Business Plan
2026/27 – 2028/29
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Contents
4. Purpose of the business plan
This business plan explains how the North Yorkshire Pension Fund (NYPF, the Fund) intends to develop and improve its services.
It enables the Fund to focus on achieving agreed targets and helps staff see how they contribute to its overall success.
1. About NYPF
NYPF is one of 86 funds that make up the Local Government Pension Scheme (LGPS).
North Yorkshire Council (NYC) is the statutory administering authority for NYPF; it administers the benefits and manages the investments of the Fund.
The purpose of the Fund is to provide retirement benefits specified by the LGPS regulations for staff working for local authority employers, and other employers admitted by agreement, in the North Yorkshire area.
Scheme membership as of 31 March 2025
|
Active Members (Contributors) |
30,693 |
|
Deferred Members |
39,037 |
|
Pensioners |
32,984 |
|
Total Membership |
102,714 |
2. How the Fund is run
All aspects of the Fund’s management and administration, including investment matters, are overseen by the Pension Fund Committee (PFC), which is a committee of NYC.
The day to day running of the Fund is delegated to the Treasurer who is the Corporate Director - Resources of NYC and is responsible for implementing the decisions made by the PFC.
Supporting the Treasurer is a team of staff split into two sections. The Pension Administration team administers all aspects of member records, pension benefits etc. and the Finance team looks after the investment, accounting and management information requirements of the Fund. All aspects of the day-to-day management of investments are undertaken by external investment managers.
Current structure:
 |
The Local Pension Board was established on 1 April 2015 under the requirements of the Public Service Pensions Act 2013. It has an oversight and assisting role within NYC to ensure compliance with regulations and ensure effective and efficient governance and administration of the NYPF.
The Scheme is governed by the Public Service Pensions Act 2013 and is administered in accordance with the following secondary legislation:
· LGPS Regulations 2013 (as amended)
· LGPS (Transitional Provisions, Savings and Amendment) Regulations 2014 (as amended)
· LGPS (Management and Investment of Funds) Regulations 2016
The main systems used in the running of the Fund are Oracle, a third-party finance and accounting system provided by the Oracle Corporation, Altair a third-party pensions administration system provided by Heywood, and i-Connect a third-party online employer portal, also provided by Heywood.
This business plan should be read in conjunction with the Administration Strategy and the Investment Strategy Statement; these are the key documents that set out the principles of the running of the Fund. These documents can be found on the NYPF’s website.
3. Principal responsibilities
These responsibilities include:
· Meeting all statutory requirements in the running and operation of the Fund
· Pension administration services including calculating and paying benefits
· Ensuring the accuracy of the member database in partnership with all stakeholders
· Providing information and guidance on pension issues to members, employers and others
· Implementation of the funding strategy to ensure the Fund assets are sufficient to meet the pension liabilities as they fall due
· Implementing the investment strategy, overseeing external investment managers and promoting responsible investment
· Efficient management of the Fund’s cash investments and cashflow requirements
· Safekeeping and accounting of Fund assets
· Preparing the Fund’s annual report and accounts
4. Purpose of the business plan
As part of its programme of improving the standards of governance across all pension schemes, the Pensions Regulator recommends that each scheme should have a business plan which sets out a clear purpose and strategy.
This plan will guide the delivery of key activities aimed at driving continuous service improvement, while ensuring that day-to-day business operations remain a priority. By having a business plan in place, the PFC gains visibility into anticipated future activities which helps to ensure compliance with legal requirements
This plan will be reviewed annually, and objectives and key actions revised accordingly. Progress reviews will be undertaken every six months and will be reported to the PFC.
5. Overall goal
6. Objectives
The objectives set out below will enable the Fund to achieve its long-term vision.
The Fund will aim to:
· Maximise investment returns
· Manage scheme funding
· Provide excellent customer care
· Ensure effective fund governance
· Manage risks effectively
7. Resources
The following resources have been identified as key to ensuring delivery of the objectives identified:
· Systems and technology which are fit for purpose
· People
o Focussed on customers’ needs
o Highly skilled and knowledgeable
o Committed and engaged
· The right information and data
o Financial
o Performance
o Benchmarking
o Membership
· Third party service providers
o Actuary
o Legal Advisers
o Custodian
o Fund Managers
o Investment Consultant and Independent Adviser
o Software providers
o Border to Coast Pensions Partnership (BCPP)
These key activities are recorded and scheduled to ensure that the appropriate actions are taken to deliver the business plan.