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Teesside Pension Fund Pension Liaison Group November 2013

Teesside Pension Fund Pension Liaison Group November 2013. LGPS 2014. Change seems scary, BUT…. We’ve been here before (a lot!); We know a lot already; and There’s a lot that hasn’t changed other than in name. Where are we now?. LGPS 2014 current position. The Regulations

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Teesside Pension Fund Pension Liaison Group November 2013

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  1. Teesside Pension FundPension Liaison Group November 2013

  2. LGPS 2014

  3. Change seems scary, BUT… • We’ve been here before (a lot!); • We know a lot already; and • There’s a lot that hasn’t changed other than in name.

  4. Where are we now?

  5. LGPS 2014 current position • The Regulations • Finalised - ‘Main’ regulations – now combine Admin regs and BMC • The Local Government Pension Scheme (2013) Regulations • Cover the mechanics of the Scheme (i.e. contributions, benefits, administration) • Eagerly anticipated – Transitional Regulations • Cover the main points that the current membership will hold dearest to their collective heart (e.g. underpins, rule of 85, etc.) • Still to be seen – Governance and Financial • Scheme Boards in addition to Committees, cost sharing, etc.

  6. Progress towards 2014 • PROJECT 2014 • Introduced to co-ordinate all streams of effort including: • SYSTEMS • COMMUNICATIONS • TRAINING • TECHNICAL • GOVERNANCE

  7. What we know • What’s stayed • A LOT!

  8. What we know • What’s stayed • Unchanged (or virtually unchanged) • Eligibility and entry • Banded contributions (OK, a few more) • Member additional contributions • Ill health • Still three tier structure • Redundancy • Deaths

  9. What we know • What’s stayed… • …but changed • Refunds and opting out • Early leavers • Unpaid leave • No mandatory 30 day period • Shared cost repayments (apart from strikes) • Possible simplification of reserve forces leave • Discretions and IDRP

  10. What we know • What’s gone… • Blanket age 65 NRA – now based on individual SPA • Employer consent from age 55 • Uncertainty due to wording of protections for over 60 applications • 3 month vesting • Up to 100% of AVCs as cash!

  11. What we know • What’s new… • 50/50 • Three definitions of pay • Monthly reporting

  12. What we know • What’s new • 50/50 • Half member conts – half benefits • BUT - still full employer contributions (savings assessed at valuation) • EARCs ceases • SARCs continue (more on absence later) • Employer needs to inform member of affect on benefits • AE issues • re-enrol to full section • Sickness absence • revert to full section as soon as on nil pay • policy on first X days of sick?

  13. What we know • What’s new • Pay definitions • Three definitions of pay • Post 2014 – which now includes non-pensionable overtime • ‘Protected Final pay’ - for underpin and final salary link • Could potentially include non-contractual overtime! • ‘Assumed pensionable pay’ - for absences and ill health post 2014

  14. What we know • What’s new • Monthly reporting • Does not get rid of year end requirements

  15. What this means • All • Staff need to be familiar with terminology • Separate records for every employment more important than ever • Payroll • systems need to be 2014 ready • 50/50 • Reporting – monthly and year end • HR • Interfaces with payroll need to be 2014 ready • Discretionary policies need to be presented to Committee stage in time for 2014 • Analyse number of non-contractual hours that will become pensionable!

  16. What we don’t know • Transitional regulations • Major area of member interest • Still issues to be resolved, mostly regarding pay and protections • Final payfinal pay as written contains non-contractual overtime for past service as well as future! • UnderpinReliant upon definitions of pay • Rule of 85Position and protections for current “age 60” elections • Absolute timetable for the above • Bits and pieces – e.g. post leaving payments

  17. Where we’re going • Communications • Bulletins, employer website • Outlook • Material for intranets • Current guides and future guides • Employer handbook • IDRP and policy formation • Other guides • Utilised? • Forthcoming e-survey to enable improved communications

  18. Where we’re going • Training • Beginning early 2014 • Areas covered still to be confirmed • Any suggestions? • Put them in the survey

  19. A polite request: • “Please…”

  20. Agenda LGPS 2014 ESS Valuation results Question time

  21. ESS

  22. Employer Self Service • What is it? • Why do we want it? • How much does it cost? • How to sign up!

  23. What is it? • Module within heywood’s Altair system • Internet application to access and update member’s information

  24. What is it? • SSL Certified • Display member records • Create new starters • Update general information • Update of part-time hours • Notification of leavers • Benefit Calculations

  25. Why do we want it? • Efficient for you • Efficient for us • Because we should!

  26. How much does it cost? • To you, nothing

  27. How to sign up! For those that haven’t already responded! Request Authorisation Form from pen_mss@mouchel.com Complete and return form Complete registration after receiving activation key email

  28. Thank you

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