Pension Board

Purpose   The purpose of the Board is to assist the Administering Authority in its role as a scheme manager of the Scheme. In particular to assist the Administering Authority to:  

1.    secure compliance with the Regulations, any other legislation relating to the governance and administration of the Scheme, and requirements imposed by the Pensions Regulator in relation to the Scheme and;  

2.    to ensure the effective and efficient governance and administration of the Scheme.   Function   The first core function of the Board is to assist the Administering Authority in securing compliance with the Regulations, any other legislation relating to the governance and administration of the Scheme, and requirements imposed by the Pensions Regulator in relation to the Scheme. Within this extent of this core function the Board may determine the areas it wishes to consider including but not restricted to:  

1.    Review regular compliance monitoring reports which shall include reports to and decisions made under the Regulations by the Committee.  

2.    Review management, administrative and governance processes and procedures in order to ensure they remain compliant with the Regulations, relevant legislation and in particular the Code.  

3.    Review the compliance of scheme employers with their duties under the Regulations and relevant legislation.  

4.    Assist with the development of and continually review such documentation as is required by the Regulations including Governance Compliance Statement, Funding Strategy Statement and Statement of Investment Principles.  

5.    Assist with the development of and continually review scheme member and employer communications as required by the Regulations and relevant legislation.  

6.    Monitor complaints and performance on the administration and governance of the scheme.  

7.    Assist with the application of the Internal Dispute Resolution Process.  

8.    Review the complete and proper exercise of Pensions Ombudsman cases.  

9.    Review the implementation of revised policies and procedures following changes to the Scheme.  

10.Review the arrangements for the training of Board members and those elected members and officers with delegated responsibilities for the management and administration of the Scheme.  

11.Review the complete and proper exercise of employer and administering authority discretions.  

12.Review the outcome of internal and external audit reports.  

13.Review draft accounts and Fund annual report.  

14.Review the compliance of particular cases, projects or process on request of the Committee.  

15.Any other area within the statement of purpose (i.e. assisting the Administering Authority) the Board deems appropriate.   The second core function of the Board is to ensure the effective and efficient governance and administration of the Scheme. Within this extent of this core function the Board may determine the areas it wishes to consider including but not restricted to:  

1.    Assist with the development of improved customer services.  

2.    Monitor performance of administration, governance and investments against key performance targets and indicators.  

3.    Review the effectiveness of processes for the appointment of advisors and suppliers to the Administering Authority.  

4.    Monitor investment costs including custodian and transaction costs.  

5.    Monitor internal and external audit reports.  

6.    Review the risk register as it relates to the scheme manager function of the authority.  

7.    Assist with the development of improved management, administration and governance structures and policies.  

8.    Review the outcome of actuarial reporting and valuations.  

9.    Assist in the development and monitoring of process improvements on request of Committee.  

10.Assist in the development of asset voting and engagement processes and compliance with the UK Stewardship Code.  

11.Any other area within the statement of purpose (i.e. ensuring effective and efficient governance of the scheme) the Board deems appropriate.   In support of its core functions the Board may make a request for information to the Committee with regard to any aspect of the Administering Authority’s function. Any such request should be reasonably complied with in both scope and timing.   In support of its core functions the Board may make recommendations to the Committee which should be considered and a response made to the Board on the outcome within a reasonable period of time.