UK pensions law requires those charged with the governance of occupational pension schemes and pension funds to take professional advice in respect of their fiduciary duties towards beneficiaries.
During 2014 the shadow Scheme Advisory Board was serviced by a secretariat led by Jeff Houston - Head of Pensions, LGA, and received professional advice from the following organisations:
Actuarial - PWC In April 2014, the Cost Management and Contributions Sub-Committee agreed that the Board should commission a piece of work to review deficit management options in the LGPS, taking into account both actuarial and accounting viewpoints. In conjunction, the sub-committee is currently developing its own shortlist of options for deficit management.
Full information in support of the Board's recommendations on deficit management should be published once those recommendations are finalised and submitted to DCLG in due course.
Auditing - While the SSAB has not been advised directly by any external auditors, each LGPS fund and the LGPS as a whole has been extensively audited - see Auditors Assurance Statements.
During 2014 the LGPS administering authorities have also received from a range of specialist external advisors including the following:
Administration - Capita Hartshead, Equiniti Paymaster, LGSS, Liberata, London Pension Fund Authority and Mouchel.
Asset custody* - BNY Mellon, BNP Paribas, HSBC, JP Morgan, Northern Trust and State Street.
Actuarial, and/or Benefits, and/or Investments - Aon Hewitt, Barnett Waddingham, Hymans Robertson and Mercer.
Legal - Addleshaw Goddard, Allen and Overy, Clifford Chance, Eversheds, MacFarlanes, Osborne Clark, Pinsents Masons, Sacker & Partners LLP, Sharpe Pritchard, Squire Patton Boggs, Taylor Wessing, Travers Smith, Trowers and Hamlins, Wragge & Co.
Other Advisors - Allenbridge, B-Finance, Deloitte, JLT, LAPFF, PSolve, WM Company (part of State Street) and others.
*Where stated, including but not limited to. Approximately 88% of fund annual reports named the fund custodian (some funds may use more than one custodian).