Sixty second summary
Future proofing your administration
20 Feb 2019 - Estimated reading time: 1 minute
In this sixty second summary we share our tips for tackling your LGPS pension scheme administration
Don’t lose sight of those important “business-as-usual” tasks during the 2019 LGPS valuation year
Ensure you set LGPS administration objectives for your team to achieve
Don’t underestimate the importance of planning your year – consider holding a planning workshop
Get all your ducks in a row
If you consider a “normal” scheme year there doesn’t appear to be a month that goes by without some sort of deadline having to be met (e.g. year-end, IAS19, annual benefit statements, pension savings statements, statutory reporting). You can then add those external factors that come along with increasing regularity these days (e.g. backlog clearance, the McCloud judgement, procurements, cost cap benefit changes, wider legislative changes). And for the English & Welsh funds, 2019 brings with it the added focus of the triennial valuation.
With so much to consider, robust planning is essential! This should capture all of your priorities to avoid losing sight of your objectives for the year, and make sure you have the right structure in place to ensure that delivery happens.
Download our full sixty second summary here.