- Slides: 10
The Importance of clean data Richard Sultana Employer Liaison Officer
What do we mean by clean data? • Clean data means that all information submitted to LGSS Pensions is accurate and complete. • Particulary important data: – Employee and employer contributions – Membership data – Pensionable Pay details • With it being a Valuation year, the data you provide is key to the outcome of your results and therefore your contributions!
Importance of Membership data • Membership data provided by you is crucial to the Triennial Valuation process • Membership data is needed in order to calculate the pension benefits for your current and former members • There a number of statutory deadlines for carrying out the valuation and reporting the results that the fund must meet
Impact of missing or incomplete data – For the Fund • A Risk that the fund will not have sufficient funds to pay pensions • Incorrect pension benefits may be paid to members based on the information provided • Statutory requirement to hold the correct information
Impact of missing or incomplete data – For the Employer • Members benefits will not be correct • Incorrect or missing data may lead to the incorrect assumptions being used by the Actuary • Poor quality data = Higher contribution rate being applied
Impact of Incorrect Data – Membership Active member example – figures and calculations are for illustrative purposes only Sex DOB Start Date Liability £ M 01/01/1954 01/01/1998 33, 800 M 01/01/1954 01/01/1989 76, 000 + 125% increase in liability
Impact of Incorrect Data – Pensionable Pay Active member example – figures and calculations are for illustrative purposes only Sex DOB Start Date FTE Salary £ Liability £ M 01/01/1954 01/01/1998 10, 500 50, 667 M 01/01/1954 01/01/1998 15, 000 76, 000 + 50% increase in liability
What do we need from our Employers? • Completed Year End return = 30 April 2016 • Fully completed membership information • Awareness of deadlines/timescales for submissions • Continued close working with LGSS Pensions NEXT FRIDAY!
Where can I get more Information? Employer’s Team Cory Blose Richard Sultana Mark Mc. Auliffe Kate Escudier Amy Hughes Employers & Systems Team Manager Employer Liaison Officer Pensions Officer • Tel: 01604 364621 • E-mail: [email protected] gov. uk • Web: pensions. northamptonshire. gov. uk
Are there any Questions?