The
Pension Fund Committee (or scheme manager) is responsible for
administering, investing and managing the council’s pension
fund (or scheme). Legislation provides
for the establishment of a Local Pension Board which is responsible
for assisting the Pension Fund Committee in securing compliance
with the scheme regulations and other legislation relating to the
governance and administration of the scheme. The role of the Local Pension Board is to
contribute to the governance of the pension scheme by scrutinising
the work of the Pension Fund Committee and making recommendations
where appropriate.
Terms of Reference for
the London Borough of Barnet Pension Board
The purposed of this document
is to set out the detailed Terms of Reference for the Local Pension
Board of the London Borough of Barnet Pension Fund.
1.
Role of the Local Pension
Board
1.1 The role
of the local Pension Board, as defined by sections 5(1) and (2) of
the Public Services Pension Act 2013 and regulation 106 of the
Local Government Pension Scheme (LGPS) Governance Regulations 2013
is to:
·
assist with:
o
securing compliance with LGPS Government regulations
and any other legislation relating to the governance and
administration of the LGPS
o
securing compliance with the requirements imposed in
relation to the PGPS by the Pensions Regulator.
o
such other matters as the LGPS regulations may
specify
·
ensure the effective and efficient governance and
administration of the LGPS for the LBB Pension Fund.
·
ensure the
Pension Fund’s strategy and policy documents are in place and
have been maintained in accordance with the LGPS
Regulations. These documents are: the
communications policy statement; funding strategy statement;
governance compliance statement; statement of investment
principles; and the Pension Fund annual report and
accounts.
·
ensure the
Pension Fund’s internal Risk Register is in place and
reviewed at least annually.
·
review the
Pension Fund’s performance in complying with the requirements
of the LGPS Regulations and any other legislation relating to the
governance and administration of the LGPS.
·
review the
Pension Fund’s performance in complying with the requirements
of the Pension Regulator.
·
annually
submit a proposed work plan for the forthcoming financial year to
the Pension Fund Committee.
·
carry out
any other activities relating to the efficient governance and
administration of the Pension Fund.
·
submit an
annual budget to the Barnet Pension Fund Committee for
approval.
1.2
The Local Pension Board does not replace the Administering
Authority or make decisions or carry out duties which are the
responsibility of the Administering Authority (refer to Compliance
statement). The Pension Board is an advisory/scrutiny board and
does not have decision making powers.
1.3
The Administering Authority retains ultimate responsibility for the
administration and governance of the scheme. The role of the Board
is to support the Administering Authority to fulfil that
responsibility and secure compliance with any requirements imposed
by the Pensions Regulator.
Detailed responsibilities of the
Local Pension Board, including a complete list of the Board’s
powers and duties) can be found in the Constitution under Part
2B Terms of
Reference of Committees