SPPA Annual Report and Accounts 2024/25

SPPA Annual Report and Accounts 2024/25

The SPPA’s Annual Report and Accounts provide a comprehensive overview of the Agency’s performance, activities and financial position over the past financial year. They set out how we have discharged our responsibilities as administrators of the pension schemes we manage, and how we have used public resources to support our members, employers and stakeholders.

The document includes:

• an overview of our purpose and strategic priorities, outlining the work we have undertaken to improve our services and support long term pension administration;
• a performance report, detailing key achievements, challenges and progress against our objectives;
• a governance statement, explaining how the SPPA is managed, how decisions are made and the systems we have in place to ensure accountability and transparency; and
• the financial statements, which present the Agency’s financial position and provide an audited record of how funds have been managed in accordance with statutory requirements.

Together, these sections offer a clear and transparent account of our work during the year and demonstrate our commitment to delivering a high quality, efficient and customer focused pension administration service.

We welcome Audit Scotland’s unqualified opinion on our accounts and its audit recommendations. We continue to work constructively with Audit Scotland and are already taking action to address areas for improvement. The SPPA has robust governance arrangements in place, with oversight from our Management Advisory Board and Audit and Risk Committee, as well as scheme-specific pension and advisory boards to support us to deliver for our members.