Agenda item

Phillippa Cockerill, Head of Pensions Administration, presented the report and provided updates on the following areas.

Annual Benefit Statements

It was reported that the 2025 Annual Benefit Statements had been completed and that work had commenced on the 2026 statements. Members were informed that a new member platform was due to go live, enabling benefit statement information to be viewed online in a better format, with options available for PDF download and paper statements. It was confirmed that online benefit statements satisfy regulatory requirements.

Triennial Valuation

It was reported that the triennial valuation process was nearing completion, with the consultation period for the final group of employers due to close on 3 February. Final contribution rates would then be certified and published by 31 March.

Members were informed that there had been no significant pushback from employers, only reasonable and constructive queries. It was further reported that one small employer and one larger employer had opted to pay more than the required contribution rate, primarily for accounting and budgeting reasons to smooth future contributions. This was noted as a positive outcome of the valuation.

TPR General Code of Practice

It was reported that the Pensions Regulator’s General Code of Practice was now considered business as usual and would be incorporated into the annual governance review. A report would be presented to the June meeting of the PFC and to a future meeting of the Pension Board.

McCloud

It was reported that work on McCloud implementation is continuing. Of approximately 450 cases where an underpin adjustment was due, 107 had been processed, including arrears and interest payments. The backlog was expected to be cleared by the summer, after which deaths and transfers would be processed.

It was clarified that the total of approximately 450 underpin cases related to a wider pensioner population of around 30,000. It was also confirmed that the minimum underpin payment was £0.01. For payments below £10, members would not be contacted due to postage costs, however, records would be updated and arrears and interest would still be paid.

Pensions Dashboard

Members were advised that the dashboard (MoneyHelper) was expected to go live in 2027. Officers had been advised that they would receive six months’ notice prior to launch and that further testing was expected to begin in the summer.

Data Scores

Data scores for 2025 were reported to be in the 90s, with ongoing data‑cleansing work. A query was raised regarding the slight reduction in the score. In response, it was explained that this was due to the use of a more detailed valuation data extract, which had enabled deeper analysis and the identification of additional items for correction.

LGPC Bulletins

It was reported that actions arising from LGPC Bulletins were up to date, although a number of regulatory changes were anticipated from April.

Pension Board Knowledge and Skills Assessment

The forthcoming Knowledge and Skills Assessment would be considered under the Training item.

Business Plan

It was reported that an update to the Business Plan was scheduled to be presented to the PFC in March and to the Pension Board thereafter.

Resolved

That the report and breaches log is noted.