The Newham Pensions Board met on Tuesday 22 October 2024 to discuss updates on pension administration, performance, and a new communications policy. Key decisions included noting the contents of various reports and agreeing to the proposed communications policy.

Pensions Administration and Legislative Update

Jackie Andress provided an update on the current status of pension administration and legislative changes affecting the Newham Pension Fund.

• Code of Practice: The Pensions Regulator's single code of practice, which came into effect on 27 March, has been reviewed. Barnet Waddingham, the fund's actuaries, have provided an initial report on compliance, which is generally favourable, but further work is needed to ensure full compliance. Officers will spend the coming weeks identifying evidence to support compliance.
• McCloud Judgement: Legislation related to the age discrimination case brought against public sector pension schemes is now in effect. The pension administration software has been updated to allow for calculations to ensure members receive the higher of their benefits under old or new regulations. The Local Pension Partnership Administration (LPPA) has identified 5,446 records that could potentially be affected by an uplift, though this does not mean all will receive one. LPPA will now include figures on uplift payments in their quarterly reports.
• Exit Cap: There have been no developments regarding the exit cap for public sector employees over the past couple of years. Jackie Andress sought the board's opinion on whether to continue including this in her report, given the lack of movement. It was suggested that a brief mention of no further movements on the potential limit on the value of benefits could be retained to acknowledge the topic, even if no changes have occurred.
• Pensions Dashboard: Work is progressing to ensure the fund's data is compliant for the Pensions Dashboard by October next year, with the expected go-live date in January 2026. Everything appears to be on track.
• Risk Register: Updates have been made to the risk register, including changes to subheadings and wording.

Performance Update

James Cocks presented the performance report for Quarter 1 of 2024 (April to June).

• Membership: The fund's membership increased over the quarter.
• Service Level Agreements (SLAs): SLAs have stabilised and remain above the target average of 95%, with a slight increase from 98% in Quarter 4 to 98.1% in Quarter 1. All cases met the 95% target, except for estimates, which remained the same despite a slight increase in their SLA.
• Completed Cases: The number of overall completed cases saw a slight decrease of three from Quarter 4 to Quarter 1.
• Helpdesk Performance: Helpdesk performance significantly increased to 85.3%, with all calls answered within four minutes, up from 68.2% in April, likely due to the pensions increase award in April.
• Customer Satisfaction: Customer satisfaction levels increased to 89.7% in June, up from 82.4% in March.
• Online Portal: The number of members registered on the online portal increased by approximately 20%, with 4,979 activated accounts, an increase of 834 since March.
• Data Quality: The quality of conditional data has remained steady.
• Complaints, RDRP, and Breaches: In July, there were eight complaints, three for delays (including a death case, deferred pension benefits, and a retirement case) and five for general service. This brings the total complaints for the year to 16, with a volume of 1.8 complaints per thousand members on a rolling 12-month basis. There were no IDRP cases reported. Two breaches were reported: an incorrect data protection check and information sent to an incorrect address. The board sought clarification on how these breaches were dealt with by the Information Commissioner's Office (ICO), but this information was not immediately available.

Communications Policy

Jackie Andress presented the draft Newham Communications Policy for approval.

• Purpose: The policy aims to improve how the fund communicates with employers and members, ensuring information is provided regularly and in an appropriate format.
• Key Actions: The policy includes a three-year plan to improve communication, with a review scheduled at the end of this period. It aims to promote the online portal, Pension Point, and ensure members have quicker access to their pension details.
• Implementation: While the policy officially comes into effect from April, methods and topics will be implemented sooner, particularly in preparation for the upcoming valuation season.
• Feedback: Board members provided feedback, highlighting the importance of a mix of web and paper communications to cater to all members, including those less computer-literate. The need to clearly communicate options like the 50/50 scheme to retain members facing financial difficulties was also raised. The board was asked to review the policy and provide any amendments or suggestions.

Other Matters

• Minutes of Previous Meetings: The minutes of the previous Pension Board meeting on 8 July 2024 and the Pension Committee meeting on 24 July 2024 were agreed and noted, respectively.
• Action Log: The board reviewed the action log, with several items being closed off.
• Internal Control Assurance Report: The presentation by Janet Morville-Smith of LPPA regarding their Internal Control Assurance Report was cancelled and will be rescheduled.
• Next Meeting: The date of the next meeting was confirmed as 26 November 2024.