Council’s pension scheme improves after TPR intervention

Almost all active members of Oxfordshire County Council’s Pension Fund have received their annual 2017-18 statement after past issues caused The Pensions Regulator (TPR) to take action.

In 2016, the scheme was reported to TPR after none of its members received their annual benefit statements for the 2014-15 year.

After the regulator took action, 50% of statements were sent out in 2015-16, increasing to 77% in 2016-17, but TPR made it clear it was not satisfied with the rate of improvement.

Following this second action by TPR, 99% of recipients received their 2017-18 statement.

TPR executive director of frontline regulation, Nicola Parish, explained that the Council’s inability to issue benefit statements in 2015 derived from poor data and the challenges surrounding improving this information.  

She said: “We clearly set out our expectations and worked with them to improve their data. This has resulted in the vast majority of the fund’s 20,000 active members receiving the benefit statements they are entitled to.”