per week to 430 per week Alan Piper Pension Specialist Manager alan.piper@lpfa.org.uk
3 Data Matching The Data Matching system is one way you can help ensure that your organisation s data is as accurate as possible. Our Data Matching facility allows your organisation to take a cut of its payroll data at any point in time and compare it to the information we hold on our pensions administration system. To do this, you simply complete and upload an Excel file onto the secure site. The system then runs over night and compares the data. To use the Data Matching Facility log onto A prize draw of two bottles of wine will be randomly selected for employers who upload their data file between now and 31st May For more information please contact Darren Thompson Darren Thompson Assistant Manager - Employer Services darren.thompson@lpfa.org.uk
4 FRS17/IAS19 Versus Ongoing Valuation Liabilities I have written a number of articles on this in the past but this is a brief reminder of the key differences between the two with a large number of employers due to finalise their year end accounts at 31 st March FRS17 is a snapshot of pension liabilities on one given day based on a standard set of assumptions and using harsher assumptions than an ongoing valuation. It will therefore nearly always produce a higher deficit figure and the figures fluctuate significantly year on year. An ongoing valuation is based on less harsh assumptions and is the true position on which your employer contributions are set on a triennial basis. The next valuation will take place on 31 st March 2013 with new contribution rates in place from 1 st April As always happy to answer any employer questions. Tony Williams Employer Services Team Manager tony.williams@lpfa.org.uk Employer Contributions Not Always Doom and Gloom With pension liabilities constantly talked about in the media is the picture always gloomy or is there another side to the story? Generally the Government s aim is to make pension liabilities more stable and affordable to employers. So where are we now? At the 2010 valuation the majority of employers who were open to new members were set stable or slightly reduced employer contribution rates. Remember if you close to new members your contribution rate is assessed on a different basis and will increase. The RPI to CPI indexation change brought about what was estimated to be a 10 to 15 percent saving in pension liabilities and we are now starting to notice the effects of this going forward when actuarial calculations are undertaken and in certain circumstances a contribution rate deduction has been permitted due to increased funding levels. Lastly we keenly await the cap and collar figure from the ongoing discussion on the new Local Government Pensions Scheme which is anticipated to be announced in April if discussions remain on course. This will set an employer level across all LGPS funds which if breached would result in changes to the new scheme to keep contributions stable. Tony Williams Employer Services Team Manager tony.williams@lpfa.org.uk
5 Shared Services Did you know? You may not be aware but LPFA has a unique place in the UK pensions market. We are a third party pension administration provider but also a public service organisation and classified as a local authority. This means that in addition to providing contractual third party pension administration solutions we can also work with clients through a shared service arrangement. Increasingly, Local Authorities are being put under pressure to deliver their services in the most cost effective and efficient manor possible. Moving to a shared service arrangement with LPFA is a convenient means of doing just that. We know that no two organisations have the same objectives from a shared service initiative. We are currently working with a number of existing and potential clients to diagnose their requirements and design a solution which meets their strategic objectives. What We Offer Our shared service offering is completely customisable. It can range from managing an entire Pension and Pension Payroll Administration function to providing support through technology and communication strategies. Fully managed Pension Administration and Pension Payroll Services Offering the benefits and cost savings of a fully outsourced pension administration service without the restrictions and expense of a formal tender process Modular Service Solutions a range of optional services to enhance and support existing administration services including: Sound Interesting? Technology Solutions including the LPFA s secure portal for fund employers; customisable workflow system; document imaging; website development and hosting Communication Solutions Design and dissemination of Annual Benefit Statements; Member Newsletters; Annual Reports; Life Certificates Resource Solutions Provision of experience, multifunctional Pension Administration personnel Technical Pension Solutions Provision of LGPS and FFPS standard letters; Technical support to you and your fund employers Training Solutions Accredited training and examination programmes; customisable staff or fund employer training. If this sounds like a strategy that your organisation may be interested in, and we re not already talking to you about it, please get in touch with me. Alternatively, if you have colleagues at other Local Authorities that you think may be interested then please pass them my contact details. I will keep you updated with our shared service initiatives as they develop via the Employer Newsletter. Daniel McMahon Commercial Business Manager daniel.mcmahon@lpfa.org.uk
6 People Focus In this section we will introduce some of your key contacts and find out a little more about them. In this edition we start with Jessica Barker our new Senior Pensions Administrator. Jessica (Jess) Barker was promoted to Senior Pensions Administrator in the Ealing team during March. What gives you job satisfaction? When did you join LPFA? Jess joined LPFA after University three years ago. She worked on the Westminster team for two years and for the past year, has worked as a Pensions Administrator on the Ealing team. She has completed the LGPS Award in Pensions Administration and is working towards the Certificate level qualification. How do you feel about your new role? It is going well so far. I have taken on some new responsibilities and am excited about learning more about pensions administration and my new role. My team members have been very supportive. I enjoy the fact that not every case is the same and there is variety to the work that I do. Being able to resolve any outstanding queries or providing clarification to scheme members both over the phone and by can be very rewarding. Jenny Simnett Commercial Director (interim) jenny.simnett@lpfa.org.uk Hot on the heels of the implementation of the new pensions administration system, Altair, March saw the release of Altair member self service the online secure section of the agency websites. For those agencies who have signed up to the system this section enables members to view the personal and financial information we hold on them and to carry out some basic modeling or what if calculations. It replaces the previous system called Axis online. Members who currently have a PIN for axis online will be guided through a simple re-registration process. This is all done online and allows them to choose a password for Altair online. For members who are new to Altair online the sign up process has changed. Members can now request an activation key via a simple online form. This will create an that will go to LPFA and the activation key is then sent to the members by letter. The process takes 3-5 days to complete. During the year we will be rolling out additional functionality and enabling the member to carry out some basic functions. But for now please encourage members to sign up - they can have 24/7 access to their information and it may answer some of their pension queries. We are happy to provide some posters or promotional information for your intranet and employee newsletters to raise awareness of the system. Please contact me if this is of interest. Greg Smith Corporate Development Manager greg.smith@lpfa.org.uk Member Self Service launched
7 High Earners End of Year Queries In previous editions, I mentioned that following the submission of the end of year return we may need further detailed calculations of actual pay for specific employees who appear close to the Annual Allowance threshold. I should point out that any unresolved end of year query will increase the chance of a case needing to be referred back to you if we have to guess the reason for the query. An example might be if a member had increased their working hours 15 months previous but our records showed the old hours. That member would appear on our records to have had a large increase in salary and might well fall into the group of cases we need to query with you urgently. To limit this, please work with us to keep your records clean by replying to any end of year queries, if you don t understand why a member has appeared on our query list please ring our office and ask as often the answer becomes apparent after a short conversation. Thank you in advance for your assistance. Neil Lewins Technical Specialist neil.lewins@lpfa.org.uk
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