About the Pension Service
The Pension Service of the Velocity Interoperability Network administers the Network Pension Scheme, the single pension scheme for the staff of member organisations of the Velocity Interoperability Network. It keeps the record of every member, collects contributions from participating member organisations, calculates and pays pensions and other benefits, and reports on the membership and funding of the scheme.
The Service was established on 6 September 2026. At establishment the scheme has 14,280 contributing members employed by 46 member organisations, 1,145 deferred members and 212 pensions in payment, transferred from the arrangements that member organisations operated before the scheme existed. The Service makes its first pension payments on 30 September 2026 and issues an opening statement to every member by 30 November 2026.
Responsibilities. The Service's work falls into six areas.
- The member record
- A record for every contributing member, deferred member and pensioner of the Network Pension Scheme, maintained from the monthly returns of employers and the Service's own transactions, and reported to each member in an annual benefit statement.
- Contributions
- Collection of member and employer contributions from the 46 participating member organisations, reconciliation of their monthly returns, and the pursuit of late or incorrect payments.
- Benefits and payments
- Calculation of pensions, lump sums, ill-health benefits and survivors' pensions under the scheme rules, and their payment on the last working day of each month.
- Retirement
- Estimates, award letters and first payments for members who retire, within the published service standards.
- Actuarial advice and statistics
- The factors used in the scheme, advice to the Scheme Board on contribution rates, the valuation of the scheme every three years and quarterly statistical releases on its membership.
- The Scheme Board
- Secretariat to the Scheme Board, which directs the administration of the scheme, sets the employer contribution rate and decides disputes at the second stage.
Organisation. The Service is organised in five divisions under a Chief Executive, who is accountable to the Scheme Board. The Scheme Board has nine members: three appointed by the Treasury Department, three nominated by participating member organisations and three elected by members. The first elections will be announced in the Newsroom.
| Division | Responsibility | See |
|---|---|---|
| Membership and Records | The member register, opening and annual statements, transfers in and out | Statistics |
| Contributions | Monthly returns from employers, reconciliation and late payment | Contributions |
| Benefits and Payments | Retirement, ill-health and survivors' awards and the monthly payroll | Retirement |
| Actuarial and Statistics | Scheme factors, valuations and statistical releases | Statistics |
| Secretariat | The Scheme Board, the scheme rules, disputes and communications | Scheme Rules |
For the Service's origins and the milestones since its establishment, see History. General enquiries, requests for a statement of membership and nominations may be sent to contact@pensions.gov.vin.