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Overview of the Teachers’ Pension Scheme Finance Function

Overview of the Teachers’ Pension Scheme Finance Function. Limited challenge on scheme forecasts from the OBR. TPS Finance - Key Figures Forecasting and Accounts. “Staff must have the knowledge”. Annual Accounts successfully laid before Parliament.

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Overview of the Teachers’ Pension Scheme Finance Function

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  1. Overview of the Teachers’ Pension Scheme Finance Function

  2. Limited challenge on scheme forecasts from the OBR TPS Finance - Key FiguresForecasting and Accounts “Staff must have the knowledge” Annual Accounts successfully laid before Parliament £9.4 billion paid out in pensions expenditure last financial year £5.8 billion collected annually in scheme contributions “Reaching the people with the knowledge first time, that would be brilliant” Expenditure variance of 0.2% realised - £22 million under forecast Bank and control account transactions of £1.2 billion reconciled monthly – over 400,000 transactions “Having one place to call and one number is far more suitable” “The ability to just call and get an answer will be invaluable” New daily funding forecast model praised by HM Treasury Income forecasted to within 0.02% - less than £1.1 million under estimate

  3. Overall employer engagement per the monitoring of key performance measures at 97% TPS Finance - Key FiguresContributions and Debt “Staff must have the knowledge” Balance of member debts down by £600k over 2 years despite invoices totalling £23.7m raised Arrears of contributions debts reduced by £1.9 million in 18 months 60% of member debts in recovery via plans or future offsets “Reaching the people with the knowledge first time, that would be brilliant” Employer population now at 7,000 from just 2,500 in 2010 “Having one place to call and one number is far more suitable” Unallocated contributions account balance reduced by £165 million in the past 18 months (60%) via slip reminder actions “The ability to just call and get an answer will be invaluable” Over 57% of audited returns for the EOYC 14-15 exercise received ahead of the Sept/Nov deadlines Over half a million contribution payments and breakdown slips reconciled annually – 99% in 5 days

  4. TPS Finance – Key Challenges • Ensure the accurate collection of the new 16.48% employer rate from 1st September. • Monitor and recover overpayments arising from the remarriage declaration exercise. • Implement the new monthly resource accounting processes to give further oversight and assurance in respect of the final year end position. • Engage effectively with the Pensions Regulator in order to fulfil public sector scheme obligations. • Support employers in providing TP with accurate returns within regulatory time scales through the monitoring of performance measures. Investigate on-line EOYC process. • Provide the Office of Budgetary Responsibility (OBR) with accurate scheme income and expenditure forecasts through efficient engagement with relevant stakeholders and robust horizon scanning.

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