Retirement Insight BUS FUND November 2013 Issue 39

Review of 2012 / 2013 Review of 2012 / 2013 Membership Customer Service 2400 2200 2000 2,203 2,190 2,175 2,161 1,305 1,355 511 488 461 359 318 292 2,146 1800 1600 1400 1200 1000 1,184 1,253 1,393 800 600 400 200 0 533 466 526 411 2009 2010 2011 2012 2013 Total Membership Active Members Deferred Members The total number of members in the Fund has fallen to 2,146 compared with 2,161 at March 2012. As the Fund is closed to new members the trend of increasing scheme maturity continued, as is to be expected. However benefits are fully protected and no-one is at risk from this falling contributor base. • Active members contributing to the Scheme have fallen from 318 in 2012 to 292 in 2013, a drop of 8.2%. • Pensioners (including dependants) in receipt of a benefit have risen from 1,355 in 2012 to 1,393 in 2013, up by 2.8%. • Deferred members (members who have left employment and deferred their benefits until normal retirement age) have fallen from 488 in 2012 to 461 in 2013, a drop of 5.5%. £15,001 - £30,000.................................... 94% £30,001 - £45,000....................................... 4% £45,001 - £65,000....................................... 0% Over £65,001................................................... 1% Target Days Number Processed In Performance Last Year Time 2012/13 2011/12 5 39 39 100% 100% 12 2 2 100% 100% 5 6 6 100% 100% Female................................................................. 14% Male........................................................................ 86% Retirement estimates 5 68 68 100% 100% Preserved benefits 20 5 5 100% 100% Transfers out (to other pension schemes) 5 6 6 100% 100% Current Age ........................................................ 67 Age Pension Commenced.................... 56 Current Annual Pension...... £5,653.63 Retirement benefits 5 65 65 100% 100% Time in Receipt of Pension ... 11 years Death benefits 4 20 20 100% 100% All key tasks ---- 211 211 100% 100% Male........................................................................ 83% Current Age ........................................................ 54 0 - 50..................................................................... 2% 41 - 45.................................................................. 20% 51 - 55..................................................................... 1% 46 - 50.................................................................. 28% 56 - 60..................................................................... 7% 51 - 55.................................................................. 29% 61 - 65.................................................................. 26% 56 - 60.................................................................. 21% 66 - 70.................................................................. 31% 61 - 65..................................................................... 2% 71 - 75.................................................................. 21% 76 - 80.................................................................. 10% 81 - 85..................................................................... 2% Averages 36 - 40....................................... Less than 1% Age Profile Annual Pension............................ £3,280.19 Age Profile Current Age ........................................................ 50 Female................................................................. 17% Current Membership ................29 years 36 - 40..................................................................... 1% 41 - 45..................................................................... 6% 46 - 50.................................................................. 16% 51 - 55.................................................................. 27% 56 - 60.................................................................. 41% 86 - 90..................................................................... 0% 61 - 65..................................................................... 9% 91 - 95..................................................................... 0% 66 - 70....................................... Less than 1% 96 - 100.................................................................. 0% Salary.................................................. £22,379.35 2 Key Service Standard Pension rights on divorce Age Joined Fund............................................ 25 Last year we reported on a new initiative being introduced to combat the significant number of Pensioners (including dependants) Age Profile Our performance in terms of meeting our published service standards over the year ending 31st March 2013 is given in the following table: Gender We are committed to ensuring our data is up to date and accurate, and record all cases where we discover an error. All errors are analysed to ensure procedures are being operated as intended and to identify any shortfall in staff training and development. Averages Up to £15,000.................................................. 1% Gender Deferred Members Averages Annual Salary Gender Active Members Male........................................................................ 94% We continue to provide twice-yearly newsletters to our pensioners and annual newsletters to our current and deferred members. We pay all our pensioners every month and produce annual pension statements for both current and deferred members. The Fund also offers an advisory service where members can discuss any pension related issues with our staff face to face. Additional benefits Your Fund Statistics Female.................................................................... 6% existing members choosing to opt out of the Scheme. Whilst there can be a number of reasons that prompt a member to take this drastic course of action the overwhelming reason is to save money. Our opt-out strategy is designed to illustrate that the amount of money saved might not be as much as expected whilst at the same time

Retirement Insight BUS FUND November 2013 Issue 39 | Seite 2