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Pension Committee

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The purpose of the Pension Committee is to give advice on the proper management of Gloucestershire Pension Fund and carry out the function of the County Council as Administering Authority.

The Pension Committee is the body responsible for making strategic decisions, as opposed to the day to day management of the Fund, which is delegated to the Head of Pensions (via the S151 officer) and Fund officers. 

The Pension Committee meets at least four times a year in the ordinary course of business.

Further detail on how the Pension Committee operated in the previous year can be found in the latest annual report, which can be found on our policies and reports page.

 

For information about how the Pension Committee operates, please click on the relevant box below:

01  To ensure the Fund is managed, and that pension payments are made, in compliance
with the Local Government Pension Scheme Regulations.

02  To approve and keep under review the Investment Strategy Statement of the Fund,
drawing upon appropriate professional advice.

03  To approve and keep under review the Funding Strategy Statement of the Fund, drawing upon appropriate professional advice.

04  To ensure robust risk management arrangements are in place. 

05  To ensure the Council operates with due regard and in the spirit of all relevant statutory and non-statutory best practice guidance in relation to its management of the Fund.

06  To agree the Administering Authority responses to consultations by Central Government, professional and other bodies.

07  To appoint and review the performance of all Fund Managers. 

08  To appoint and terminate the appointment of the Fund’s advisers, including actuaries, investment advisers, governance advisers and specialist lawyers (where required) and periodically to review those arrangements.

09  To consider any other matter relevant to the proper operation and management of the Fund.

10  To approve the Fund’s annual business plan and budget monitoring progress against it.

11  To approve the Fund’s Governance Policy Statement and Governance Compliance Statement within the framework as determined by the Council and make recommendations to the County Council about any changes to that framework.

12  To approve the Fund’s Administration Strategy determining how the County Council will administer the Fund including collecting payments due, calculating and paying benefits, gathering information from, and providing information to scheme members and employers.

13  To approve the Fund’s Communications Policy Statement, determining the methods
of communications with the various stakeholders including scheme members and employers.

14  To approve the Fund’s Conflicts of Interest Policy covering the management of actual and perceived conflicts of interest for the Pension Committee, the Pension Board, and officers.

15  To agree the Fund’s Training Strategy for all Pension Committee and Pension Board members and for all officers of the Fund, including determining the Fund’s knowledge and skills framework, identifying training requirements, developing training plans and monitoring compliance with the policy.

16  To report annually to the full County Council.

17  To review the County Council’s performance as Administering Authority.

18  To decide upon arrangements for managing the Administering Authority’s relationship
with employers in the Fund, e.g. agreeing contribution rates, establishing dispute resolution procedures and ensuring employers have established policies as required by regulations.

19  Determining, reviewing, and monitoring the Fund’s policy in regard to employer admission and cessation arrangements.

20  To decide upon key pension policy and discretions that is the responsibility of the Administering Authority.

21  To consider advice and recommendations from the Pension Board on areas that may improve the governance of the Pension Fund (the remit of the Pension Board is detailed in its Terms of Reference).

22  To consider the Pension Board’s proposed business plan for the forthcoming financial year and annual budget request.

23   To undertake such tasks deemed necessary in order to promote the interests of the County Council with respect to investment pooling, which without limitation shall include agreeing and authorising any documentation, contracts, terms of reference, financial expenditure or investment that may be required consequential upon the County Council’s participation in the Brunel Pension Partnership.

01  To ensure the Fund is managed, and that pension payments are made, in compliance
with the Local Government Pension Scheme Regulations.

02  To approve and keep under review the Investment Strategy Statement of the Fund,
drawing upon appropriate professional advice.

03  To approve and keep under review the Funding Strategy Statement of the Fund, drawing upon appropriate professional advice.

04  To ensure robust risk management arrangements are in place. 

05  To ensure the Council operates with due regard and in the spirit of all relevant statutory and non-statutory best practice guidance in relation to its management of the Fund.

06  To agree the Administering Authority responses to consultations by Central Government, professional and other bodies.

07  To appoint and review the performance of all Fund Managers. 

08  To appoint and terminate the appointment of the Fund’s advisers, including actuaries, investment advisers, governance advisers and specialist lawyers (where required) and periodically to review those arrangements.

09  To consider any other matter relevant to the proper operation and management of the Fund.

10  To approve the Fund’s annual business plan and budget monitoring progress against it.

11  To approve the Fund’s Governance Policy Statement and Governance Compliance Statement within the framework as determined by the Council and make recommendations to the County Council about any changes to that framework.

12  To approve the Fund’s Administration Strategy determining how the County Council will administer the Fund including collecting payments due, calculating and paying benefits, gathering information from, and providing information to scheme members and employers.

13  To approve the Fund’s Communications Policy Statement, determining the methods
of communications with the various stakeholders including scheme members and employers.

14  To approve the Fund’s Conflicts of Interest Policy covering the management of actual and perceived conflicts of interest for the Pension Committee, the Pension Board, and officers.

15  To agree the Fund’s Training Strategy for all Pension Committee and Pension Board members and for all officers of the Fund, including determining the Fund’s knowledge and skills framework, identifying training requirements, developing training plans and monitoring compliance with the policy.

16  To report annually to the full County Council.

17  To review the County Council’s performance as Administering Authority.

18  To decide upon arrangements for managing the Administering Authority’s relationship
with employers in the Fund, e.g. agreeing contribution rates, establishing dispute resolution procedures and ensuring employers have established policies as required by regulations.

19  Determining, reviewing, and monitoring the Fund’s policy in regard to employer admission and cessation arrangements.

20  To decide upon key pension policy and discretions that is the responsibility of the Administering Authority.

21  To consider advice and recommendations from the Pension Board on areas that may improve the governance of the Pension Fund (the remit of the Pension Board is detailed in its Terms of Reference).

22  To consider the Pension Board’s proposed business plan for the forthcoming financial year and annual budget request.

23   To undertake such tasks deemed necessary in order to promote the interests of the County Council with respect to investment pooling, which without limitation shall include agreeing and authorising any documentation, contracts, terms of reference, financial expenditure or investment that may be required consequential upon the County Council’s participation in the Brunel Pension Partnership.

  • The County Council decides the composition of, and makes appointments to, the Pension Committee. Currently the membership of the Pension Committee comprises 7 County Councillors, all of whom have voting rights.

 

  • One employer representative without voting rights is co-opted by the Pension Committee following nomination by the Gloucestershire branch of the Local Government Association to represent the interests of District Councils.

 

  • One employer representative without voting rights who can demonstrate their capacity to represent other scheme employers, and their knowledge and understanding of the Local Government Pension Scheme, with applications invited from all employers (excluding Gloucestershire County Council and the District Councils). An interview process that would include the Chair and Vice-Chair of the Pension Committee and the Head of Pensions would be used to fill the position.

 

  • One employee representative without voting rights is co-opted by the Pension Committee following nomination by the unions.

 

  • Elected councillors already have legal responsibilities for the prudent and effective stewardship of the Fund, and in more general terms have a clear fiduciary duty in the performance of their functions. Employer and employee representation owe a duty of care to the fund beneficiaries and are required to act in their best interests at all times.

 

  • Although the employer and employee representatives do not have voting rights, they are treated as equal members of the Pension Committee and have access to all Pension Committee meeting papers, advisers, officers, meetings and training as if they were Council Members, and have the opportunity to contribute to the decision-making process.

 

  • Substitutions are not permitted on the Pension Committee.

 

  • Employer and employee representatives serve for a four-year term from their appointment date and can be removed on grounds of non-attendance, breach of code of conduct and non-participation in training. An employer or employee representative may only be removed from office during a term of appointment by the unanimous agreement of all voting members in attendance at the Pension Committee meeting where this is being considered.

 

Other ways of ensuring interests of key stakeholders are represented in the management of the Fund include:

  • Bi-lateral discussions and similar forums involving employers and other stakeholders.
  • A triennial meeting between all employers and the actuary to discuss the results of the
    actuarial valuation.
  • The County Council decides the composition of, and makes appointments to, the Pension Committee. Currently the membership of the Pension Committee comprises 7 County Councillors, all of whom have voting rights.

 

  • One employer representative without voting rights is co-opted by the Pension Committee following nomination by the Gloucestershire branch of the Local Government Association to represent the interests of District Councils.

 

  • One employer representative without voting rights who can demonstrate their capacity to represent other scheme employers, and their knowledge and understanding of the Local Government Pension Scheme, with applications invited from all employers (excluding Gloucestershire County Council and the District Councils). An interview process that would include the Chair and Vice-Chair of the Pension Committee and the Head of Pensions would be used to fill the position.

 

  • One employee representative without voting rights is co-opted by the Pension Committee following nomination by the unions.

 

  • Elected councillors already have legal responsibilities for the prudent and effective stewardship of the Fund, and in more general terms have a clear fiduciary duty in the performance of their functions. Employer and employee representation owe a duty of care to the fund beneficiaries and are required to act in their best interests at all times.

 

  • Although the employer and employee representatives do not have voting rights, they are treated as equal members of the Pension Committee and have access to all Pension Committee meeting papers, advisers, officers, meetings and training as if they were Council Members, and have the opportunity to contribute to the decision-making process.

 

  • Substitutions are not permitted on the Pension Committee.

 

  • Employer and employee representatives serve for a four-year term from their appointment date and can be removed on grounds of non-attendance, breach of code of conduct and non-participation in training. An employer or employee representative may only be removed from office during a term of appointment by the unanimous agreement of all voting members in attendance at the Pension Committee meeting where this is being considered.

 

Other ways of ensuring interests of key stakeholders are represented in the management of the Fund include:

  • Bi-lateral discussions and similar forums involving employers and other stakeholders.
  • A triennial meeting between all employers and the actuary to discuss the results of the
    actuarial valuation.

The Pension Committee meets at least four times a year in the ordinary course of business and more
frequently if formal decisions on fund management are required. Work for the year will be agreed with the Pension Committee. As per the Training Strategy , all Committee members must complete a training requirement self-assessment form annually, and these are used to determine the training to be provided to Pension Committee members. A log of training undertaken is maintained by the Administering Authority.

Agendas for the meetings are agreed with the Chair and circulated with supporting papers to all members of the Pension Committee, officers of the County Council as appropriate and the Fund’s Consultants.

A meeting of the Pension Committee is only quorate when there are three voting members present for the duration of the meeting.

At least five clear working days’ notice of any meetings are given by posting details of the meeting on the County Council’s website. Copies of the agenda and reports open to the public are made available for inspection at least five clear working days before the meeting. If an item is added to the agenda later, the revised agenda will be open to inspection from the time the item was added to the agenda. The reason for lateness will be specified in the report.

There may on occasions, be items which may be exempt from the agenda, reports and minutes of
the meetings when it is likely in view of the nature of the business to be transacted or the nature of the proceedings that confidential information would be disclosed.

Copies of the minutes of the meetings and records of decisions taken are made available for a period of six years after a meeting. Minutes of meetings and records of decisions are available for inspection on the County Council’s website.

Browse Pension Committee meetings and documents 

The Pension Committee meets at least four times a year in the ordinary course of business and more
frequently if formal decisions on fund management are required. Work for the year will be agreed with the Pension Committee. As per the Training Strategy , all Committee members must complete a training requirement self-assessment form annually, and these are used to determine the training to be provided to Pension Committee members. A log of training undertaken is maintained by the Administering Authority.

Agendas for the meetings are agreed with the Chair and circulated with supporting papers to all members of the Pension Committee, officers of the County Council as appropriate and the Fund’s Consultants.

A meeting of the Pension Committee is only quorate when there are three voting members present for the duration of the meeting.

At least five clear working days’ notice of any meetings are given by posting details of the meeting on the County Council’s website. Copies of the agenda and reports open to the public are made available for inspection at least five clear working days before the meeting. If an item is added to the agenda later, the revised agenda will be open to inspection from the time the item was added to the agenda. The reason for lateness will be specified in the report.

There may on occasions, be items which may be exempt from the agenda, reports and minutes of
the meetings when it is likely in view of the nature of the business to be transacted or the nature of the proceedings that confidential information would be disclosed.

Copies of the minutes of the meetings and records of decisions taken are made available for a period of six years after a meeting. Minutes of meetings and records of decisions are available for inspection on the County Council’s website.

Browse Pension Committee meetings and documents