hymans robertson llp is authorised and regulated by the financial conduct authority cambridgeshire...
TRANSCRIPT
![Page 1: Hymans Robertson LLP is authorised and regulated by the Financial Conduct Authority Cambridgeshire Pension Fund Impact of data Geoff Nathan 15 October](https://reader036.vdocuments.us/reader036/viewer/2022062300/56649f565503460f94c7ac88/html5/thumbnails/1.jpg)
Hymans Robertson LLP is authorised and regulated by the Financial Conduct Authority
Cambridgeshire Pension Fund
Impact of data
Geoff Nathan
15 October 2014
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Agenda
Background
Employer lifecycle
Data requirements
Impact of incorrect data
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Cambridgeshire Pension Fund
More than 65,000 members
Managing assets of £1,905m*
Over 100 employers
A few pensioners over 100!
Shared resources and expertise with Northamptonshire Pension Fund
*as at 31 March 2013
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Valuing a single member
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Valuing all members
0
200
400
600
800
1,000
1,200
1 4 71
01
31
61
92
22
52
83
13
43
74
04
34
64
95
25
55
86
16
46
77
07
37
67
98
28
58
89
19
49
71
00
Ben
efit
Pay
men
ts (
£m)
Years from valuation
Future Benefit Payments (Past Service)
Pensioners
Deferred Pensioners
Actives
Source: Sample LGPS fund
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Employer lifecycle
Procurement
Pensions Information
Memorandum (PIM)
Admission
Contributions and bonds
Ongoing
Bond renewals, valuations and
accounting
Imminent exit
Indicative cessation
Exit
Cessation
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How do we impact on the results?
Financial Salary increases
Pension increases
Discount rate / future investment return
DemographicLongevity
Early leavers
Retirement age
Dependants
£££
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How do you impact on the results?
DATA
DATA
DATA
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NameDate of Birth
Title
Date of Joining
Date of Leaving
Pensionable PayFinal Pay
Part-time HoursFull-time Hours
Changes
Certificates of Protection
NI Number
Reason for leaving
Opt-outs
Opt-insNI Class
C/O Earnings
Marital Status
Employer code
PostcodeAdded Years
Augmentation
Additional Contributions
Contribution Rate
Officer/Manual Worker
Maiden name
Spouse’s details
Service Credit - transfers
Year end info
What membership data should be stored?
Sex
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Impact of inaccurate data
Scenario A B C D
Sex M M M M
DOB 01/01/1965
01/01/1956
01/01/1965 01/01/1965
Pensionable salary
£25,000 £25,000
£52,000
£25,000
Date of Joining
01/01/1989 01/01/1989 01/01/1989
01/01/1998
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NameDate of Birth
Title
Date of Joining
Date of Leaving
Pensionable PayFinal Pay
Part-time HoursFull-time Hours
Changes
Certificates of Protection
NI Number
Reason for leaving
Opt-outs
Opt-insNI Class
C/O Earnings
Marital Status
Employer code
PostcodeAdded Years
Augmentation
Additional Contributions
Contribution Rate
Officer/Manual Worker
Maiden name
Spouse’s details
Service Credit - transfers
Year end info
What membership data should be stored?
Sex
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Impact of inaccurate data: liabilities
(Date of Birth) (Pay) (Date Joined)
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Impact of inaccurate data: Contributions
-3%
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Vita’s lifestyle effect (postcode effect)
High life expectancy
Mid life expectancy
Low life expectancy
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Vita’s lifestyle effect (postcode based)
High life expectancy
Mid life expectancy
Low life expectancy
Source: Club Vita research based on VitaBank as at January 2013
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Employer lifecycle
Procurement
Pensions Information
Memorandum (PIM)
Admission
Contributions and bonds
Ongoing
Bond renewals, valuations and
accounting
Imminent exit
Indicative cessation
Exit
Cessation
![Page 17: Hymans Robertson LLP is authorised and regulated by the Financial Conduct Authority Cambridgeshire Pension Fund Impact of data Geoff Nathan 15 October](https://reader036.vdocuments.us/reader036/viewer/2022062300/56649f565503460f94c7ac88/html5/thumbnails/17.jpg)
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What else could it impact?
Benefits
Benefit statements
Finances of the employer
Regulator
Penalties
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In summary
Data is crucial
Need accurate information from you
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Any questions?
Thank you