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Pensions Newsletter Issue 5 |
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This is our fifth newsletter and we hope you find this information of use. It summarises progress in all areas and we realise some of this may not apply to your specific circumstances. We will continue to keep you updated.
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Meetings with West Yorkshire Pension Fund |
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We have been meeting regularly with the team from West Yorkshire Pension Fund (WYPF) to address the current delays in issuing Annual Benefit Statements. A further meeting of senior management is due to take place this week, and we will continue to update you. We know that some of you have highlighted areas of concern and these will be raised with the team. Our aim is to have a clear and transparent timeline for resolving the outstanding issues.
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Annual Benefit Statement Remedial Service Statements (ABS-RSS) |
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There has been significant progress by WYPF in some areas of producing ABS-RSS over the last couple of weeks, principally for active members.
WYPF have highlighted the importance of processing active members due to the impact of contribution adjustments and payback.
We have reiterated that our priority is for WYPF to complete the statements for retired immediate choice members.
We believe these, alongside those about to retire, are at most impact in the absence of remedy not being applied.
We are escalating the issue within WYPF and have requested retired members are processed alongside active members within a reasonable period.
We will also request a detailed plan and formal timeline as to when these members will be issued statements.
Unfortunately, there are still member categories who will still not be able to receive statements. This is due to national influences and have been identified within the WYPF newsletter.
If you are in these categories, you should be notified by WYPF in the coming days/weeks.
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What we're doing - ABS-RSS |
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We continue our data reconciliation exercise to ensure WYPF have the most up to date information for all statements.
We have 474 past and present staff who were awaiting statements which includes the production of 585 sets of data. We have calculated and validated 437 of these.
This includes in the region of 150 retired members affected by McCloud remedy. We can confirm that all sets of data for retired members have been reconciled and shared with WYPF. |
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We have met with WYPF to discuss the impact and consequence of not meeting the 30 June deadline.
As the deadline was not a legislative deadline, it does not require a formal reporting of the breach but it does require a formal update to The Pensions Regulator linked to the previous breach report.
The detail of this, and any further deadlines to be issued are now being evaluated. We have requested this is shared with us as a matter of urgency. |
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We continue to progress our plans to contact all individuals affected by Matthews 2 by the end of September to explain next steps and provide updates. |
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We know that those of you who are given statements may have questions. We are planning to compile frequently asked questions to help with this which we will add to our website: www.esfrs.org/pensions
We aim to update these on a weekly basis, and will continue to provide updates via this newsletter and our website. |
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