24 November 2022
We are delighted to announce that following a competitive tender process, we will be partnering with Aon to complete our payroll rectification project!
To reassure our members, although there are numerous discrepancies between our pensions administration system and the payroll system, these do not necessarily represent an incorrect payment, and the vast majority of these are of low value resulting from rounding variances in the two differing pension increase routines. However, it is necessary for us to resolve these differences, so that we can move towards an integrated payroll system. This will tie in exactly with the benefits payable on our pensions administration system, and provide a stronger control environment for the Fund as well as delivering operational efficiencies. This is something we need to do in order to achieve our vision, and it is directly linked to our strategic vision goal no. 5 - "Correct pension, paid timely".
We view this issue as a top priority to resolve. We have already done a significant amount of work on this project internally, including developing new processes and controls which mitigate against the risk of these historical issues reoccurring.
Working with a third party on this project will help ensure that we can continue to deliver business as usual, whilst resolving these issues in a timely manner. We estimate that the work should be completed around September 2023, after which point we will be able to migrate to an integrated payroll system, setting the Fund up to deliver accurate payment of pension benefits into the future.