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Pension authorities already have to measure and
report their cost of administering the LGPS on a
standard basis. The club sticks to this established
definition, and the report compares the cost per
member in total, and by staff cost, IT and so on. It
also highlights specific items such as the payroll
cost per retired member.
Secondly, the report compares members’
workloads in terms of the composition of the
membership (active, deferred or retired), the
numbers of joiners and leavers, and the number
of estimates and actual calculations of different
types (e.g. transfers in and out, AVCs, SIB reviews).
Pensions administration is the one financial
service where an essentially similar function is
provided in the private sector, and where surveys
of private sector costs are publicly available.
Therefore, we are able to supplement comparisons
between members with reliable private sector
comparisons.
November 2009 |
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