Issue - meetings

The last review of the Pension Administration Strategy (PAS) had been undertaken and approved by the Committee in March 2021 and a copy of this document was included for comparison purposes attached at Appendix 3 to the report.

The Fund had started the i-Connect project in November 2019 with the target of commencing its implementation for the submission of individual scheme member data for all participating employers by the end of 2021. However, due to the impact of the Covid-19 pandemic, the deadline for employers to have commenced engagement with the Fund in respect of implementing i-Connect had been extended to 31 March 2023 to allow employers more time to introduce the new method of data submission.

The revised PAS now established i-Connect as the standard method for the Fund’s employers to submit member data and would introduce charges for employers who had failed to engage with the Fund on implementing i-Connect.

Derbyshire Pension Board had reviewed the proposed changes to the PAS and the updated version had incorporated the Board’s suggestions. Subject to the Committee’s approval, a consultation would be undertaken with the Fund’s participating employers on the revised Pension Administration Strategy. The results of the consultation will be reported to the Committee at the next meeting.

RESOLVED:

That the Committee:

a)    Approves the draft Derbyshire Pension Fund Pension Administration Strategy 2022 attached at Appendix 2 to the report, for consultation with the Fund’s participating employers; and

b)    Delegates the consideration of the results of the consultation, and the determination of whether any revisions to the proposed Pension Administration Strategy are necessary following the consultation, to the Interim Director of Finance & ICT in conjunction with the Chairman of the Committee.