Performance relating to key administration tasks declared in our Pension Administration Strategy and compliance with The Pension Regulator Code of Practice 14.
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% |
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% |
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:
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.
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.
Highly Commended
Nominations
Wins
Nominations
Wins
Nominations
Wins