Scheme managementThe areas of governance and administration you need to focus on when running, overseeing or advising a public service pension scheme.
Reporting duties Managers of public service pension schemes must ensure that the scheme return we issue each year is completed on time. They must also tell us of any changes to their scheme’s ‘registrable information’ as soon as possible.
Internal controls and managing risks Public service pension schemes need to have good internal controls. They are a key characteristic of a well-run scheme and will enable risks to the scheme to be managed effectively.
Record-keeping Failing to maintain complete and accurate records can affect the ability of your public service pension scheme to carry out basic functions. Accurate record-keeping is crucial in ensuring that benefits are paid correctly.
Communicating to members Members of public service pension schemes need to receive information to help them understand their pension arrangements and make informed decisions.
Publishing scheme information Certain information relating to public service pension schemes needs to be published so that scheme members and interested parties know that their scheme is being managed effectively.
Maintaining contributions Public service pension schemes need to have procedures and processes that enable you to effectively monitor pension contributions, resolve payment issues and report payment failures.
Pension board conflicts of interest and representation In public service pension schemes, potential conflicts of interest need to be identified and managed to prevent actual conflicts of interest arising.
Resolving internal disputes Internal dispute resolution (IDR) arrangements play an important part in the management of a public service pension scheme. They enable someone with an interest in the scheme to ask for a matter in dispute to be resolved.
Reporting breaches of the law Certain people involved with the governance and administration of a public service pension scheme must report certain breaches of the law to us.