Performance relating to key administration tasks declared in our Pension Administration Strategy and compliance with The Pension Regulator Code of Practice 14.
|Death in service||5 days||88%||72%||88%||83%||82%|
|Retirement estimate||10 days||98%||94%||98%||99%||97%|
|Actual retirement||10 days||96%||75%||95%||95%||97%|
|Deferred benefit||10 days||91%||69%||91%||96%||93%|
|Refund of contributions||10 days||95%||93%||95%||97%||92%|
|Transfer in||10 days||84%||61%||84%||87%||88%|
|Transfer out||10 days||76%||33%||75%||84%||97%|
|The Pensions Regulator Data Scores||2020||2021||Change %|
|Scheme Specific Data||98.3%||98.8%||+0.5%|
|Annual benefit Statement Compliance||2020||2021||Change %|
|Statements issued before 31 August Deadline||99.74%||99.64%||-0.10%|
|Pension Saving Statements||2020||2021||Change %|
|Statements issued before 6 October Deadline||100%||95.5%||-4.5%|
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 2020/21 the internal audit focused on our payroll systems and procedures, with the outcome and recommendations reported to the Pensions Committee. The full report can be found below:
The COVID-19 outbreak brought a difficult period of market volatility and the NESPF, like many other investors, saw asset values drop. Despite this initial turbulence, the Fund rebounded strongly with total asset value increasing from £4,367m to £5,704m as at 31 March 2021.
The NESPF has a diversified portfolio of assets which helps spread the risk of exposure to any one investment area or stock. This ensured the financial impact at the start of the pandemic was minimal and allowed significant growth when investment markets began to stabilise and recover.
Total Fund Value
Pension Benefits Paid
Admin & Investment Costs
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.