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Scheme governance, management, administration, transparency, and accountability

At the national level the LGPS is governed by the Department of Communities and Local Government (DCLG) and the LGPS Shadow Scheme Advisory Board. The LGPS has to take account of guidance issued by the Pensions Regulator and Pensions Ombudsman determinations.

The investment and management of LGPS assets, the collection of employer and employee contributions, and payment of pension benefits is the responsibility of LGPS administering authorities.

The DCLG issues statutory guidance and each administering authority is required to publish a governance compliance statement and explain any non-compliance. Each administering authority is subject to an annual external audit and has to publish an audited financial statements and annual report.

The role of the Shadow Scheme Advisory Board is to help and support DCLG and administering authorities fulfil their statutory duties and obligations.  Training has been delivered to the Board on an ongoing basis at its meetings and through its professional advisers and attendance at LGPS conferences and other events.

Board membership and meeting attendance

Name 15 Jul 2013 14 Oct 2013 16 Dec 2013 20 Jan 2014 17 Mar 2014
Joanne Segars (Chair) Yes Yes Yes Yes Yes
Cllr Kieran Quinn Apologies Yes Yes Yes Yes
Cllr Ian Bond Yes Yes Yes Yes Yes
Cllr Denise Le Gal Yes Yes Yes Yes Yes
Cllr Mary Barnett - - Yes Yes Yes
Cllr Roger Phillips Yes Yes Yes Yes Yes
Jon Richards Yes Yes Yes Yes Yes
Chris Tansley Yes Yes Yes Yes Yes
Brian Strutton Yes Yes Yes Yes Yes
Garry Warwick Yes Yes Yes Yes Yes
Fiona Farmer Yes Yes Apologies Yes Yes
Emelda Conroy Yes Yes Yes Yes Yes

Administering authorities

At the local level, each LGPS fund is administered by its administering authority. From 1st April 2015, under the provisions of section 5 of the Public Service Pensions Act 2013 and regulation 106 of the LGPS Regulations 2013 (as amended) each administering authority must establish a Local Pension Board.

To assist in the establishment of these Boards, the Shadow Scheme Advisory Board (SSAB) has developed guidance on the creation and operation of Local Pension Boards for Administering Authorities.  Information on Local Pension Boards will be added to this website when available.

Pension Fund name

Key

 Administering authority

Avon Pension Fund

U

Bath & North East Somerset Council

Barking and Dagenham Pension Fund

LB

London Borough of Barking and Dagenham

Barnet Pension Fund

LB

London Borough of Barnet

Bedfordshire Pension Fund

U

Bedford Borough Council

Berkshire Pension Fund

U

Royal Borough of Windsor and Maidenhead

Bexley Pension Fund

LB

London Borough of Bexley

Brent Pension Fund

LB

London Borough of Brent

Bromley Pension Fund

LB

London Borough of Bromley

Buckinghamshire Pension Fund

CC

Buckinghamshire County Council

Cambridgeshire Pension Fund

CC

Cambridgeshire County Council

Camden Pension Fund

LB

London Borough of Camden

Cardiff Pension Fund

W

City of Cardiff Council

Cheshire Pension Fund

U

Cheshire West and Chester Council

City of London Corporation Pension Fund

O

City of London Corporation

City of Westminster Pension Fund

LB

Westminster City Council

Clwyd Pension Fund

W

Flintshire County Council

Cornwall Pension Fund

U

Cornwall Council

Croydon Pension Fund

LB

London Borough of Croydon

Cumbria Pension Fund

CC

Cumbria County Council

Derbyshire Pension Fund

CC

Derbyshire County Council

Devon Pension Fund

CC

Devon County Council

Dorset Pension Fund

CC

Dorset County Council

Durham Pension Fund

U

Durham County Council

Dyfed Pension Fund

W

Carmarthenshire County Council

Ealing Pension Fund

LB

London Borough of Ealing

East Riding Pension Fund

U

East Riding of Yorkshire Council

East Sussex Pension Fund

CC

East Sussex County Council

Enfield Pension Fund

LB

London Borough of Enfield

Environment Agency - active Pension Fund

O

The Environment Agency

Environment Agency - closed Pension Fund

O

The Environment Agency

Essex Pension Fund

CC

Essex County Council

Gloucestershire Pension Fund

CC

Gloucestershire County Council

Greater Gwent (Torfaen) Pension Fund

W

Torfaen County Borough Council

Greater Manchester Pension Fund

M

Tameside Metropolitan Borough Council

Greenwich Pension Fund

LB

Royal Borough of Greenwich

Gwynedd Pension Fund

W

Gwynedd Council

Hackney Pension Fund

LB

London Borough of Hackney

Hammersmith and Fulham Pension Fund

LB

London Borough of Hammersmith and Fulham

Hampshire Pension Fund

CC

Hampshire County Council

Haringey Pension Fund

LB

London Borough of Haringey

Harrow Pension Fund

LB

London Borough of Harrow

Havering Pension Fund

LB

London Borough of Havering

Hertfordshire Pension Fund

CC

Hertfordshire County Council

Hillingdon Pension Fund

LB

London Borough of Hillingdon

Hounslow Pension Fund

LB

London Borough of Hounslow

Isle of Wight Pension Fund

U

Isle of Wight Council

Islington Pension Fund

LB

London Borough of Islington

Kensington and Chelsea Pension Fund

LB

Royal Borough of Kensington and Chelsea

Kent Pension Fund

CC

Kent County Council

Kingston upon Thames Pension Fund

LB

Royal Borough of Kingston upon Thames

Lambeth Pension Fund

LB

London Borough of Lambeth

Lancashire Pension Fund

CC

Lancashire County Council

Leicestershire Pension Fund

CC

Leicestershire County Council

Lewisham Pension Fund

LB

London Borough of Lewisham

Lincolnshire Pension Fund

CC

Lincolnshire County Council

London Pensions Fund Authority Pension Fund

O

London Pensions Fund Authority

Merseyside Pension Fund

M

Wirral Council

Merton Pension Fund

LB

London Borough of Merton

Newham Pension Fund

LB

London Borough of Newham

Norfolk Pension Fund

CC

Norfolk County Council

North Yorkshire Pension Fund

CC

North Yorkshire County Council

Northamptonshire Pension Fund

CC

Northamptonshire County Council

Northumberland Pension Fund

U

Northumberland County Council

Nottinghamshire Pension Fund

CC

Nottinghamshire County Council

Oxfordshire Pension Fund

CC

Oxfordshire County Council

Powys Pension Fund

W

Powys County Council

Redbridge Pension Fund

LB

London Borough of Redbridge

Rhondda Cynon Taf Pension Fund

W

Rhondda Cynon Taf County Borough Council

Richmond Pension Fund

LB

London Borough of Richmond upon Thames

Shropshire Pension Fund

U

Shropshire Council

Somerset Pension Fund

CC

Somerset County Council

South Yorkshire Pension Fund

M

South Yorkshire Pensions Authority

South Yorkshire Passenger Transport Pension Fund

O

South Yorkshire Integrated Transport Authority
(Sheffield City Region Combined Authority)

Southwark Pension Fund

LB

London Borough of Southwark

Staffordshire Pension Fund

CC

Staffordshire County Council

Suffolk Pension Fund

CC

Suffolk County Council

Surrey Pension Fund

CC

Surrey County Council

Sutton Pension Fund

LB

London Borough of Sutton

Swansea Pension Fund

W

City & County of Swansea

Teesside Pension Fund

U

Middlesbrough Council

Tower Hamlets Pension Fund

LB

London Borough of Tower Hamlets

Tyne and Wear Pension Fund

M

South Tyneside Council

Waltham Forest Pension Fund

LB

London Borough of Waltham Forest

Wandsworth Pension Fund

LB

London Borough of Wandsworth

Warwickshire Pension Fund

CC

Warwickshire County Council

West Midlands Pension Fund

M

Wolverhampton City Council

West Midlands Passenger Transport Pension Fund

O

West Midlands Integrated Transport Authority

West Sussex Pension Fund

CC

West Sussex County Council

West Yorkshire Pension Fund

M

City of Bradford Metropolitan District Council

Wiltshire Pension Fund

U

Wiltshire Council

Worcestershire Pension Fund

CC

Worcestershire County Council

LGPS collaborations and efficiency

The Value for Money and Collaboration Sub Committee completed work during Autumn 2013 to collate the active collaborations in the the LGPS.  The Active LGPS collaborations document lists the collaboration, service provider and eligible participants in each case.  See the sub committee page on this site for more information.

All LGPS Funds are required to procure services such as Actuarial and Benefit Consultancy, Investment Consultancy and Custodian Services.

Lord Hutton highlighted the potential benefits of co-operative projects within the LGPS and his recommendation for a greater degree of collaborative procurement was accepted by the Government and subsequently endorsed by DCLG ministers. LGPS 2014 takes this further.

The National LGPS Procurement Frameworks are a direct example of funds with shared interests and visions collaborating effectively to deliver benefits both locally and nationally across the entire LGPS. They are the result of collaboration between Buckinghamshire, Cambridgeshire, Croydon, Dorset, Environment Agency, Hackney, Lincolnshire, Lothian, Northamptonshire, Norfolk and Suffolk Pension Funds.

Procurement, Legal and project management support was provided by specialists from Norfolk County Council and the Norfolk Pension Fund. The initiative is supported by the Department for Communities and Local Government, the Shadow Scheme Advisory Board, and the Local Government Association. This initiative forms part of ongoing liaison with HM Treasury and Cabinet Office about scheme cost efficiency and sustainability.

DCLG draft regulatory consultations, final regulations and other issued documents

Between 31st March 2013 and 31st March 2014, the DCLG has issued the following:

Link to document

Date

Item

Open

Closed 

National Association of Pension Funds local authority conference 21-May-13 Speech    
LGPS (England and Wales) new governance arrangements 20-Jun-13 Closed consultation 20-Jun-13 30-Aug-13
LGPS 2014: draft regulations on membership, contributions and benefits 24-Sep-13 Consultation outcome 21-Dec-12 08-Feb-13
LGPS Regulations 11-Mar-14 Statement to Parliament    
LGPS 2014 and 2008 Scheme amending Regulations 11-Mar-14 Consultation outcome 28-Mar-13 24-May-13
Taxpayer-funded pensions for councillors and other elected local office holders 11-Mar-14 Consultation outcome 10-Apr-13 05-Jul-13
Call for evidence on the future structure of the LGPS 01-May-14 Consultation outcome 21-Jun-13 27-Sep-13
Transforming rehabilitation programme and the LGPS 12-May-14 Consultation outcome 16-Dec-13 10-Feb-14

Board actions and achievements

Details of the agenda and papers of the Board and sub-groups can be found under About the Board and Sub Committee menus.

During 2013/2014 the main work of the Board and its Sub-Groups has been:

During 2013/2014 the main work of the Board's Sub-Committees has been:

Board Advice, guidance and news releases

During 2014 the Board has provided the following advice, guidance, and news releases:

a) to DCLG

22nd January 2014 - Shadow Scheme Advisory Board releases analysis and recommendations

The SSAB’s report viewed the Call for Evidence as an important step in the evolution of the LGPS in England and Wales; highlighting that structural reform to the Scheme will have far-reaching and long-lasting consequences. As a result, any proposed reform must meet the original objectives of delivering benefits to employers, local taxpayers and scheme members. In particular, any consultation on reform options should consider alternative methods for managing deficits and analyse the costs, benefits and barriers to greater passive management, collective investment vehicles and in-house investment strategies.  The SSAB made seven recommendations in its response.

b) to admin authorities

2nd April 2014 - Advice on Fiduciary Duty with regard to the investment of Local Government Pension Scheme (LGPS) funds

In summary, for example, an administering authority may choose to take into account the public health implications of tobacco investment but only if the result of such consideration is the replacement of these investments with assets producing a similar return.
Alternatively, an administering authority may take account of social housing needs but only if an investment in such stands up as an investment in its own right and can demonstrate that it is not preferring its own interests over other scheme employers in making the investment.
Iin making such decisions the administering authority cannot impose its view (on this or any other issue) on scheme employers nor can scheme employers impose their view on the administering authority if either resulted in a material risk to the return to and/or a suitable balance of assets in the fund.

c) to the media

22nd January 2014 Press Release LGPS SSAB submission on future structure of the LGPS

Board advisors

The Board has been supported and advised by the Board secretariat, a small team comprising Jeff Houston – Head of Pensions, and the pensions team at the Local Government Association.

The Board is also supported by a number of professional advisors and other service providers.