Purpose

GMPF currently relies on an external provider, to facilitate
pension payments to members residing overseas.
 
As part of GMPF’s ongoing commitment to ensuring
operational efficiency, cost effectiveness and service excellence,
officers are looking to undertake a strategic review of our current
overseas payment arrangements.
 
Therefore, officers would like to instruct GMPF’s benefits
consultant, Hymans Robertson, to undertake a review of overseas
payments providers in the marketplace and provide GMPF with a
report detailing the options available to it going forward.
Exploring alternatives options aligns with our duty to
continually test the market and secure the best possible outcomes
for our members.

Content

That approval is given to undertake a supplier review exercise
with GMPF benefits consultant, Hymans Robertson, to independently
assess the benefits of the incumbent provider and all alternative
international payment providers in the market to ensure that the
best interests of the Fund and members are being served.