Pension Service Business Plan
June 2021
2
Contents
Introduction .......................................................................................................................... 2
Service Description ............................................................................................................... 6
Summary of Performance ..................................................................................................... 8
Service Assessment ............................................................................................................. 10
Service Business Plan .......................................................................................................... 18
Future Service Improvement /Transformation Plan ……………………………………………………….28
Document
Pension Service
Business Plan
Draft/Review Date
June 2021
Approval Date
Author & Team
Laura Colliss
Review Date
June 2023
3
Introduction
Welcome to the Pension Fund Business Plan for 2021/24. This document sets out our plans
to build on our strengths and internal capabilities to drive transformation through the
service, involve our staff and customers in delivering a first-class service to Pension Fund
stakeholders.
The Plan covers a three-year planning cycle from 2021/24 with a focus on 2021/22 and will
be subject to regular reviews and updates in line with the development of the Local
Government Pension Scheme and Aberdeen City Council as the administering authority for
the Pension Fund.
The Pension Fund Business Plan builds on our objective:
To work together as an effective and flexible team that will deliver a high-
quality service to scheme members, scheme employers, council tax payers and
others with an interest in the management and administration of the North East
Scotland Pension Fund and the Aberdeen City Council Transport Fund.
North East Scotland Pension Fund and Aberdeen City Council Transport Fund
The North East Scotland Pension Funds are administered by Aberdeen City Council within
the Local Government Pension Scheme regulations.
There are two funds, the North East Scotland Pension Fund (NESPF) and the Aberdeen City
Council Transport Fund (ACCTF).
The Scheme was established under the Superannuation Fund Act 1972, it is a statutory
scheme. The scheme is open to all employees of the scheduled bodies, except for those
whose employment entitles them to belong to another statutory pension scheme (e.g.
Police, Fire and Teachers). Employees of admitted bodies can join the scheme subject to
their individual admission criteria which are out with the control of Aberdeen City Council.
Employers within the North East Scotland Pension Fund include the administering
authority, Aberdeenshire Council and Moray Council along with 7 further scheduled bodies,
and 38 admission bodies.
The Aberdeen City Council Transport Fund was created in October 1986 for employees of
the former passenger Transport Undertaking who transferred to the limited company now
known as First Aberdeen, which was created at that time.
4
COVID-19
Over the last 12-18 months the Fund has completed a number of major projects
despite the impact of COVID, while still delivering business as usual.
However, service delivery has been impacted given the majority of us have been
working from home which is reflective in the key performance measurements that
follow.
Delivery of this plan is dependent on the continual review and recruitment of
resources to provide an efficient and cost effective scheme to all stakeholders.
Pension Fund Section
The Pension Fund Section is responsible for the day to day management of the North East
Scotland Pension Fund and the Aberdeen City Council Transport Fund, reporting to the
Chief Officer - Finance and quarterly to the Pensions Committee and the Pension Board.
Full details of the Pension Fund governance arrangements can be found in the Pension Fund
‘Governance Statement’ which is reviewed annually by the Pensions Committee.
The Pension Fund Section is divided into 6 teams:
The Investment Team is responsible for all aspects of the management of the Funds’
investment business
Delivery of an investment strategy, having due regard to risk and return within the
Funds’ objectives and liability requirements
Corporate, Social and Economic Governance
Review and appointment of new investment managers
Performance Monitoring
The Accounting Team is responsible for recording and oversight of all financial transactions
carried out by the Pension Fund
Receipt of monies in respect of contributions, transfer values and investment
income
Provides funds to pay out monies in respect of Scheme benefits, transfer values,
costs, charges and expenses
Account for the funds’ assets and all monies received and paid from the Fund
Prepares the Fund’s Annual Report and Accounts.
5
The Benefit Administration Team is responsible for over 70,000 scheme members and the
calculation of scheme benefits covering,
Retirement benefit calculations
Survivor/Dependant’s benefit calculations
Transfer benefit calculations
Divorce calculations
Estimates for retirement calculations
Payment of pensions through Pensioner payroll
Employee surgeries
One to one meetings with scheme members
Supporting system testing for system upgrades and regulation changes
The Employer Relationship Team is a dedicated team responsible for managing employer
engagement
Support employers from initial enquiry to join the Fund, through general
administration to termination
Work with Directors of Finance, Legal Advisors HR and Payroll departments to
answer queries
Assess and monitor employer covenant risk
Reconcile monthly data received from employers
Monitor and report on quality of common and scheme specific data
Provide face to face training for scheme employers
Monitor employer PAS performance and engage with scheme employers
The Systems Team is responsible for maintenance and upgrade of the Altair Benefits
Administration System
Maintenance and upgrade of the Altair administration and payroll system
Scheme technical reporting
Participation in national testing of new software releases
Apply revaluation and pensions increase
Production of annual benefit statements and pension saving statements
The Governance Team is responsible for governance matters in relation to the Fund
Committee reporting
Tendering
Document control
Staff training
Freedom of Information requests
Communication
Maintenance and development of the Pension Fund website
Maintenance and upgrade of Member Self Service
Preparation of the Pension Fund annual report
6
Service Description
What services do you provide, and to whom?
Customer Relationships
Team
Internal
Accounting
Finance, Pension Fund, Audit
Benefit
Administration
Pension Fund
Employer
Relationship
Pension Fund
Investment
Pension Fund
Governance
Pension Fund, Finance, Audit,
Elected Members
Systems
Pension Fund
The Pension Fund section has an important role in supporting the council priorities, being
responsive to the retirement benefit provision of Council staff, Elected members and
employees of both Aberdeen City Council and a range of external organisations.
Our objective is to deliver best value. We do this through improving service delivery,
meeting changing customer requirements and contributing to the savings target of both
Aberdeen City Council and our external bodies.
Challenges ahead
The pace of change and challenges that the Local Government Pension Scheme is facing
are unprecedented, it is therefore becoming even more essential that effective financial
and administration management underpins the Pension Fund plans, operations and
transformation as we face the challenges ahead.
The detailed improvement plans, and actions are introduced later in the document,
however, it is recognised that in addition to the tasks themselves, new approaches and
measures are required to make their implementation successful.
Examples of these measures include:
To resource the Pension Fund to meet changes across all sections of the Fund
Investment in measures to deliver training, support and technology to improve our
services
7
The creation of working groups within the Fund to deliver specific projects such as
Buy in, Actuarial Valuations, Investment strategy review and changes coming from
the McLeod judgement
Enhanced communication tools
Improving our efficiency
Our approach to our improvement plans will be in accordance with the following principles:
Pro-active involvement of staff to identify improvements and drive change
Close consultation with staff on any service changes
Applying opportunities to work across the Pension Fund section to strengthen skills
and integrate processes
Use of targeted external support to complement the skills of our staff
Phasing initiatives appropriately for the most effective delivery
Our approach is relevant for all staff working in the Pension Fund section. A particularly
important aspect is to strengthen our team work and effectiveness; many of our new
initiatives and the way we plan tasks are being designed to support this way of working to
improve our resilience, quality of service and to deliver improvements more successfully.
To fulfil this approach, we will:
Make best use of the staffing resources available to us, delivering improvement in
our service priorities in the most cost-effective manner;
Add additional resources where pressure is identified;
Develop a flexible, skilled and motivated workforce;
Listen to, and be responsive to, our customers, shaping our services around their
needs and focusing our resources where they are most needed; and
Work closely with our partners, including elected members of both the Pensions
Committee and the Pension Board, scheme employers and scheme advisors
8
Summary of Performance
Key achievements for 2018 – 20
Business Priorities
Achievement
Evidence
Digitalisation
Deferred Benefit Statement
delivered on line, 2018/19.
All Annual Benefit Statements on
line via Members Self Service portal,
2019/20
Corporate Governance
Quarterly ESG reporting. 2018/19
Investment Strategy
Strong investment returns
Collaboration
Successful merger of the Strathclyde
No.3 Fund into the Aberdeen City
Council Transport Fund.
Monthly data
All NESPF employers providing
monthly data via iconnect.
Data Quality
High percentages reported to tPR for
common and scheme specific data in
2019 and 2020 scheme returns.
New Website
Successful rebrand and delivery of
Pension Fund website in 2020
9
KPI performance
NESPF performance measurements are reported as part of the Pension Administration
Strategy (PAS) introduced in July 2013 in accordance with Regulation 60A of the LGPS
(Administration) (Scotland) Regulations 2008
1
.
Key performance measurement 2020/21
NESPF key performance
measurements
Target
2018/19
2019/20
Amount
Achieved
2020/21
Letter notifying death in
service to dependent
5 days
84%
88%
43
31
72%
Letter notifying retirement
estimate
10 days
99%
98%
457
430
94%
Letter notifying actual
retirement benefits
10 days
96%
96%
1,755
1,325
76%
Letter notifying deferred
benefits
10 days
97%
91%
1,983
1,377
69%
Letter notifying amount of
refund
10 days
98%
95%
1,373
1,272
93%
Letter detailing transfer in
quotes
10 days
88%
84%
71
43
61%
Letter detailing transfer out
quotes
10 days
85%
76%
342
113
33%
1
Amended to Regulation 57 of the LGPS (Scotland) Regulations 2018
10
Service Assessment
PESTLE analysis (External factors that will/may impact on the service)
Political
Economic
National and international geopolitical
outlook
International political outlook
COSLA
Policy changes affecting scheme
employers impacting on financial
pressures
Local political impact and reputational
factors
SAB scheme review
Brexit
Global economic outlook
Market Volatility
Currency Risk
Interest Rate Risk
Inflation Risk
Regional economic strategies
Aberdeen locality – impact on
recruitment
EU relations/funding for scheme
employers
Social
Technological
Responding to demographic change
New technological developments
Social media
Digital strategy
Mobile/flexible working
Upgrades to our existing software
products and standards
Legal
Environmental
Legislative change
Council restructuring – national/local
New standards of governance
stakeholder expectation
Admission Agreements
Fund Manager Contracts
Procurement
Internal/External Legal Requirements
Environmental Social and Governance
agenda
Best practice and development of
standards on a wider scale
Benchmarking and sharing of services
11
Summary of critical issues from the PESTLE analysis that will influence the plan
Political
The Fund recognises the changes in global and national politics will impact on the Fund;
much of this will be incorporated in the work of the Scheme Advisory Board. The Fund will
support and work with, the SAB to promote the future welfare of the LGPS Scotland.
Economic
COVID-19/Brexit, - the global economic outlook and its impact on market volatility,
presents challenges to the Fund in meeting its long-term funding plan. The Fund also
recognises the potential impact on all scheme employers funding and will work with them
to manage their membership of the LGPS.
Social
The Fund continues to monitor the impact of longevity on the liability profile of the Fund,
taking appropriate steps to mitigate risk through increasing bond exposure.
Technological
Technology continues to be a key factor in the Fund delivering an efficient and cost-
effective administration solution to all scheme employers.
Internally the Fund continues to work to enhance the use of ‘workflow’ to ensure that the
Fund meets and seeks to exceed it performance targets.
All Pension Fund section staff now have a personal training plan which recognises the need
for ongoing training and development of technology skills.
12
Legal
Document Review – The introduction of the Pension Fund Governance Team will allow for
the review of the scheme documentations ensuring that all contracts are fit for purpose.
Procurement – The Pension Fund recognises the key role service providers play in the
administration of the Pension Fund and its assets. Effective procurement and review of
contract arrangements on a regular basis are essential to the cost-effective management
of the Pension Fund.
Environmental
Good corporate governance and good social and environmental practice can have a
favorable effect on financial performance and improve investment returns to shareholders
as well as society at large. Conversely, companies that fail to adequately manage good
governance and social and environmental risks may become vulnerable to higher operating
costs, (including fines, lawsuits, damage to reputation) and subsequent loss of confidence
to the detriment of all shareholders.
Therefore, to protect and enhance the value of its investments, the NESPF seeks to
encourage the companies in which it invests to operate to the highest standards of
corporate governance, corporate social responsibility and environmental practices. As a
major long-term shareholder, the main tools open to the NESPF to use its influence is, by
the responsible exercise of its voting power and engagement on social and environmental
factors with the companies in which it invests.
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SWOT analysis (Strengths, Weaknesses, Opportunities & Threats for the service)
Strengths
Weaknesses
Audit record of strong financial
management
Successful history of delivering critical
legislative tasks
Successful improvements implemented
and responsiveness to
change/approachability high customer
satisfaction
Strong succession plan and staff
development programme
Networks to national and international
bodies
Successful collaboration with the LGPS
across the UK
Status in Scottish LGPS Community
Finance processes, training and systems
could be enhanced
Need to continue to embed staff
development and engagement
programmes within Pensions
Managing changing priorities and
resources is effective
Connectivity of systems and teams within
Pensions and our wider stakeholders
Evidence based decision making could be
strengthened
Opportunities
Threats
Further collaboration
Staff empowerment
Outcomes approach
Growing service building on strengths
Longer term planning
Economy and austerity
Market Volatility
Recruitment and staff turnover
Reputational risk due to high focus in the
city from press
Political change leading to short termism
Transformation failing and impacting on
Pension service
Evidence of strengths:
Consistent record of unqualified accounts
Collaboration with other Scottish LGPS’s
Successful introduction of new LGPS 2015
Introduction of new workflow system to enhance service delivery
Implementing new Pension Fund staffing structure to focus of the key delivery
areas Governance, Employer Relationships, Benefit Administration, Systems,
Accounting and Investment
Setting a long-term investment strategy focused on meeting the Fund’s long-term
liabilities at minimum risk
14
Maintaining employer contribution rates as nearly constant as possible, setting a
rate that is a reasonable cost to the taxpayers, scheduled and admitted bodies
Strong asset performance and funding level
Early adoption of technology, iconnect.
Innovation to deliver employer requirements
Identified Weaknesses
Governance Team will work with all other teams to ensure that the Fund’s new
training plans are implemented across all staff
The new Pension Fund management team will be responsible for actively engaging
with all team members to deliver improvement in our service priorities in the most
cost-effective manner and develop a flexible, skilled and motivated workforce;
Enhanced communication with our stakeholders will be led by the Governance
Team
The Pension Fund management team will focus on evidencing performance
achievements and key tasks
Summary of critical success factors emerging from the SWOT
Critical success factors emerging from the SWOT drive directly the key priorities and action
plans around organisational culture.
Customer experience – we need to be proactive in building on strengths, marketing our
services and building our reputation to minimise threats. This includes exploring joint
arrangements and reviewing those in place, strengthening our approach to benchmarking
and links to other organisations and ensuring consistent customer standards.
Staff experience – to meet the organisations goals, we need to focus strongly on developing
our most critical and significant resource – our staff. Stronger staff engagement can enable
us to maximise our opportunities and build on our strengths. We need to continue to
strengthen CRD, staff development and change management. The 6 teams will support
this. We need to continue to develop our approaches to succession planning and
performance management.
Use of resources – Pension Fund section will improve stewardship and enable
transformation of the way we manage our money, assets, staff and technology.
15
Service Business Plan
Service Vision
The mission for the Pension Fund section is: To be the best in the eyes of our customers,
staff and stakeholders.
We will achieve this through aiming towards our vision that:
Our stakeholders have confidence in the Fund’s financial integrity.
There is a clear framework of leadership, accountability, systems and controls
supported by external scrutiny.
Fund policies reinforce scheme sustainability and support strategic decision
making and performance management.
Fund strategies support a culture of innovation and improvement, balancing
control and flexibility.
Our Pension Fund administration provides our members and employers with a
high degree of confidence.
As part of our planning process we have thought carefully about how we add value to the
Fund Stakeholders. We have developed our Fundamentals to find a way of expressing how
we do this in a way that is clear and simple to understand whilst recognising the complexity
and diversity of the team. They form a set of standards which give us focus and a clear
framework we will use across the different areas in the Pension Fund section and with all
our stakeholders.
Financial Leadership
Strengthen the Fund, develop strategy, Build for the
future
Insight and Solutions
Scheme focused, Innovative Solutions, Customer
focused
Customer Engagement
Proactively engaging, Assertive and confident,
Customer focused
High Quality Reporting, Planning
and Analysis
Quality financial information
Strong Financial Controls and
Accurate transaction processing
Efficient processes, Right first time, Continuous
improvement
Pension Fund Fundamental standards are important both for staff to aspire to and consider
in their daily tasks and how that feeds through to the overall Council objectives.
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HOW WE DO BUSINESS:
For the Pension Fund, this means changing how we do business, recognising the challenging
landscape within which we operate, of increasing service demand, a reducing financial
envelope.
We will need to modernise the ways in which we deliver our services, embracing new
technology and changing our processes to improve our service quality and operational
efficiency.
We will need to become more innovative, seeking better and new ways to serve our
customers, both external and internal. A programme of continuous improvement through
doing things better, and a more transformational approach looking at doing better things
will demand different thinking and learning from best practice elsewhere.
Putting these new ideas into practice is effectively how we transform the organisation,
which will demand courage in decision making, diligence in our assessment and
management of risk, and a focus upon rigorous implementation of our plans.
ORGANISATIONAL CULTURE:
How we go about this is guided by the culture we wish to evolve and nurture within the
Pension Fund Section – a culture based upon an avid commitment to add value to our
stakeholders, on improving the work environment and opportunities for our staff and
through managing the resources of the Fund in a more efficient and effective way.
Improving the Staff Experience recognises that the employees of the Pension Fund are the
core “product” of service and that the quality of the services that we provide is entirely
dependent upon a motivated and empowered staff, whose behaviors, relationships and
ways of working form the culture of the Pension Fund section. A positive culture depends
on a staff who understand our vision and direction, share our values and ambitions and
have the drive and desire to play their part, and on managers who take on a lead role in
this and understand how to engage and empower their teams. The Pension Fund aims to
be an employer of choice within and without the Council, attracting, recruiting and
retaining staff whose values are aligned to the Pension Fund section, who share the
council’s vision and goals and who have the drive and ambition to make a difference.
Improving our Use of Resources recognises that the Pension Fund faces a challenging
environment whereby costs are to be reduced, service demand and customer expectations
are increasing, and we have an ambitious agenda and vision for the Pension Fund. We
therefore, must become much more efficient at delivering the core services through
continuous improvement, to create the headroom to transform the organisation and invest
in our future priorities for the Fund.
Improving the Customer Experience starts with an organisation that embeds “customer
centricity” within everything we do, from the staff we employ to the processes and systems
17
we adopt to manage the organisation effectively. This also recognises that everyone in the
Pension Fund section has a contribution to make, and that our customers may be external
or internal, but the focus upon delivering an improved experience to those customers is
paramount. We will transform the ways in which customers are able to access our services,
and the services themselves as we continuously review what we do against a backdrop of
changing customer demands and increasing financial constraints. We will recognise that
one size does not fit all and build in tailored solutions where appropriate that recognises
the diversity of our customer base and their individual needs and expectations.
RESOURCES MANAGEMENT:
As recognised above the Pension Fund section continues to need to respond to constant
changing demands from all our stakeholders. Many of those changes are set out in this
improvement plan.
The need for more value-added analysis to enable the business to respond to
the challenges of austerity, commercialisation, demographic and political
change
Increasing customer demands for quality of service, improved technology,
transparency, information and delegated decision making
A changing Pension Fund landscape requiring collaboration with other
Scottish LGPS Funds
How will the Fund meet those needs?
The Pension Fund cannot match the private sector in pay levels for qualified
and experienced Pension Fund. This challenge can be somewhat balanced by
offering flexible terms and conditions, job satisfaction and training
opportunities, further the Fund will
Recognise and develop the talents of existing Pension Fund staff
Support succession planning throughout the Pension Fund section
Maximise the use of technology to allow the effective use of staff resources
Identify areas of weakness within the knowledge basis and either provide
staff training or employ external service providers to meet the knowledge
requirements
Respond to teams needs through role redesign, restructuring and
collaboration.
Seek skills development and knowledge sharing opportunities e.g. CIPFA
conference feedback
Seek to add additional resources to support those needs and existing teams
18
Risk management
At the heart of the Pension Fund improvement plan is the need to manage within a risk
framework. Our approach to risk management is linked to the overall review of risk at a
Corporate level. The Pension Fund section reviews risk on a quarterly basis considering:
Accounting Risk - finance administration, effective financial control
Benefit Administration Risk – maintaining service levels to meet KPi’s
Employer Relationship Risk– external stakeholders, assessment of employer
covenants
Investment Risk – asset management, impact on funding strategy
Governance Risk – high level oversight of the Fund
Systems Risk – systems availability, reviews and upgrades
Risk Register
Strategy Report, Appendix III
19
Service Business Plan
Pension Fund Service Goals – overarching goals that link to strategic priorities
Goal – description
Lead Officer
1
Day to day management of the benefits function, ensuring full
compliance of financial and legislative requirements. Ensure timeous
and correct payment of pensions benefits
Benefit Administration
Manager
2
Efficient and effective management of all matters relating to scheme
employers within the NESPF’s
Employer Relationship
Manager
3
Development and management of the Fund’s Investment Strategy
and Fund Management Appointments. Management of the Global
Custodian. Incorporate ESG oversight, Taxation, and cash
management
Investment Manager
4
Responsible for preparation and delivery of the Pension Accounting
Function including production of annual statement of accounts
Accounting Manager
5
Management of the governance arrangements of the Pension Fund,
ensuring that the Pension Fund meets its regulatory obligations,
reporting and communication requirements to the Pensions
Committee, Pension Board, Pensions Regulator and all those with an
interest in the administration of the North East Scotland Pension
Funds. Internal training arrangements for Benefit and System staff
within the Pension Fund section.
Governance Manager
6
Management and development of the Pension Fund IT systems in
support of the Pension Fund provision of benefit administration to
scheme members and scheme employers
Systems Manager
20
Pension Fund Level - Key Priorities
Objective
Activity
Outcome
Timetable
Lead
Officer
Improve customer
experience
1. Review all communication and
develop new website.
2. Continue to utilise technology
to improve service delivery.
Improved customer service
impacts positively on customer
outcomes and experience.
Ongoing
Pension
Fund
Manager
Improve staff
experience
1. Continue to implement
workforce and succession
planning.
2. Continue to roll out and update
individual training plans.
Improved staff development
leads to better trained staff
and impacts positively on
customer outcomes and
experience.
Ongoing
Pension
Fund
Manager
Improve our Use
of resources
1. Improve work planning and
business support.
2. Develop management reporting
across the Fund.
3. Risk review.
Improved use of resources
impacts positively on all
Pension Fund KPI’s and
reduces risk across the Fund.
Ongoing
Pension
Fund
Manager
Accounting – Key Priorities
Area
Objective
Action Point
Timetable
Lead Officer
Performance
measurement
Improving customer
experience
Develop reporting.
2021/22
Accounting
Manager
Financial
Management
Improving use of
resources
Working with external providers to
continue to deliver best practice
Ongoing
Accounting
Manager
Staff
Improving staff
experience
Continuation of staff training.
Ongoing
Accounting
Manager
Financial
Management
Improving use of
resources
Simplify coding structure.
2021/22
Accounting
Manager
Benefit Administration – Key Priorities
Area
Objective
Action Point
Timetable
Lead Officer
Systems
Improving customer
experience
Ensure that all procedures are reviewed
and relevant to assist with the
administration of pension benefits and best
utilise the workflow system.
Ongoing
Benefit
Administration
Manager
Administration
Improving use of
resources
Monitor the level of outstanding workload
and allocate resources to ensure targets are
met.
Ongoing
Benefit
Administration
Manager
Staff
Improving staff
experience
Continuation of staff training.
Ongoing
Benefit
Administration
Manager
Performance
Measurement
Improving customer
experience
Develop reporting.
2021/22
Benefit
Administration
Manager
21
Employer Relationship – Key Priorities
Area
Objective
Action Point
Timetable
Lead Officer
Performance
measurement
Improving customer
experience
Develop reporting
2021/22
Employer
Relationship
Manager
Financial
Management
Improving customer
experience
Continued implementation and maintenance
of the Covenant Policy
Ongoing
Employer
Relationship
Manager
Staff
Improving staff
experience
Continuation of staff training
Ongoing
Employer
Relationship
Manager
Administration
Improving customer
experience
Ensure the continued provision of monthly
data and employer compliance (discretions).
Ongoing
Employer
Relationship
Manager
Investment - Key Priorities
Area
Objective
Action Point
Timetable
Lead
Officer
Performance
measurement
Improving customer
experience
Develop reporting
2021/22
Investment
Manager
Financial
Management
Improving use of
resources
Implementation of strategic benchmark
allocation of assets, including ESG Policy.
Ongoing
Investment
Manager
Staff
Improving staff
experience
Continuation of staff training
Ongoing
Investment
Manager
Financial
Management
Improving use of
resources
Performance monitoring of current fund
managers and mandates.
Ongoing
Investment
Manager
Governance – Key Priorities
Area
Objective
Action Point
Timetable
Lead
Officer
Performance
measurement
Improving customer
experience
Develop reporting
2021/22
Governance
Manager
Governance
Improving use of
resources
Ongoing review of Funds’ regulatory
compliance.
Ongoing
Governance
Manager
Staff
Improving staff
experience
Continuation of staff training, including
review of internal training programs.
Ongoing
Governance
Manager
Communications
Improving customer
experience
Review and update of all communication
material and continue to promote the Fund.
Ongoing
Governance
Manager
22
Systems – Key Priorities
Area
Objective
Action Point
Timetable
Lead
Officer
Performance
measurement
Improving customer
experience
Develop reporting.
2021/22
Technical
Manager
Systems
Improving use of
resources
Develop Testing Strategy, to ensure
standardized testing is utilized for testing
working parties.
Ongoing
Technical
Manager
Staff
Improving staff
experience
Continuation of staff training.
Ongoing
Technical
Manager
Systems
Improving use of
resources
Investigate technology lead service
improvement opportunities across the Fund.
Ongoing
Technical
Manager
23
Future Service Improvement/Transformation Plan
No
Section
Description
Outcome
Timetable
1
Accounting
Technology lead efficiencies
Interface between Global
Custodian and the Funds financial
system providing straight through
processing
2021/22
2
Accounting
Financial System
Fund specific financial system,
providing further efficiencies
2022/23
3
Benefit
Administration
Benefit System
Ensuring full utilisation of existing
system to drive service delivery
(Altair)
Ongoing
4
Benefit
Administration
Benefit Administration
review
To ensure best practice delivering
an efficient service
2021/22
5
Employer
Relationship
Triennial Actuarial
Valuations
Funding level, contributions set
Complete
6
Employer
Relationship
Buy in
Remove Pensioner liability risk
Complete
7
Employer
Relationship
Technology lead efficiencies
Ensuring full utilisation of existing
systems to drive service delivery (I
connect and Pfaroe. Ensuring data
quality and accurate assessment of
liabilities
Ongoing
8
Governance
Investment Consultant
Tender
Efficient and independent advice
2021/22
9
Governance
Ltd Companies
To enhance recruitment and
retention capabilities and In-house
investment capabilities
2022/23
10
Governance
Communications
Continued development of new
website which went live in July
2020
Ongoing
11
Investment
Investment Strategy review
Strategy to align with funding
requirements
Complete
12
Investment
In-house investment
Improve In-house capabilities,
driving costs down and improve
returns
2022/23
13
Investment
Consolidation of banking
requirements
Increased efficient management of
cash providing improved
governance and potential returns
2022/23
14
Investment
ESG
Review policy
2021/22
15
Systems
Technical Support
Development of staff to deliver
technology lead efficiencies
Ongoing
16
Systems
Robotics
To deliver automation for standard
repetitive processes
2022/23
17
Systems
Accommodation
Delivery of a secure and efficient
environment
Complete
18
Systems
Reporting
Implementation of new solution to
enhance administration reporting
and output
2021/22
24
The above have been identified as leading the way to continue to improve service
delivery to all stakeholders, focusing on technology driven opportunities to deliver
efficiencies with in the service, improve potential asset returns and improve overriding
governance of the Pension Fund.