Aon and CIPFA offer new guidance on oversight of administration in the LGPS
LONDON (11 March 2019) – Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, has worked with the Chartered Institute of Public Finance and Accountancy (CIPFA), to develop a new guide for pensions authorities ‘administration in the LGPS'. The guide, which is aimed at administering authorities throughout the UK responsible for managing Local Government Pension Scheme (LGPS) funds, highlights the importance of effective management and monitoring of administration matters.
‘administration in the LGPS' focuses on the need to raise the profile and awareness of the pensions administration function and stresses the collective responsibility of senior officers, committee and board members to ensure that proper governance of LGPS funds includes administration and communication matters. The publication then looks at ensuring clear strategies and robust business planning, outlining the key elements of information that should be monitored on an on-going basis.
Catherine Pearce, senior Public Sector consultant at Aon, said:
“LGPS administration teams have gone through an unprecedented period of change in the last decade and this is likely to continue. It is important that those tasked with the governance of LGPS pension funds fully understand how to raise the quality and improve the timeliness of their administration."
Karen McWilliam, partner at Aon and Head of Public Sector Governance and Benefits, said:
“Quite simply, the key role of LGPS administering authorities is to administer and pay benefits for its scheme members. We believe that many LGPS decision makers will benefit from this guidance to ensure they can receive good quality monitoring information. This will allow them to support their administration teams by identifying where additional resources, systems and support is required to deliver the most effective and efficient administration."
Neil Sellstrom, Pensions Network Advisor, CIPFA, said:
“Within the public sector environment there is continual pressure to drive down costs - and the administering authorities of local government pension funds have not been able to avoid this pressure. While there is much good practice within the LGPS, the CIPFA Pension Panel has become increasingly concerned that in some instances the pensions administration function may not be operating as effectively as it should be. This guide is timely given the increasing focus by the Pensions Regulator on the need to deliver effective and efficient administration."
‘Administration in the LGPS’ is available at: https://www.cipfa.org/policy-and-guidance/reports/administration-in-the-lgps
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For further information please contact:
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Aon
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Notes to Editors
About Aon
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Aon announced in May 2018 it will retire the business unit brands of Aon Benfield and Aon Risk Solutions, which follows the retirement of the Aon Hewitt business unit brand in 2017. This move was designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients. Aon has five specific global solution lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions and Data & Analytic Services.
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