Consultation released on the New Pensions BoardJuly 15, 2015
On the 14th May 2014, the Pensions Bill 2013-14 was approved by Royal Assent and became the Pensions Act 2014. The full government announcement can be read at www.gov.uk/government/collections/pensions-bill
As part of the Act the government are introducing minimum governance and administration standards in all workplace pension schemes. In our Fund we have had a Pensions Committee for many years and, in line with the Act an additional Pension Board will be introduced from April 2015.
The Local Government Pension Scheme (LGSP) Shadow Scheme Advisory Board has released a public consultation on guidance for the creation and operation of the Pension Boards in England and Wales for LGPS funds. The full consultation information, including how members can respond can be found using this link: http://www.lgpsboard.org/index.php/about-the-board/board-consultations
The consultation ends on 21st November 2014 and all interested parties are invited to respond.
Are you interested in sitting on the board?
The Pension Board is proposed to be made up of 4 representatives, of which there will be 2 employer representatives and 2 scheme member representatives.
For the role of employer representatives one nomination can be made by an employer in our Fund, taking into account consideration of the applicants knowledge, skills and capacity to undertake this role. Fund members can also put themselves forward for member representative but again emphasis will be place on aptitude and ability to undertake these duties. Nominations will be subject to a selection process by the appointment panel; Claire Porter (Legal Monitoring Officer at Shropshire Council) and James Walton (Head of Finance, Governance & Assurance at Shropshire Council) or their deputies.
The term of office will be for 4 years, with a possible extension for up to a further 2 years and the Pension Board will meet a minimum of twice in each calendar year. As the regulations are still in draft at the moment we intend to have an application form available on this website from January 2015 for interested applicants to use. If you would like to be alerted when the application form is available please let us know by emailing email@example.com and will keep you up to date as further information about the roles are known.
The creation of the new Pensions Board will also be covered at the Funds Annual Meeting on 21 November 2014, at 10am in the Theatre Severn, Shrewsbury, please let the Pensions Team know if you plan to attend.
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