Your Past Is Your Future BUS FUND October 2016 Issue 18 | Page 2

uture

On the downside we were extremely frustrated
to fail to meet the deadline for issuing annual
benefit statements to scheme members. In any
year 31st August is a challenging target to achieve
but a combination of system problems and late
submission of annual returns by employers meant
that we had no hope of meeting it. On a positive
note, however, although we issued the statements
late they were subject to a thorough check which
overall was preferable to issuing them on time and
possibly incorrect.
The new version of mypension was launched in
conjunction with the new website and whilst it is
usable it is rather disappointing. Whilst we have
done what we can to improve the look and feel
of online member access the core functionality is
largely out of our control. We have however been
pushing for improvements to be made and the
good news is that a phase 2 version is on the way
incorporating the benefit quote calculator that many
of our members have been asking for.

We continue to operate the formal dispute resolution
procedure in compliance with the scheme regulations
as well as our local customer service complaints
procedure. During the year I am pleased to report
that we had no formal disputes or complaints.
First South Yorkshire Limited is the sole employer
in the Fund and is required to collect contributions
from active scheme members and pay them over
no later than the 19th of the following month to which
the contributions relate. As in previous years, there
were no arrears of contributions and no penalties for
late payment.
The forthcoming year presents a number of
challenges which include, the triennial actuarial
valuation, the 31st August deadline for annual benefit
statements, the impact of chang