Following a review of public service pension provision which started in 2011, the government set out principles for the ongoing administration and governance of public service pension schemes in the Public Service Pensions Act 2013. This Act introduced national advisory boards and local pension boards for all public service pension schemes including the Local Government Pension Scheme (LGPS).
The Local Government Pension Scheme (Amendment) (Governance) Regulations 2015 required all LGPS funds to put in place a Local Pension Board by 1 April 2015.
The Durham County Council Pension Fund Local Pension Board was set up with effect from 1 April 2015 and its terms of reference are set out in the following document:
Durham County Council is the Administering Authority of the Durham County Council Pension Fund (part of the Local Government Pension Scheme (LGPS)), and as such is responsible for administering the Pension Fund - this includes managing the investments, collecting and investing contributions and paying scheme benefits.
The Local Pension Board's role is to assist the Administering Authority in its role as a scheme manager of the Pension Fund. Such assistance is to:
The Local Pension Board is made up of three pension scheme member representatives and three employer representatives:
Scheme Member Representatives
The LGPS Advisory Board (the national board of the LGPS) has published guidance which includes more information on the role of the Local Pension Board:
The Pensions Regulator (the UK regulator of work-based pension schemes) has issued a code of practice on the Governance and administration of public service pension schemes which also includes more information on the role of Local Pension Boards:
This includes an explanation of the level of knowledge and understanding required by Local Pension Board members, and information on identifying and dealing with potential conflicts of interest (pages 12 to 24).
If you have a question about this role, please contact us.