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 2019 2018 2017 2016 2015
Death in service 5 days 88.4% 83.9% 82.5% 84.4% 78.4&
Retirement estimate 10 days 98.1% 99.6% 97.8% 98.4% 92.8%
Actual retirement 10 days 95.8% 95.8% 97.1% 97.4% 95.2%
Deferred benefit 10 days 91.0% 96.5% 93.2% 79.3% 95.4%
Refund of contributions 10 days 95.1% 97.5% 92.7% 79.3% 97.5%
Transfer in 10 days 84.4% 87.6% 88.7% 90.6% 87.5%
Transfer out 10 days 75.7% 84.7% 97.5% 96.9% 90.9%

Data Quality & Compliance

The Pensions Regulator Data Scores 2019 2020 Change %
Common Data 98.3% 98.3% -
Scheme Specific Data 97.3% 98.3% +1%

 

Annual benefit Statement Compliance 2018 2019 Change %
Statements issued before 31 August Deadline 99.81% 99.89% +0.05%

 

Pension Saving Statements 2017/18 2018/19 Change %
Statements issued before 6 October Deadline 100% 100% -

Finance

Despite a solid financial performance throughout the year, the economic uncertainty in the last quarter saw the North East Scotland Pension Fund’s (NESPF) total asset value reduce from £4,469m as at 31 March 2019 to £4,383m as at 31 March 2020. An overall reduction of 1.9%.

The NESPF has a diversified portfolio of assets to help spread the risk of exposure to any one investment area or stock. This has ensured the financial impact on the Fund is minimal. In order to maintain the success of the Fund, it is our duty to continue to make investment decisions from a long-term perspective and we will continue to do so in 2020/21, in what we expect to be another challenging period.

  • £4.38bn

    Total Fund Value

  • £56.3m

    Investment Income

  • £30.8m

    Employee Contributions

  • £110.3m

    Employer Contributions

  • £155m

    Pension Benefits Paid

  • £20m

    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.

  • Nominations

    • 2018 

      • DB Scheme of the Year
      • Pensions Administration
      • Pension Scheme Innovation
      • Pension Scheme Communication
    • 2019

      • DB Scheme of the Year
      • Pensions Administration
  • LAPF Awards

    Nominations 

    • LGPS Fund of the Year (Assets over £2.5bn) - 2018
    • Nominations

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

      • Public Sector Pension Scheme of the Year - 2017
  • LGC Investment

    Wins

    • Quality of Service - 2016

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