The London Borough of Barnet Superannuation Fund is now being run more effectively following intervention action taken by The Pensions Regulator (TPR).
The regulator has published a regulatory intervention report outlining how it worked with the local government pension scheme's manager to improve governance and administration standards, leading to "significant improvements."
It noted that better internal controls developed and implemented by the scheme manager following intervention led to further issues being identified. It added steps are being taken to remedy these.
TPR initially engaged with the public sector scheme in June 2018, in which it set out its expectations for the fund. While some improvements had been made, the regulator was not completely satisfied with the changes.
In July this year the watchdog issued an improvement notice requiring the scheme to implement monthly monitoring contributions, complete the first two phases of a data cleansing plan, and provide accurate annual member benefit statement for 2018/19.
This was the first time TPR had issued an improvement notice to a public sector scheme solely focused on internal control failures.
Following action taken by the scheme manager TPR is not taking further action against the fund.
Director of supervision Mike Birch said: "As a result of our work with the scheme manager the fund's more than 27,000 members can be more confident that the scheme is being properly managed.
"Since we started engaging with the scheme manager with have seen a significant improvement in administration of the fund.
"Originally it was apparent there was insufficient oversight of the work being done by third-party service providers. While pension schemes can delegate work to third parties they remain responsible for their scheme."
The news follows a separate TPR announcement on 23 October, in which the watchdog noted it prosecuted a Merseyside-based children's nursery for trying to avoid giving staff their workplace pension.
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