PENSION BOARD
The role of
the local Pension Board is defined by section 5 of the Public
Service Pensions Act 2013 and regulation 106 of the Local
Government Pension Scheme Page 112 Constitution Part Five, Sections
One and Two – Committee Duties, Membership and Chairmanship
Amended May 2023 (LGPS) Governance Regulations 2013. It is to
assist the administering authority (the Council) with:
Securing
compliance with the LGPS Governance regulations and any other
legislation relating to the governance and administration of the
LGPS;
Securing
compliance with any requirements imposed by the Pensions Regulator
in relation to the scheme, and,
Ensuring
effective and efficient governance and administration of the
scheme[1]recommendations to the Investment
Committee.
1.
Membership
is by appointment process. The Pension Board shall consist of six
members and be constituted as follows:
(i)
Three employer representatives comprising one from an admitted or
scheduled body and two nominated by the Council; and
(ii)
Three scheme member representatives whether from the Council or an
admitted or scheduled body.
(iii) The process for selecting
non-Council nominated members of the Pension Board is set out in a
separate document “Selection of Pension Board
members”.
(iv) Only one employee/employer
representative should resign each year, on a rolling basis, so that
the Board would always have two serving representatives.
The Pension
Board shall be quorate when three Pension Board Members are in
attendance.
·
The Chairman and Vice Chairman of the Board will be appointed by
members of the Board as the first business at their first
meeting.
·
Each Scheme Member representative may agree a nominate substitute
at the first meeting who would act in the Board member’s
absence.
·
Each Employer representative is there on behalf of the employer, so
may be replaced by the nominating body with another individual
representing the same employer.
·
Each Employee member shall be appointed for a fixed period of four
years, which can be extended for a further four-year period subject
to re-nomination.
