The Board secretariat in consultation with the Investment, Governance and Engagement committee have submitted a response to The Pension Regulator's consultation on a combined code of practice. The response is available to download using the link below;
The Board at its meeting of the 8th July agreed a response in principle to the above consultation. The Evaluation and Risk Consultation final response (PDF 4 pages 495kb) has now been approved by the Chair and Vice Chair and submitted to MHCLG
The Board at its meeting of the 8th July noted the Response to HM Treasury consultation on exit payments (PDF 5 pages 271kb) to the HM Treasury consultation on exit payments in the public sector as approved by the Chair and Vice Chair
The Shadow Scheme Advisory Board (SSAB) of the Local Government Pension Scheme (LGPS) in England and Wales has today issued guidance for Administering Authorities on the creation and operation of local pension boards.
One of the final pieces of the public service pensions reform jigsaw for the Local Government Pension Scheme (LGPS) in England and Wales which started with Lord Hutton's recommendations back in March 2011 will fall into place on 1 April 2015. This means that each Administering Authority in the LGPS must establish a local pension board by 1 April 2015.
The introduction of Local Pension Boards via the Public Service Pensions Act 2013 and through LGPS scheme regulations from 1 April 2015 marks a sea change in the governance of LGPS funds. In recognising this huge change in the governance of the LGPS the SSAB has provided practical assistance to Administering Authorities in the form of this comprehensive guidance which has benefited from the input of and consultation with a wide cross section of LGPS stakeholders.
A template terms of reference and response to the consultation on the Guidance has also been released.
The Shadow Scheme Advisory Board submitted its response to the DCLG consultation Better Governance & Improved Accountability in the Local Government Pension Scheme on Friday 21st November 2014.
The Board's response was based on the discussions held at its meeting of 29th October and in its response to the DCLG Better Governance & Improved Accountability in the LGPS consultation, the Board outlined:
- it's belief that governance regulations should mandate that the total number of employer and member representatives on a local pension board should outnumber the members of a local pension board sitting on there as 'otherwise appointed' representatives to ensure proportionate representation, and
- it's wish to see that further details regarding the establishment of the statutory scheme advisory board are clarified as soon as possible.
The shadow Scheme Advisory Board (SSAB) has responded to the Government's consultation, The Local Government Pension Scheme (Amendment) Regulations 2014 - Draft Regulations on Scheme Governance.
The response to the LGPS (Amendment) Regulations 2014 - Draft Regulations on Scheme Governance sets out the Board's views on the draft regulations which will bring about the new governance arrangements for the LGPS in England & Wales, as mandated for under the Public Service Pensions Act 2013.