2024: Our Achievements and Developments
2024 has been another busy year for the NESPF. As well as undertaking business-as-usual activities across each functionality within the Fund, the NESPF has also experienced many achievements over the course of the year, including being shortlisted for 5 industry awards.
Digital Developments
One of the primary areas of focus this year has been on the Fund’s secure member portal, My Pension+. While the new portal replaced its predecessor, My Pension, in 2023, the portal remains a hybrid system. Not all features of the previous member portal have been developed for My Pension+, with the site linking back to the old portal for specific actions. As such NESPF has continued to work on its development, with regular updates and testing taking place.
In 2024, the Annual Benefit Statement area expanded to show personalised videos and statements for Deferred members as well as actives. Other developments this year include a revised payroll area for pensioners, death grant nominations and three calculators becoming available. Looking ahead the Fund is close to having all features developed for the new portal, with the hybrid system due to finish Q1 2025.
As it stands there are over 38,000 users of My Pension+ with users increasing monthly.
Investments
Despite the wider context of the global marketplace being unsettled due to high inflation and interest rate hikes, the Fund’s Net Asset Value increased to £6,461m with strongly positive investment returns delivering 9.5%.
It is notable that the NESPF continues to outperform the benchmark returns over longer periods and similarly comparators such as CPI and Average Earnings over the longer term. This is testament to the Fund’s Investment Strategy successfully working and continuing to deliver the required returns long term.
Administration
The Fund has experienced several significant milestones throughout 2024, which have had an effect on day-to-day pensions administration.
The Pensions Regulator General Code came into force in March. This resulted in a huge administrative undertaking to review our current processes and procedures and ensure compliance with the revised code.
A main achievement, which was also reported in the media, was the NESPF securing a $434m settlement against US sportswear firm, Under Armour, following a lengthy legal battle. This was a really positive outcome for the NESPF and demonstrates our commitment as a responsible investor on ESG matters.
During the course of 2024, the Fund participated in 4 Testing Working Parties (TWP). The TWP’s rely on volunteers from across different teams within the Fund collaborating to test new functionality of systems to ensure they work efficiently. They also give us the opportunity to directly feedback to system developers to ensure the technology meet the needs of the Fund.
A further project for the Fund this year has been the McCloud remedy, which saw recalculations for 15,227 member take place in February 2024 and as a result of the findings of this, any necessary action implemented.
Staff
The NESPF saw its staffing levels grow during 2024, with a number of employees including trainees and apprentices joining the team. Staff continue to learn and develop with the knowledge and experience of others by working in project teams to encourage collaboration.
2025
As we look ahead to 2025, another tremendously busy year awaits us. With plans already in motion for projects including achieving feature parity for our My Pension+ portal, revising administration processes and developing the pensions dashboard, the NESPF team is looking forward to working together to overcome challenges and celebrate achievements.
