Performance and Compliance

Administration

Performance relating to key administration tasks declared in our Pension Administration Strategy and compliance with The Pension Regulator Code of Practice 14.

KPI percentages achieved for administration targets over last 5 years

Notification Target

22/23

21/22

20/21 19/20 18/19
Death in service 5 days 82% 90% 72% 88% 84%
Retirement estimate 10 days 95% 97% 94% 98% 99%
Actual retirement 10 days 90% 86% 76% 96% 96%
Deferred benefit 10 days 96% 92% 69% 91% 97%
Refund of contributions 10 days 98% 96% 93% 95% 98%
Transfer in 10 days 68% 60% 61% 84% 88%
Transfer out 10 days 63% 58% 33% 76% 85%

Data Quality & Compliance

The Pensions Regulator Data Scores 2021 2022 Change %
Common Data 98.1% 97.9% -0.2%
Scheme Specific Data 98.8% 99.2% +0.4%

 

Annual benefit Statement Compliance 2022 2023 Change %
Statements issued before 31 August Deadline 98.31% 99.78% +1.47%

 

Pension Saving Statements 2022 2023 Change %
Statements issued before 6 October Deadline 98.5% 100%  +1.5%

Internal Audit

The internal audit function, for the Fund, is under contract to Aberdeenshire Council. Each year internal audit focus on a particular area or process within the Fund to evaluate control measures, provide assurance and identify areas of improvement.

In 2022/23 the internal audit focused on Governance, with the outcome and recommendations reported to the Pensions Committee. The full report can be found below:

Finance

The last year has presented a difficult market backdrop for a number of different asset classes, with the Fund's total asset value sitting at £5,788m. NESPF’s re balancing efforts in previous years have been hugely beneficial and has helped the portfolio preserve value.

It is notable that the NESPF continues to outperform the benchmark returns over longer periods and similarly comparators such as CPI and Average Earnings over the longer term. This provides assurance that the Fund’s Investment Strategy works and will continue to deliver the required returns over the longer term.

  • £5.8bn

    Total Fund Value

  • £83.3m

    Investment Income

  • £37.1m

    Employee Contributions

  • £124m

    Employer Contributions

  • £177m

    Pension Benefits Paid

  • £21m

    Admin & Investment Costs

Awards

There are a number of bodies which recognise the work done within the Pensions industry with national awards to celebrate excellence within pension schemes. These awards wins and nominations reflect the Fund's achievements over the years.

  • Pensions Age Awards

    Highly Commended

    • DB Pension Scheme of the Year - 2022

     Nominations

    • Pensions Administration - 2022
    • DB Pension Scheme of the Year - 2021
    • Pensions Administration - 2021
  • LAPF Awards

    Wins

    • Scheme Administration - 2022

    Nominations 

    • LGPS Fund of the Year (Assets over £2.5bn) - 2023
    • Scheme Administration - 2023
    • LGPS Fund of the Year (Assets over £2.5bn) - 2021
    • Scheme Administration - 2021
    • LGPS Fund of the Year (Assets over £2.5bn) - 2018
  • Professional Pension

    • Wins

      • Public Sector Pension Scheme of the Year - 2017
    • Nominations

      • DB Scheme of the Year (Over £500m) - 2017
      • Best Use of IT & Technology - 2017
  • LGC Investment

    Wins

    • Quality of Service - 2016

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