About the shared service
In 2015 West Yorkshire Pension Fund (WYPF) and Lincolnshire Pension Fund (LPF) created the Pensions Administration Shared Service with the aim of improving efficiency, developing new ways of working, reducing costs and keeping public money in the public sector by way of a collaboration for the administration function of their Pension Funds.
It has been a huge success, so much so, the Shared Service has expanded to include two additional like-minded LGPS Funds, the London Borough of Hounslow Pension Fund (LBH) and the London Borough of Barnet Pension Fund (LBB).
How does it work?
The LGPS Administration Shared Service is for the day to day administration of the pension scheme. In other words, the daily sharing of data between scheme employers, of which there are approximately 800, and the pension administrator (WYPF), the implementation of the scheme regulations which includes the calculation & award of pension benefits to scheme members and the payment of pensions to pensioners across the Shared Service Funds. Currently the Administration Shared Service provides LGPS administration to more than 300,000 scheme members.
To ensure the Shared Service is successful, partner Funds meet regularly to discuss challenging issues facing the LGPS, such as the removal of age discrimination from the scheme and scheme regulation amendments. Also, for statutory events such as production of annual benefit statements and the triennial valuation, all partner Funds share responsibility for the successful delivery and communication including attending scheme employer events.
To ensure governance requirements are met, each partner fund will receive monthly KPI reports regarding the administration work completed by WYPF. Each Partner Fund will also provide details of their administration performance to their Pension Committees and Boards by way of reports and training. WYPF, as the administration provider within the Shared Service, will often attend Partner Pension Committee and Board meetings on request.
Each partner Fund, however, retains their individual identity and are solely responsible for the management and investment of their pension fund which collectively amounts to over £20 billion, and they are solely responsible for the governance and compliance of the LGPS within their own Administering Authority.
The costs of running the Administration Shared Service are spread out proportionally across each Shared Service Partner Fund, based on the size of their individual scheme membership. The costs to each Fund within the Shared Service, however, are currently some of the lowest costs for LGPS administration in England and Wales.
Who should I contact if I have a question?
That depends on what you want to know.
If you have a question about your personal pension benefits or the LGPS in general, please contact the Shared Service Administration at WYPF.
If you have a question about Fund investments or scheme management and policies, you should contact your Fund or your employer.
Further LGPS information:
https://www.lgpsmember.org/
https://www.lgpsregs.org/
LGPS Fund Contact Details
Lincolnshire Pension Fund
Jo Kempton, Head of Lincolnshire Pension Fund
Tel: 01522 553656
Email: jo.kempton@lincolnshire.gov.uk
Website: www.lincolnshire.gov.uk
London Borough of Hounslow Pension Fund
Hitesh Sharma, Strategic Pensions Manager
Tel: 020 8583 5653
Email: pensions@hounslow.gov.uk
Website: www.hounslow.gov.uk
London Borough of Barnet Pension Fund
Mark Fox, Pensions Manager
Tel: 0208 359 3341
Email: mark.fox@barnet.gov.uk
Website: www.barnet.gov.uk
West Yorkshire Pension Fund
Yunus Gajra, Assistant Director – Finance, Administration and
Governance
Tel: 01274 434999
Email: pensions@wypf.org.uk
Website: www.wypf.org.uk
Data retention policies for the shared service