Bank Rec Template
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The Administration Challenge The Administration Challenge We were delighted to see so many friendly faces at the LGPS Pension Managers Conference in Torquay on 16-17 November 2021. Despite the lack of karaoke, it felt like things were on their way back to “normal”. We were delighted to see so many friendly faces at the LGPS Pension Managers Conference in Torquay on 16-17 November 2021. Despite the lack of karaoke, it felt like things were on their way back to “normal”. Barnett Waddingham held two workshops titled “The Administration Challenge”. With so much happening in the LGPS at the moment, it was hard to know where to start but we chose to focus on three key topics: Barnett Waddingham held two workshops titled “The Administration Challenge”. With so much happening in the LGPS at the moment, it was hard to know where to start but we chose to focus on three key topics: 1) Data preparation for the 2022 actuarial valuations 1) Data preparation for the 2022 actuarial valuations 2) Administering the McCloud remedy 2) Administering the McCloud remedy 3) Administration resourcing and training 3) Administration resourcing and training After an introduction to the topics, we split into three groups to discuss them, before returning together to share the outcomes. One of the benefits of attending a workshop is sharing ideas, and so we would like to thank our attendees for the lively discussions had. Highlights of those discussions are included in the short summaries below. If you would like further detail or any assistance with these issues, please get in touch with Annemarie, Melanie or Louise. After an introduction to the topics, we split into three groups to discuss them, before returning together to share the outcomes. One of the benefits of attending a workshop is sharing ideas, and so we would like to thank our attendees for the lively discussions had. Highlights of those discussions are included in the short summaries below. If you would like further detail or any assistance with these issues, please get in touch with Annemarie, Melanie or Louise. 1) Data preparation for the 2022 valuation 1) Data preparation for the 2022 valuation Getting member data ready for the 2022 valuation is key in the short-term. Our discussions focussed on concerns around member data provision and how best to approach the data cleansing process. Getting member data ready for the 2022 valuation is key in the short-term. Our discussions focussed on concerns around member data provision and how best to approach the data cleansing process. Due to resourcing issues, almost all funds are seeing a backlog of leavers waiting to be processed. In an ideal world, the backlogs would be cleared and the actuary would receive data which accurately reflects these leavers as deferred members. But, this isn’t an ideal world and we know resources are tight, so there is no immediate solution. Instead, the focus should be to clear as much as you can and to speak to your actuary to ensure they have all the information needed to allow for these unprocessed leavers. Due to resourcing issues, almost all funds are seeing a backlog of leavers waiting to be processed. In an ideal world, the backlogs would be cleared and the actuary would receive data which accurately reflects these leavers as deferred members. But, this isn’t an ideal world and we know resources are tight, so there is no immediate solution. Instead, the focus should be to clear as much as you can and to speak to your actuary to ensure they have all the information needed to allow for these unprocessed leavers.
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