1. Working Together Mark Whitby Head of Pensions

2. Austerity driving the pensions agenda New look LGPS = increased complexity, increasing workflows Workforce reductions = more information, more transactions Extra governance layer and greater scrutiny End of contracting out = reconciliation project Alternative service provision models = more scheme employers, greater diversity Compulsory investment collaboration Increasing complex pensions tax rules e.g. annual allowance

3. Investment Pooling Collaboration Administering Authorities must “pool investments to significantly reduce costs, while maintaining investment performance” Funds to come forward with their own proposals to meet common criteria: (size, cost savings, governance) Back stop legislation if authorities “do not put forward sufficiently ambitious proposals” “We're going to work with councils to create…half a dozen British Wealth Funds spread across the country” to invest in infrastructure

4. Communications Collaboration LGSS Pensions collaborate with other Funds on communications Key Fund objective: deliver efficiencies through partnership working First output was the active member annual benefit statement (ABS) Working Group for the ABS consisted of 5 other regional funds Wider collaboration with 4 additional funds LGSS Pensions will take the lead on the 2016 ABS joint venture

5. Partnership with scheme employers Success also as a result of engagement and partnership working with scheme employers Embedding knowledge of the new look LGPS and CARE data requirements Working in partnership with large data suppliers to iron out issues and ensure a smooth end of year Releasing pre-submission validation tools for end of year data Patience, goodwill and hard work from all parties

6. Tangible results We issued annual benefit statements to 98% of eligible active members within the statutory 31 August 2015 deadline Only 7 out of the 89 LGPS Funds sent out their statements on time Thank you for helping us meet this deadline

7. Delivering efficiencies, improving effectiveness Leveraging technology to reduce manual transactions Roll out of Member/Employer Self Service Online annual benefit statements Training through webinars Integrated Altair pensioner payroll Migration to an in-house server solution Targeted employer/payroll provider liaison Dealing with poor performance

8. Valuation Improvements help reduce pressure on employer contribution rates 2016 is a triennial valuation year, data cut 31 March 2016 Valuation results published by 31 March 2017 Initial pre-valuation discussions with Scheme Actuary, Hymans Robertson Funding Strategy Statements will set out our treatment of different employer types; deficit recovery, stabilisation, phasing, pooling Timely employer engagement absolutely critical to process