The £8.8bn West Yorkshire Pension Fund has kicked off plans for a series of roadshows later this year to communicate to its almost 100,000 active members changes to the Local Government Pension Scheme.
The government has published several draft regulations for the LGPS, which are set to go live in England and Wales from April next year, but local authority funds are having to press ahead with their communication planning before the final details are in.
The reason for that timing is in the hope that the Department for Communities and Local Government has actually made some actual regulations, rather than draft regulations for the new scheme by then
West Yorkshire last week started discussions about launching roadshows to cover its employers across the county. “It is something that we are looking to do towards probably November time this year,” said David Hoyle, business manager at the fund.
“The reason for that timing is in the hope that the Department for Communities and Local Government has actually made some actual regulations, rather than draft regulations for the new scheme by then.”
Hoyle said engaging with a large active membership was problematic at times, and that roadshows appeared the best way to engage effectively with big groups. But the scheme will have to wait for more clarity from the government before following through on the plans, he added.
The £2.4bn Norfolk Pension Fund has also discussed its intentions to use roadshows to communicate with members. It also has online tools and is exploring whether podcasts could be a good way to engage with its 27,000 active members.
Jo Quarterman, business development and project manager at the scheme, said there was real value in going on the road.
“Because we have a wide range of employers, we would generally use one of our employer’s offices for [a roadshow],” she said. “They’re all employers in the scheme, so it is not as expensive as you might think.”
Barry McKay, partner at Hymans Robertson, said there were definite benefits in face-to-face communication and it was important for funds to start planning now. But he added engaging with employers was equally key for schemes.
He said: “Funds need to be communicating with employers and not just employees because there is a lot more onus on employers to provide information. It’s a lot more work for them and I’m not sure a lot of employers realise that.”
