The Director presented the results of Benchmarking exercises undertaken on both administration and investment activities by CEM as detailed in the report and noted the results were broadly positive reporting a low cost and high quality service despite having fewer staff and less money per Scheme Member than peer Funds. The areas for improvement were identified in the report and elaborated upon in the meeting.

Members asked for further explanation regarding the reasons behind performance in the areas for improvement, how SYPA was going to tackle these and what was the time frame for improving the metrics.

Officers explained there was a back log of work needing to be cleared and the lack of ability to prepare calculations in advance due to the implications of CARE pension schemes. It was expressed that not all metrics were equal and that the general result of the report was positive. The Director explained SYPA were investing to fund improvements in performance including funding to clear the back log of work which would improve processes. The Assistant Director - Pensions assured Members that a Performance Officer was now in post and that increased and improved performance tracking could now take place which would identify priority areas to target. It was explained that this was ongoing work and timescales would depend on analysis of the data.

Members queried whether increase in staffing budget was linked to the back log of work that had negatively impacted certain areas in the benchmarking results and how long it would take new staff to become fully effectively trained.

The Director confirmed this was the case and that there had been a conscious decision to invest in staffing to improve service for Scheme Members. The Assistant Director Pensions stated it could take up to two years to fully train Pension Officers and acknowledged that this was an investment rather than a quick fix and that retention and succession planning would also need to be considered.

RESOLVED: Members noted the results of the most recent benchmarking of the Authority’s activities undertaken by CEM.