Fund Strategies, Policies and Statements
Administration Strategy Statement
The aim of the Fund’s Administration Strategy Statement is to ensure that both the administering authority (Shropshire Council) and its employers are fully aware of their responsibilities under the Local Government Pension Scheme regulations, and to identify acceptable levels of performance.
The Administration Strategy Statement has been updated for 2016 following a period of consultation.
Communications Policy Statement
The aim of the Communication Policy Statement is to set out the communications strategy for the Shropshire County Pension Fund in accordance with Regulation 61 of the Local Government Pension Scheme Regulations.
Funding Strategy Statement
The Shropshire County Pension Fund is required by The Local Government Pension Scheme (England and Wales) (Amendment) Regulations 2004 to prepare and publish a Funding Strategy Statement. The Funding Strategy Statement is prepared in accordance with guidance issued by CIPFA’s Pensions Panel and a draft is circulated to all the Fund’s employing bodies for comment prior to approval by the Shropshire County Pension Fund Committee.
The significance of the Funding Strategy Statement is that the Fund’s actuary regards it as a part of the funds valuation process. The Funding Strategy Statement must be revised whenever there is a material change in the Fund’s investment policy.
Governance Compliance Statement
The Shropshire County Pension Fund has adopted a Governance Compliance Statement which includes information about the Fund’s governance arrangements.
Reporting Breaches Policy
Shropshire County Pension Fund has developed a Reporting Breaches Policy and procedure for ensuring those responsible for reporting and whistle blowing can identify, assess and report (or record if not reported) a breach of law relating to the Fund.
Investment Strategy Statement
For many years Local Government Pension Funds have been required to maintain a Statement of Investment Principles (SIPs). In broad terms this document laid out the things that were considered by the Fund when making investment decisions and included the types of investments that could be held, how the various risks were taken into account and what the Fund’s objectives were.
The Local Government Pension Scheme (LGPS) Investment Regulations which became effective on 1 November 2016 introduced a requirement for administering authorities to formulate, publish and maintain an Investment Strategy Statement which meant that a SIP was no longer necessary.
The Fund’s Investment Strategy Statement has been prepared in accordance with
Regulation 7 of the Local Government Pension Scheme (Management and
Investment of Funds) Regulations 2016.
Termination Funding Policy
The Fund has a termination policy which covers the methodology for assessment of a termination payment on the cessation of an admission body’s participation in the Fund.
The Training Policy is established to aid all to whom this Policy applies in having sufficient knowledge and understanding to ensure that all decisions, actions and other activities are carried out in an informed and appropriate way.
LGPS National Insurances Database
Shropshire County Pension Fund is participating in a data sharing project with other LGPS pension funds across England, Scotland and Wales. As LGPS Funds are all locally administered, the database will allow Shropshire County Pension Fund to check if members have LGPS pensions records in other pension funds.
For further information please read a Q&A PDF document on the National Insurance Database.
Shropshire County Pension Fund’s Actuary Mercer has also released information on how member’s details are viewed and protected. Further information can be found on Mercer’s website.