Local Pension Board

The Pension Fund Committee (or scheme manager) is responsible for administering, investing and managing the council’s pension fund (or scheme).  Legislation provides for the establishment of a Local Pension Board which is responsible for assisting the Pension Fund Committee in securing compliance with the scheme regulations and other legislation relating to the governance and administration of the scheme.  The role of the Local Pension Board is to contribute to the governance of the pension scheme by scrutinising the work of the Pension Fund Committee and making recommendations where appropriate.   Terms of Reference for the London Borough of Barnet Pension Board   The purposed of this document is to set out the detailed Terms of Reference for the Local Pension Board of the London Borough of Barnet Pension Fund.  

1.         Role of the Local Pension Board

1.1    The role of the local Pension Board, as defined by sections 5(1) and (2) of the Public Services Pension Act 2013 and regulation 106 of the Local Government Pension Scheme (LGPS) Governance Regulations 2013 is to:

·           assist with:

o    securing compliance with LGPS Government regulations and any other legislation relating to the governance and administration of the LGPS

o    securing compliance with the requirements imposed in relation to the PGPS by the Pensions Regulator.

o    such other matters as the LGPS regulations may specify

·           ensure the effective and efficient governance and administration of the LGPS for the LBB Pension Fund.  

·           ensure the Pension Fund’s strategy and policy documents are in place and have been maintained in accordance with the LGPS Regulations.  These documents are: the communications policy statement; funding strategy statement; governance compliance statement; statement of investment principles; and the Pension Fund annual report and accounts.

·           ensure the Pension Fund’s internal Risk Register is in place and reviewed at least annually.

·           review 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.

·           review the Pension Fund’s performance in complying with the requirements of the Pension Regulator.

·           annually submit a proposed work plan for the forthcoming financial year to the Pension Fund Committee.

·           carry out any other activities relating to the efficient governance and administration of the Pension Fund.

·           submit an annual budget to the Barnet Pension Fund Committee for approval. 1.2       The Local Pension Board does not replace the Administering Authority or make decisions or carry out duties which are the responsibility of the Administering Authority (refer to Compliance statement). The Pension Board is an advisory/scrutiny board and does not have decision making powers.   1.3       The Administering Authority retains ultimate responsibility for the administration and governance of the scheme. The role of the Board is to support the Administering Authority to fulfil that responsibility and secure compliance with any requirements imposed by the Pensions Regulator.   Detailed responsibilities of the Local Pension Board, including a complete list of the Board’s powers and duties) can be found in the Constitution under Part 2B Terms of Reference of Committees