24th November 2014 Shadow Scheme Advisory Board responds to consultation on governance and cost control

The Shadow Scheme Advisory Board (SSAB) of the Local Government Pension Scheme (LGPS) in England and Wales has today issued guidance for Administering Authorities on the creation and operation of local pension boards.

One of the final pieces of the public service pensions reform jigsaw for the Local Government Pension Scheme (LGPS) in England and Wales which started with Lord Hutton’s recommendations back in March 2011 will fall into place on 1 April 2015. This means that each Administering Authority in the LGPS must establish a local pension board by 1 April 2015.

The introduction of Local Pension Boards via the Public Service Pensions Act 2013 and through LGPS scheme regulations from 1 April 2015 marks a sea change in the governance of LGPS funds. In recognising this huge change in the governance of the LGPS the SSAB has provided practical assistance to Administering Authorities in the form of this comprehensive guidance which has benefited from the input of and consultation with a wide cross section of LGPS stakeholders.

A template terms of reference and response to the consultation on the Guidance has also been released.