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Trustee Meeting 2012


At a recent Pension Trustees meeting the following was mentioned.* A review of all administrative practices is underway.* Payslips at present are sent to each pensioner every month. The cost of which is about £7000 per annum and it is proposed to only send out 1 per year and others when the payment changes by more than £1. The savings would be about £5600 per annum however Trustees would need to decide if some pensioners would require extra payslips.* Some pensioners are paid by cheque each month and this involves both cost and security issues. Some have or could be lost in the post and there is a risk of cheques being cashed after the member has died. It is proposed that all payments should be made by BACS. It is also proposed that following the death of a member the spouses pension can only be set up via payment into a bank account.* A certain amount of members reside overseas and payments are made in Sterling. Under present rules the pensioners pay any bank charges associated with converting their pensions into the local currency. If payments were to be made to the pensioners living abroad, in the local currency, this would result in extra fees for the scheme. There would be a charge, for sending an individual CHAPS payment, of £10 to possibly £15 per item. Extra processing work would be required as payments would have to be made manually and approved by a senior member of staff. It is therefore proposed that the current policy be maintained (i.e. that the overseas member pays any bank charges associated with currency conversion.) Some overseas members receive their payment by cheque however it is proposed that all payments change to BACs for these pensioners although it is possible that the members may incur extra charges for converting the currency.* Existence checks for every member in receipt of a pension is carried out each year and a specialist agency is used for this purpose. It is possible that a new provider for this service may be sought. It is also proposed that where pay slips, cheques etc. are returned, monthly payments should cease immediately whilst checks are made. Payments including back amounts will be made if the member can be contacted.* At present Payroll offer the facility to make deductions from the pensions for payments for subscriptions to items such as Medicash, Unite and the Royal Liver Superannuitants Association and it is proposed that this will continue to be the case.* Spouses pensions will only be paid following production of death and marriage certificates and spouses birth certificates.

Royal Liver Superannuitants Association