Agenda item

A training presentation will be made at the meeting by Barnett Waddingham which will provide the Board with further information regarding the National Regulatory Environment in which Pensions Boards operate.

The Board received a presentation from Ms Allen which built on the introductory presentation made at the Board’s last meeting and provided further information regarding the regulatory environment in which the Board operated.

The presentation provided the Board with information regarding the key regulations which applied to the Local Government Pensions Scheme, particularly the Local Government Pensions Scheme Regulations 2013 and the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016. Ms Allen also provided Members with information regarding the previous regulations covering the Scheme, and with details of proposals in upcoming legislation which had recently been consulted on.

Ms Allen also provided the Board with detailed information regarding the Public Service Pensions (Record Keeping and Miscellaneous Amendments) Regulations 2004, the Finance Act 2004 and information regarding upcoming legislation in relation to Exit Payments.

Ms Allen also provided the Board with information regarding the key policies which Schemes were required to have, including the Governance Compliance Statement, Funding Strategy Statement, Pensions Administration Statement, Discretions Policy Statement, Communication Policy Statement and Investment Strategy Statement.

Ms Allen also advised the Board of the website www.lgpsregs.org, which provided information and guidance of the regulations in relation to the Local Government Pensions Scheme. She explained that this was an excellent resource for Board Members. A Member commented that this would be very useful for Board Members, and commented that it would be helpful if officers also regularly reviewed the website and advised Members of any significant issues.

Throughout the presentation, the Board agreed that the following items should be included on the Board’s Work Programme:

-       Information of the Investment Strategy Statement;

-       Information on the triennial valuation of the Pensions Fund (every third year)

-       Information from Internal Audit regarding any recent or forthcoming audits of the Pension Fund or pensions administration.

RESOLVED – That the Board notes the presentation.