LGSS Pensions has partnered with ITM to complete guaranteed minimum pension (GMP) reconciliation projects for four public sector funds.
These include the Local Government Pension Scheme (LGPS) funds for Cambridgeshire and Northamptonshire, and Cambridgeshire and Northamptonshire Firefighters’ Pension Schemes.
The administrator, which provides services for several LGPS and public sector funds, decided to partner with ITM after an initial comparison of HM Revenue & Customs (HMRC) and administration data for the purposes of GMP reconciliation.
It used the National LGPS Framework for Administration Support Services to make the appointment.
LGSS’s head of pensions Mark Whitby said: “It made complete sense to contract ITM to complete our GMP reconciliations. Our administration teams can focus on business as usual, leaving these hugely complex and time consuming reconciliations to ITM, taking full advantage of their well-established processes, systems and capacity.”
ITM head of sales Matt Dodds added the firm was “delighted” to be selected by LGSS Pensions: “It is clear that they place huge importance on the quality of their data and recognise the importance of adopting a long-term plan to improve and maintain it. Reconciling GMP records with HMRC is a significant step in their data improvement plan and we are excited to deliver the work for them.”
The LGSS Pensions Service was established in October 2010 out of a partnership between Cambridgeshire and Northamptonshire County Councils in order to bring down costs, pool resources and share expertise.