23rd March 2017

Board Statement on Pool Governace Following the meeting of the Board on 6th March 2017, the following statement was agreed:

"The Board recognises that it is for scheme managers within each pool to develop appropriate governance to assure all stakeholders of the transparent and effective implementation of strategy. In this respect the Board notes the comments made by the Local Government minister Marcus Jones MP on this matter in the Westminster Hall debate on 24th October 2016.
The board recognises that strategic decisions on asset allocations and responsible investment will remain at the local level and therefore the involvement via local pension boards of those employers beyond the scheme manager along with member representatives in those areas would continue.
However the Board also encourages scheme managers to involve those same employers and member representatives in assisting with the assurance of transparent reporting from pools and ensuring the effective implementation of strategies by pools. Such involvement should include the consideration of provision of direct representation on oversight structures.”

14th March 2017

LGPS Academies At the meeting of the Scheme Advisory Board on 6th March 2017, PwC presented the draft report “Options for Academies in the LGPS”. The report was commissioned by the Board to review current issues faced by the LGPS and associated stakeholders in relation to academies participating in LGPS funds in England. The Board is anxious to point out that the draft report makes no attempt to make any recommendations. Instead, it outlines a number of issues raised by stakeholders and how they envisage these concerns being resolved.
Although, in principle, the Board accepted the draft report’s findings, it was agreed that no statement should be made ahead of discussions with DfE and DCLG about PwC’s findings and next steps. The Board is hopeful that such a meeting will be possible later in March to be followed as soon as possible by a formal statement from the Board regarding publication and next steps.

27th October 2016

SF3 Statistical Release 2015/16

The 2015/16 SF3 statistical release was published by DCLG on 26 October. The statistical release can be found on the DCLG web site.
18th October 2016

Implementation of Markets in Financial Instruments Directive II (MiFID II).

The FCA are consulting on their third set of implementation proposals for MiFID II and are seeking views on the proposed changes to the FCA Handbook.
MiFID II takes effect from 3 January 2018 and the proposed changes will have significant implications for LGPS administering authorities.
The full consultation document can be found on the FCA website.
17th August 2016 Election to fill practitioner seat on the LGP Scheme Advisory Board. Please click here to view the voting process. Note that the since the original email, the closing date and time for the submission of votes has been extended until noon on Friday 16th September 2016.
10th August 2016 The Chair, on behalf of the Board, wrote to the Secretary of State for Communities and Local Government regarding LGPS investment in infrastructure LGPS investment in infrastructure, and the Parliamentary Under Secretary of State Department for Communities and Local Government regarding Investment Reform Criteria and Guidance. The outcome of any discussions will be reported to the next Board meeting.
3rd August 2016 GAD Section 13 dry run report

The Government Actuary's Department (GAD) have completed a “dry run” section 13 analysis based on the 2013 local valuations. This analysis assesses whether the four main aims; compliance, consistency, solvency and long term cost effectiveness; have been achieved:

GAD Section 13 dry run report pdf 51 pages 1.22MB

29th July 2016 New section on the Boards' Code of Transparency for investment fees
25th July 2016 Committee update - Update on committees and list of representatives
17 May 2016 Scheme Annual Report 2015 published
8th April 2016 Message from Cllr Roger Phillips, Chairman of LGPS Advisory Board, for Chairs of Pension Committees
23rd March 2017

Board Statement on Pool Governace Following the meeting of the Board on 6th March 2017, the following statement was agreed:

"The Board recognises that it is for scheme managers within each pool to develop appropriate governance to assure all stakeholders of the transparent and effective implementation of strategy. In this respect the Board notes the comments made by the Local Government minister Marcus Jones MP on this matter in the Westminster Hall debate on 24th October 2016.
The board recognises that strategic decisions on asset allocations and responsible investment will remain at the local level and therefore the involvement via local pension boards of those employers beyond the scheme manager along with member representatives in those areas would continue.
However the Board also encourages scheme managers to involve those same employers and member representatives in assisting with the assurance of transparent reporting from pools and ensuring the effective implementation of strategies by pools. Such involvement should include the consideration of provision of direct representation on oversight structures.”

14th March 2017

LGPS Academies At the meeting of the Scheme Advisory Board on 6th March 2017, PwC presented the draft report “Options for Academies in the LGPS”. The report was commissioned by the Board to review current issues faced by the LGPS and associated stakeholders in relation to academies participating in LGPS funds in England. The Board is anxious to point out that the draft report makes no attempt to make any recommendations. Instead, it outlines a number of issues raised by stakeholders and how they envisage these concerns being resolved.
Although, in principle, the Board accepted the draft report’s findings, it was agreed that no statement should be made ahead of discussions with DfE and DCLG about PwC’s findings and next steps. The Board is hopeful that such a meeting will be possible later in March to be followed as soon as possible by a formal statement from the Board regarding publication and next steps.

27th October 2016

SF3 Statistical Release 2015/16

The 2015/16 SF3 statistical release was published by DCLG on 26 October. The statistical release can be found on the DCLG web site.
18th October 2016

Implementation of Markets in Financial Instruments Directive II (MiFID II).

The FCA are consulting on their third set of implementation proposals for MiFID II and are seeking views on the proposed changes to the FCA Handbook.
MiFID II takes effect from 3 January 2018 and the proposed changes will have significant implications for LGPS administering authorities.
The full consultation document can be found on the FCA website.
17th August 2016 Election to fill practitioner seat on the LGP Scheme Advisory Board. Please click here to view the voting process. Note that the since the original email, the closing date and time for the submission of votes has been extended until noon on Friday 16th September 2016.
10th August 2016 The Chair, on behalf of the Board, wrote to the Secretary of State for Communities and Local Government regarding LGPS investment in infrastructure LGPS investment in infrastructure, and the Parliamentary Under Secretary of State Department for Communities and Local Government regarding Investment Reform Criteria and Guidance. The outcome of any discussions will be reported to the next Board meeting.
3rd August 2016 GAD Section 13 dry run report

The Government Actuary's Department (GAD) have completed a “dry run” section 13 analysis based on the 2013 local valuations. This analysis assesses whether the four main aims; compliance, consistency, solvency and long term cost effectiveness; have been achieved:

GAD Section 13 dry run report pdf 51 pages 1.22MB

29th July 2016 New section on the Boards' Code of Transparency for investment fees
25th July 2016 Committee update - Update on committees and list of representatives
17 May 2016 Scheme Annual Report 2015 published
8th April 2016 Message from Cllr Roger Phillips, Chairman of LGPS Advisory Board, for Chairs of Pension Committees

19 February 2016 - Local Pension Boards - Counsel's opinion

Local Pension Boards - Counsel's opinion on legal status of pension boards.

18 February 2016 - Appointment of Board Chairman

The Board has been notified that the Secretary of State has appointed Cllr Roger Phillips to the position of Chair. In making this announcement the Board would like to extend their sincere thanks to Joanne Segars for her hard work and dedication in the role of Chair of the Board in both its shadow and interim forms. Joanne's experience and knowledge of both the LGPS and the wider pensions industry coupled with the effective stakeholder engagement she brought to the role have been pivotal in ensuring the successful development of the Board. Cllr Phillips said he was “ delighted and honoured to be appointed however I am very aware of the many and varied challenges faced by the scheme and under no illusions about the hard work and tough decisions necessary to ensure its continued sustainability

12 June 2014 - Shadow Scheme Advisory Board Chair delivers keynote address at 2014 LGPC Conference

The shadow Scheme Advisory Board ("the Board") Chair Joanne Segars delivered the keynote address at the LGPC Conference 2014 held in Bournemouth on 19th and 20th June 2014.

In the speech, Ms Segars, who in addition to her position as Chair of the Board is the Chief Executive at the National Association of Pension Funds (NAPF), recognised the scale of the reforms only recently implemented in the LGPS in England & Wales and congratulated the Scheme on its implementation of these reforms.

In addition, Ms Segars set out details of the challenges ahead for the Scheme, not least in implementing new governance arrangements, and said that the Board had a full agenda ahead and needed to continually prove its value to the benefit of the whole Scheme.

The full text of Ms Segars' address can be found here.

17 October 2013 - Report on tobacco investment

At the meeting of the board on 14th October it was agreed that the Norfolk committee report below forms a useful position for funds until such time as further clarification on this matter is available

Norfolk committee report 2012 (PDF, 10 pages, 149kb)
Hymans Robertson paper 2012 (PDF, 2 page2, 370kb)

17 October 2013

14 June 2013 - Practitioner selection process – June 2013

On the 14 June 2013 a letter was issued to all heads of pensions of the LGPS in England and Wales – and copied to Chief Executives in letter form and Pension Managers via email – to commence a selection process following the nominations recently made by funds for the practitioner role on the Main Board and the various roles of the five sub-committees.

Read the selection process letter (PDF, 2 pages, 270KB)

It is necessary to run this selection process as the LGA have received more nominations than places available for the Main board and sub-committees. A selection pack is available to download below. It includes:

•selection process and selection form (PDF, 4 pages, 194KB) – contains information on how the selection system works and how each administering authority should cast their preferences. The selection form should be completed and returned to the LGA. It lists the name and administering authority of each of the nominees for the Board and each of the five sub-committees.

•nominations document (PDF, 35 pages, 318KB) – contains the short statement in support of each nominee which was received by the LGA when the nomination was made.

It's important that administering authorities read this document to help make a decision when casting their preference.

20 May 2013 - Nominations for members of the LGPS Shadow Scheme Advisory Board and sub-Committees – May 2013

On Monday 20 May a letter was issued to all Chairs of Pension Committees of the LGPS in England and Wales – and copied to Chief Executives, Heads of Pensions in letter form and to Pension Managers via email – to commence the nomination process for the following Shadow Board Members: elected members to serve on the Shadow Board fund practitioner to serve on the Shadow Board fund practitioners to serve on sub-committees. Full details on the nomination process can be read in the letter issued 20 May 2013 (PDF, 3 pages, 161KB)).

The closing date for the nomination process is 7 June 2013. The following information is designed to inform those making nominations. Information includes the terms of reference for the Shadow Board the sub-committees and also a role profile/person specification for the fund practitioner roles on the sub-committees.

 

Any queries regarding the selection process should be directed to: email: This email address is being protected from spambots. You need JavaScript enabled to view it.