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 2020 2019 2018 2017 2016
Death in service 5 days 72% 88.4% 83.9% 82.5% 84.4%
Retirement estimate 10 days 94% 98.1% 99.6% 97.8% 98.4%
Actual retirement 10 days 75% 95.8% 95.8% 97.1% 97.4%
Deferred benefit 10 days 69% 91.0% 96.5% 93.2% 79.3%
Refund of contributions 10 days 93% 95.1% 97.5% 92.7% 79.3%
Transfer in 10 days 61% 84.4% 87.6% 88.7% 90.6%
Transfer out 10 days 33% 75.7% 84.7% 97.5% 96.9%

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 2019 2020 Change %
Statements issued before 31 August Deadline 99.89% 99.74% -0.15%

 

Pension Saving Statements 2019 2020 Change %
Statements issued before 6 October Deadline 100% 100% -

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 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:

Finance

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.

  • £5.7bn

    Total Fund Value

  • £55.2m

    Investment Income

  • £32m

    Employee Contributions

  • £110.1m

    Employer Contributions

  • £168.2m

    Pension Benefits Paid

  • £26.8m

    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

    Nominations

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

    Nominations 

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

    • 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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