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Burges Salmon legal advice on pooling governance and conflicts of interests
The Board commissioned high-level advice from the legal firm Burges Salmon to help administering authorities consider practical ways of working that were consistent with the government’s Fit for the Future proposals on pooling while managing conflicts of interest. We asked that the legal advice consider the different pooling governance models currently being operated by LGPS pools and wider practice in comparable schemes. It is intended that this will help inform the development of wider pooling governance guidance that might be issued, in so far as that addresses the issue of conflicts of interest. The advice has now been received and has also been seen and discussed by the Board and its Investment Committee.
Pension Fund |
Authority |
PSPA 6(a) |
PSPA 6(b) |
PSPA 6(c) |
| Avon Pension Fund | Bath & North East Somerset Council | Yes | No | Yes |
| Barking and Dagenham Pension Fund | London Borough of Barking and Dagenham | Yes | No | Yes |
| Barnet Pension Fund | London Borough of Barnet | Yes | No | Yes |
| Bedfordshire Pension Fund | Bedford Borough Council | Yes | Yes | Yes |
| Berkshire Pension Fund | Royal Borough of Windsor and Maidenhead | Yes | Yes | Yes |
| Bexley Pension Fund | London Borough of Bexley | Yes | Yes | Yes |
| Brent Pension Fund | London Borough of Brent | Yes | No | Yes |
| Bromley Pension Fund | London Borough of Bromley | Yes | No | Yes |
| Buckinghamshire Pension Fund | Buckinghamshire County Council | Yes | Yes | Yes |
| Cambridgeshire Pension Fund | Cambridgeshire County Council | Yes | No | Yes |
| Camden Pension Fund | London Borough of Camden | Yes | Yes | Yes |
| Cardiff Pension Fund | City of Cardiff Council | No | No | Yes |
| Cheshire Pension Fund | Cheshire West and Chester Council | Yes | Yes | Yes |
| City of London Corporation Pension Fund | City of London Corporation | No | No | Yes |
| City of Westminster Pension Fund | Westminster City Council | Yes | Yes | Yes |
| Clwyd Pension Fund | Flintshire County Council | No | Yes | Yes |
| Cornwall Pension Fund | Cornwall Council | Yes | Yes | Yes |
| Croydon Pension Fund | London Borough of Croydon | Yes | Yes | Yes |
| Cumbria Pension Fund | Cumbria County Council | Yes | Yes | Yes |
| Derbyshire Pension Fund | Derbyshire County Council | Partial | Partial | Yes |
| Devon Pension Fund | Devon County Council | Yes | Yes | Yes |
| Dorset Pension Fund | Dorset County Council | No | No | Yes |
| Durham Pension Fund | Durham County Council | Yes | Yes | Yes |
| Dyfed Pension Fund | Carmarthenshire County Council | Yes | Yes | Yes |
| Ealing Pension Fund | London Borough of Ealing | No | No | No |
| East Riding Pension Fund | East Riding of Yorkshire Council | Yes | Yes | Yes |
| East Sussex Pension Fund | East Sussex County Council | Yes | Yes | Yes |
| Enfield Pension Fund | London Borough of Enfield | Yes | No | No |
| Environment Agency – active Pension Fund | The Environment Agency | Yes | Yes | Yes |
| Environment Agency – closed Pension Fund | The Environment Agency | No | No | No |
| Essex Pension Fund | Essex County Council | Yes | Yes | Yes |
| Gloucestershire Pension Fund | Gloucestershire County Council | Yes | Yes | Yes |
| Greater Gwent (Torfaen) Pension Fund | Torfaen County Borough Council | Yes | Yes | Yes |
| Greater Manchester Pension Fund | Tameside Metropolitan Borough Council | Yes | Yes | Yes |
| Greenwich Pension Fund | Royal Borough of Greenwich | Yes | Yes | Yes |
| Gwynedd Pension Fund | Gwynedd Council | Yes | Yes | Yes |
| Hackney Pension Fund | London Borough of Hackney | Yes | No | Yes |
| Hammersmith and Fulham Pension Fund | London Borough of Hammersmith and Fulham | Partial | Yes | Yes |
| Hampshire Pension Fund | Hampshire County Council | Yes | Yes | Yes |
| Haringey Pension Fund | London Borough of Haringey | No | No | Yes |
| Harrow Pension Fund | London Borough of Harrow | Yes | Yes | Yes |
| Havering Pension Fund | London Borough of Havering | Yes | Yes | Yes |
| Hertfordshire Pension Fund | Hertfordshire County Council | No | No | Yes |
| Hillingdon Pension Fund | London Borough of Hillingdon | Yes | Yes | Yes |
| Hounslow Pension Fund | London Borough of Hounslow | Yes | Yes | Yes |
| Isle of Wight Pension Fund | Isle of Wight Council | Yes | Yes | Yes |
| Islington Pension Fund | London Borough of Islington | Yes | Yes | Yes |
| Kensington and Chelsea Pension Fund | Royal Borough of Kensington and Chelsea | Yes | Partial | Yes |
| Kent Pension Fund | Kent County Council | Yes | Yes | Yes |
| Kingston upon Thames Pension Fund | Royal Borough of Kingston upon Thames | Yes | Yes | Yes |
| Lambeth Pension Fund | London Borough of Lambeth | Yes | Yes | Yes |
| Lancashire Pension Fund | Lancashire County Council | Yes | Yes | Yes |
| Leicestershire Pension Fund | Leicestershire County Council | Yes | Yes | Yes |
| Lewisham Pension Fund | London Borough of Lewisham | Yes | Yes | Yes |
| Lincolnshire Pension Fund | Lincolnshire County Council | Yes | Yes | Yes |
| London Pensions Fund Authority Pension Fund | London Pensions Fund Authority | Yes | Yes | Yes |
| Merseyside Pension Fund | Wirral Council | Yes | Yes | Yes |
| Merton Pension Fund | London Borough of Merton | No | No | Yes |
| Newham Pension Fund | London Borough of Newham | No | No | Yes |
| Norfolk Pension Fund | Norfolk County Council | Yes | Yes | Yes |
| North Yorkshire Pension Fund | North Yorkshire County Council | Yes | Yes | Yes |
| Northamptonshire Pension Fund | Northamptonshire County Council | Partial | No | Yes |
| Northumberland Pension Fund | Northumberland County Council | Yes | Yes | Yes |
| Nottinghamshire Pension Fund | Nottinghamshire County Council | No | No | Yes |
| Oxfordshire Pension Fund | Oxfordshire County Council | No | No | Yes |
| Powys Pension Fund | Powys County Council | No | No | Yes |
| Redbridge Pension Fund | London Borough of Redbridge | Yes | Yes | Yes |
| Rhondda Cynon Taf Pension Fund | Rhondda Cynon Taf County Borough Council | Yes | Yes | Yes |
| Richmond Pension Fund | London Borough of Richmond upon Thames | Yes | Yes | Yes |
| Shropshire Pension Fund | Shropshire Council | Yes | Yes | Yes |
| Somerset Pension Fund | Somerset County Council | Yes | No | Yes |
| South Yorkshire Pension Fund | South Yorkshire Pensions Authority | Yes | Yes | Yes |
| South Yorkshire Passenger Transport Pension Fund | South Yorkshire Integrated Transport Authority | Yes | Yes | Yes |
| Southwark Pension Fund | London Borough of Southwark | Yes | Yes | Yes |
| Staffordshire Pension Fund | Staffordshire County Council | Yes | Yes | Yes |
| Suffolk Pension Fund | Suffolk County Council | Yes | Yes | Yes |
| Surrey Pension Fund | Surrey County Council | Yes | Yes | Yes |
| Sutton Pension Fund | London Borough of Sutton | Yes | Yes | Yes |
| Swansea Pension Fund | City & County of Swansea | Yes | Yes | Yes |
| Teesside Pension Fund | Middlesbrough Council | Yes | Yes | Yes |
| Tower Hamlets Pension Fund | London Borough of Tower Hamlets | Yes | Yes | Yes |
| Tyne and Wear Pension Fund | South Tyneside Council | Yes | Yes | Yes |
| Waltham Forest Pension Fund | London Borough of Waltham Forest | No | No | Yes |
| Wandsworth Pension Fund | London Borough of Wandsworth | Yes | No | No |
| Warwickshire Pension Fund | Warwickshire County Council | Yes | Yes | Yes |
| West Midlands Pension Fund | Wolverhampton City Council | Yes | Yes | Yes |
| West Midlands Passenger Transport Pension Fund | West Midlands Integrated Transport Authority | Yes | Yes | Yes |
| West Sussex Pension Fund | West Sussex County Council | Yes | Yes | Yes |
| West Yorkshire Pension Fund | City of Bradford Metropolitan District Council | No | No | Yes |
| Wiltshire Pension Fund | Wiltshire Council | Yes | Yes | Yes |
| Worcestershire Pension Fund | Worcestershire County Council | Yes | No | Yes |
Further to the Board’s statement of the 27th July 2020 on the status of local pension board meetings during covid restrictions, the emergency legislation that the government introduced to allow section 101 committees to meet remotely has not been renewed and ceased to have effect from the 6th May. This has led to some confusion over whether local pension boards should follow suit and return to face to face meetings.
The SAB wishes to make it clear that the position set out in the earlier statement remains unchanged. Legal opinion obtained by the Board in January 2015 concluded that local pension boards are not local authority committees and are not therefore subject to the same legal requirements and conventions as, say, an LGPS pensions committee. The legal requirement for section 101 committees to return to face to face meetings does not therefore apply to local pension boards who may continue to meet remotely, face to face or a combination of both as agreed locally.
Administering authorities who have established a combined committee and local pension board under Regulation 106(2) of the 2013 Regulations may wish to seek their own legal advice on how future meetings should be conducted.
Following concerns raised at a recent Local Pension Board workshop the following statement on the position of local pension boards meeting during the covid-19 emergency has been agreed:- SAB statement on Local Pension Board meeting cancellations (pdf 1 page, 60Kb)
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.
6. Pension board: information
(1) The scheme manager for a scheme under section 1 and any statutory pension scheme that is connected with it must publish information about the pension board for the scheme or schemes (and keep that information up-to-date).
(2) That information must include information about –
(a) who the members of the board are,
(b) representation on the board of members of the scheme or schemes, and
(c) the matters falling within the board’s responsibility.
(3) This section does not apply to a scheme under section 1 which is an injury or compensation scheme.
The Scheme Advisory Board has published its detailed report of the 2022 triennial valuation process.
The Scheme Advisory Board has published an overview of the triennial valuation and a detailed report on the results for 2016.
The dedicated Board web page for valuations in the LGPS, including links to the 2016 fund valuation reports can be found here.
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