Pension Board
Background information
Each Administering Authority is required to establish a Pension Board to assist them with:
- Securing compliance with the LGPS Regulations and any other legislation relating to the governance and administration of the scheme, and requirements imposed in relation to the LGPS by the Pensions Regulator.
- Ensuring the effective and efficient governance and administration of Gloucestershire Pension Fund.
The Pension Board was established by Gloucestershire County Council, and the full terms of reference of the Pension Board can be found within the County Council's Constitution . The key points are summarised below:
Role of the Board
The County Council has charged the Pension Board with providing oversight of the matters that the Pension Committee is responsible for. The Pension Board, however, is not a decision-making body in relation to the management of the Pension Fund.
The Pension Fund’s management powers and responsibilities which have been delegated by the County Council to the Pension Committee and the Deputy Chief Executive, Executive Director of Corporate Resources remain solely their responsibilities.
- Ensuring the Pension Fund’s key strategy and policy documents are in place and have been maintained in accordance with the LGPS Regulations.
- Ensuring the Pension Fund’s internal Risk Register is in place and reviewed at least annually.
- Reviewing the Pension Fund’s performance in complying with the requirements of the LGPS Regulations and any other legislation relating to the governance and administration of the LGPS.
- Reviewing the Pension Fund’s performance in complying with the requirements of the Pension Regulator.
- Providing advice and making recommendations when required, to the Pension Committee, on areas that may improve the governance of the Pension Fund.
- Formulating and agreeing an annual work plan for the Pension Board.
- Carrying out any other activities relating to the efficient governance and administration
of the Pension Fund, which the Pension Committee may request the Pension Board
to undertake.
Membership of the Pension Board
The Pension Board consists of seven members as follows:
- Three employer representatives.
- Three scheme member representatives.
- One independent member (non-voting) to act as the Chair of the Pensions Board.
The Chair of the Pension Board cannot be a Gloucestershire County Councillor. The Chair of the Pension Board must be able to demonstrate their knowledge and understanding of the LGPS and will be appointed by the Scheme Manager (the Administering Authority), taking due regard of the Appointment of Other Member guidance, as set out in the LGPS Guidance in the creation and operation of Local Pension Boards.
One of the employer or member representatives should be a County Councillor appointed annually at a meeting of Full Council.
In order to ensure that effective Board Members are appointed who can demonstrate their capacity to represent other scheme employers or members (as appropriate), a direct appointment process will be followed wherever possible, with member representatives being selected through nominations made by recognised trade unions, and employer representatives being selected through nominations made from established employers within the Fund.
Only members of the Pension Board who are employer or member representatives will have
individual voting rights, but it is expected the Pension Board will as far as possible reach a consensus.
No substitutions are permitted on the Pension Board.
Pension Board Meetings
The Pension Board meets at least twice each calendar year and additional meetings may be arranged as required to facilitate its work. This will be determined by the Chair.
A meeting of the Pension Board is only quorate when there are three Board members present for the duration of the meeting, one of which must be an employer representative and one of which must be a member representative.
Meetings of the Pension Board will always be chaired by the appointed Chair of the Board when in attendance. Where the Chair is not in attendance at a meeting, those members present will elect a temporary chairperson for that meeting.
Each member of the Pension Board is expected to declare, on appointment, annually, and at each meeting, any interests which may lead to conflicts of interest in the subject area or specific agenda of that Pension Board.
Members of the public may attend Pension Board meetings and papers will be made public in the same way as for the Pension Committee.
The Gloucestershire LGPS Pension Board
All Public Sector Pension schemes were required under the Public Service Pensions Act 2013 to set up a Pension Board with effect from 2015/16 to assist the administering authorities of their pension scheme in ensuring compliance with LGPS and other pension regulations.
The County Council, as administering authority of Gloucestershire Pension Fund agreed the terms of reference of the Pension Board in February 2015 and amended them during 2019/20. The terms of reference are included within the Fund’s Governance Policy and Compliance Statement . Under the constitution, the Pension Board shall provide an annual report to the Pension Committee and then to a full meeting of Gloucestershire County Council. The report will include information on the business conducted by the Pension Board with any risks or concerns identified. The report will also be published on the Pension Fund’s website. The report will meet the requirement for the particular financial year, covering the work from the four quarterly Pension Board meetings.
Information about current LPB members, meetings and training can be found in the latest annual report, which can be found on our policies and reports page.