Governance
Pension Committee
Primarily made up of elected members from the Council. Most Committees have some delegated authority from the Administering Authority, although some are advisory only.
The committee usually has overall responsibility for the fund and provides a similar function to that of trustees in private sector pension schemes.
The main responsibilities are:
- Agreeing the fund's objectives and investment beliefs;
- Considering advice from the investment advisers and the fund's Actuary;
- Ensuring that all relevant documentation is in order;
- Ensuring the smooth administration of the fund for members and employers.
LGPS Boards
The local pension board is made up of member and employer representatives whose aim is primarily to assist the Administering Authority in the governance of the scheme.
Unlike the pension committee, local pension boards have no direct delegated decision-making responsibilities. All LGPS funds are required to have a local pension board. The board's role is to assist in ensuring that funds are governed efficiently and effectively and that regulatory and best practice requirements are met.
All LGPS funds are required to have a Local Pension Board. The Board's role is to assist in ensuring that funds are governed efficiently and effectively and that regulatory and best practice requirements are met.