SC20253 - GMP Rectification

Award outcome

Description

Kent County Council wish to appoint a Provider to supply the following services under Lot 1 - Pension Administration Operational Support Services under the National LGPS Framework reference NCCT42210 as set out in the Framework tender documents. The supplier will be required to agree an approach to adjust member benefits where the value of the Guaranteed Minimum Pension (GMP) in payment has been reconciled against data held by the National Insurance Contributions Office (NICO) and the value in payment needs to be amended and the benefits rectified. The supplier will be expected to provide draft results to the Fund so that decisions can be made on any under and over payments of benefits in payment. Once those decisions have been made, the supplier will need to adjust the benefits and potentially reclaim any overpayments or make payment of any arrears (including interest) of underpayments. The supplier will then be expected to notify pensioners of the change to the level of their benefits, and the value of any under/over payment including what actions will be taken and any appeals process against the Fund. The supplier will need to liaise closely with the Fund to ensure that where there have been member movements i.e. new pensioners or deceased pensioners, these are either included or excluded from the exercise. The supplier may be expected to present results to the Pension Fund Committee, including proposals and recommendations. The supplier will advise the Fund based on experience across the industry. If the exercise spans the application of the 2023 Pensions Increase to benefits in payment, the supplier will need to take this into account and have the means of adjusting the values appropriately. The supplier will need to manage the project from start to finish including the management of any decisions required. The Fund may be required to support the supplier with the review of member records, alternatively if this resource is not available within the Fund the supplier may be expected to carry out this review and provide recommendations based on their findings. The supplier will need to meet regularly with the Fund to provide progress updates and address any issues/concerns, and potentially share those updates via presentations to the Local Pension Board and Pension Fund Committee. The supplier shall provide the Pension Fund with a project plan that sets out clear timescales and milestones. The supplier shall have demonstrable experience of dealing with GMP Rectification exercises for LGPS and Police and have experience of using the Altair pension administration software.

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