Public Authority Pension Services Limited (PAPS) provide a comprehensive range of technical pensions expertise and administrative support services to those responsible for the management and administration of public sector pension schemes.
The PAPS team has many years of experience, both in actual public sector pension scheme administration and in providing support and information to public sector bodies to assist them in the administration of their own schemes. The pension services PAPS provide to Public Sector Bodies include the following:
Administration
Assisting bodies with the day-to-day administration of their pension Schemes including benefit calculations, service verification, estimates of entitlements, costs of purchasing notional service and assessment of entitlement to professional added years.
Technical Support
Assisting bodies with the clarification of existing Scheme Rules; keeping fully up to date with all new legislation and circulars relating to Public Sector Pensions; advising bodies of the impact of these on their pension schemes.
Annual Benefit Statements
Preparing Pre-Existing Annual Benefit Statements for all Scheme Members in a format which complies with Pensions Act Disclosure of Information requirements. This includes details such as the member’s benefits accrued to date, the benefits he/she can expect at minimum retirement age and the death in service benefits payable should that scenario arise.
Preparing Single Public Service Pension Scheme Annual Benefit Statements for all Scheme Members in a format based on the Department of Public Expenditure and Reform (DPER) Annual Benefit Statement template. Statements include details of the Pension and Lump Sum accrued to date, contributions paid to date and factors in the CPI increases notified by DPER for the purposes of uprating the accrual amounts.
Ad Hoc Benefit Statements
Preparing Benefit Statements covering all benefit scenarios, i.e. normal age-related retirements, ill-health retirements, early retirements under cost neutral early retirement facility, deaths-in-service and preserved benefits in accordance with all relevant public sector pension rules and policy.
Pension Information Sessions for Members
Organising and presenting Pension Information Sessions for Scheme Members and helping to improve the overall level of information available to members.
Public Service Pension Reform
Assisting bodies in implementing the changes arising from ongoing public service pension reforms, including the Single Public Service Pension Scheme.
Scheme Audits
PAPS audit schemes and bodies to see if:
- Employees’ scheme membership classification is correct
- Correct contributions are being deducted
- Members are aware of transfer of service options
- Those who have left with preserved benefits are tracked
- Previous temporary/part-time service has been notified and costed
- Staff seconded from other public sector bodies are superannuated appropriately