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Jo Walton

This update provides information on the current governance arrangements of the Cambridgeshire Pension Fund, including the role of the Pension Fund Board and Investment Sub-Committee. It also discusses future governance arrangements, such as the Local Pension Boards and Scheme Advisory Board.

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Jo Walton

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  1. Cambridgeshire Pension Fund Governance Update Jo Walton

  2. Cambridgeshire Pension Fund Current Governance Arrangements • Pension Fund Board • Investment Sub-Committee • What the Boards do and finally… Future Governance Arrangements • Local Pension Boards • Scheme Advisory Board • The Pensions Regulator

  3. Cambridgeshire Pension Fund Board To set the Pension Fund objectives and determine and maintain appropriate strategies, policies and procedures with ongoing monitoring.

  4. Board Representatives

  5. Board Substitute Representatives

  6. Role of the Pension Fund Board

  7. Role of the Investment Sub-Committee To provide operational governance of investments

  8. Cambridgeshire Pension Fund Investment Sub-Committee

  9. Role of the Investment Sub-Committee

  10. Independent Public Service Pensions Commission • 2010 – Lord Hutton commissioned to chair the IPSPC review of public service pension provision. • 2011 - Final report issued – 27 recommendations • 2/27 recommendations affecting the governance arrangements of all public service pension schemes regardless of existing established arrangements • Recommendation 17 – More independent oversight • Recommendation 19 – Much stronger governance of ALL public service pension schemes

  11. IPSPC – Recommendation 17 • Every public service pension scheme should have a board that: • is properly constituted; • is represented by trained and competent individuals; • consisting of employee nominees; • is responsible for meeting good standards of governance including effective and efficient administration. • There should be a pensions policy group for each scheme at national level for considering major changes to scheme rules. • This led to the creation of Local Pension Boards and LGPS Scheme Advisory Board via the Public Services Pensions Act 2013.

  12. Local Pension Boards • Public Services Pensions Act 2013 (section 5) • IPSPC – Recommendation 17 • Assist the scheme manager (the administering authority) in securing compliance with the scheme regulations and other legislation relating to the governance and administration of the scheme in the areas of: • managing risks and ensuring there are adequate internal controls; • keeping records and ensuring the quality of member data; • ensuring the correct contributions are paid to the scheme; • managing conflicts of interest; • publishing information about the board; • communicating information to members; • resolving disputes and reporting certain breaches of the law.

  13. Local Pension Boards • Requirements to create and operate the new Local Pension Boards: • to be established in the County Council’s Constitution by 1.4.15; • to consist of equal numbers of employer and member representatives; • representatives must be fully competent and knowledgeable upon appointment; • knowledge cannot be collective; • the board may contain independent experts; • board members must act in accordance with scheme regulations and other governing documents; • the board must meet a minimum of twice per year; • members of the Pension Fund Board and Investment Sub-Committee cannot sit on the Local Pension Board. • Pending final LGPS regulations and subsequent guidance.

  14. Scheme Advisory Board • The Public Services Pensions Act 2013 (section 7) • IPSPC – Recommendation 17 • Pensions Policy Group for each Public Service Pension Scheme • Consider major changes to scheme rules • LGPS Scheme Advisory Board (National) • LGPS Scheme Advisory Board • Currently in shadow form • Encourage best practice • Increase transparency • Co-ordinate technical and standards issues • Consider items passed from DCLG, SAB sub-committees and other stakeholders • Liaison role with the Pensions Regulator • Formulate guidance and standards for administering authorities and pension boards. • The LGPS Scheme Advisory Board will remain in shadow form pending its formalisation within the LGPS Regulations during 2014-15.

  15. IPSPC – Recommendation 19 • Improvement of governance, availability, and transparency of information relating to public service pension schemes by establishing a framework that ensures independent oversight of the governance, administration and data transparency of public service pension schemes. Resulted in the regulatory powers of the Pensions Regulator being extended.

  16. The Pensions Regulator • IPSPC – Recommendation 19 • Only certain aspects of the public service pension schemes will be covered by the tPR: • knowledge and understanding of board members; • record keeping/quality of data; • communications – accuracy, timeliness and clarity. • Powers of the Pensions Regulator: • Risk based prioritisation; • Education and enablement; • Enforcement.

  17. Questions?

  18. Additional Information Pension Fund Board Agendas and Reports http://www2.cambridgeshire.gov.uk/CommitteeMinutes/Committees/Committee.aspx?committeeID=60 Investment Sub-Committee Reports http://www2.cambridgeshire.gov.uk/CommitteeMinutes/Committees/Committee.aspx?committeeID=62 Pension Fund Strategies http://pensions.cambridgeshire.gov.uk/index.php/governance2/key-documents/ Shadow Scheme Advisory Board http://www.lgpsboard.org/ The Pensions Regulator – Public Service Pension Schemes http://www.thepensionsregulator.gov.uk/public-service-schemes.aspx

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