Role
The role of the local Pension Board, as defined by Regulation 106
of the Local Government Pension Scheme Regulations 2013 is to
assist the Council as Pensions Administering Authority:
(a) to secure compliance with:
(i) the scheme
regulations;
(ii) any other legislation
relating to the governance and administration of the Local
Government Pension Scheme (LGPS) and any connected
scheme;
(iii) any requirements
imposed by the Pensions Regulator in relation to the
LGPS.
(b) to ensure the effective and efficient
governance and administration of the LGPS.
The Local Pension Board ensures it effectively and
efficiently complies with the Code of Practice on the governance
and administration of public service pension schemes issued by the
Pension Regulator.
The Local Pension Board helps ensure that the
London Borough of Waltham Forest Pension Fund is managed and
administered effectively and efficiently and complies with the Code
of Practice on the governance and administration of public service
pension schemes issued by the Pension Regulator.
The Local Pension Board has power to do anything to
help it carry out its functions properly.
The Pension Board does not manage the pension
fund. That is the role of the Pension
Fund Committee.
Waltham Forest Pension Board
Terms of Reference
1.
Status
1.1.
The Pension Board is established by the London
Borough of Waltham Forest in accordance with section 5 of the
Public Service Pensions Act 2013 and the Local Government Pension
Scheme Regulations 2013 (as amended).
1.2.
All rules in the Constitution that apply to the
Council’s committees apply to the Board except where they are
inconsistent with these terms of reference or any mandatory
requirement of the Act or Regulations, which will take
precedence.
Glossary
“the Act”
The
Public Service Pension Act 2013
“Board”
The
Local Pension Board for London Borough of Waltham Forest
administering authority for the London Borough of Waltham Forest
Pension Fund as required under the Public Service Pensions Act
2013
"The
Chair”
“The Code”
The
appointed Chair of the Pension Board
Means the Council’s Code of Conduct for Councillors which
shall apply to all Pension Board members, subject to the definition
of conflict of interest below.
“Conflict of Interest”
“in relation to a person, means a financial or other
interest which is likely to prejudice the person’s exercise
of functions as a member of the board (but does not include a
financial or other interest arising merely by virtue of membership
of the scheme or any connected scheme).” (s.5(5) of the
Act).
“Employer Representative”
A
board member representing the interests of the London Borough of
Waltham Forest or any other Scheme employer (with the relevant
experience and the capacity to represent employers on the
board)
“Fund” or “Pension Fund”
London Borough of Waltham Forest Pension Fund
“LGPS”
The
Local Government Pension Scheme
“Guidance”
Means any statutory guidance in respect of Pension Boards or the
Regulations. Guidance notes will also be issued by the Director of
Finance but these are non-binding on the Board and for training and
information purposes only.
“Member Representative”
A
board member representing the interests of scheme members (with the
relevant experience and the capacity to represent scheme members on
the board).
“officers”
Officers / employees of LB Waltham Forest except where expressly
stated.
“Pension Committee”
The
LB Waltham Forest’s pensions committee with delegated powers
to determine matters relating to the LGPS in Waltham
Forest.
“the Regulations”
Local Government Pension Scheme Regulations 2013 (as amended)
and any subsequent regulations so far as they apply to Pension
Boards.
“Scheme Manager”
London Borough of Waltham Forest as administering authority of
the London Borough of Waltham Forest Pension Fund
2.
Powers
2.1.
The Board has no decision-making powers. It has a
statutory role as an advisory body to the Council in its roles as
the Scheme Manager of the Pension Fund with the aim of assisting
the Council to:
2.1.1.
secure legal and regulatory compliance including
requirements imposed in relation to the LGPS by the Pensions
Regulator.
2.1.2.
ensure the effective and efficient governance and
administration of the Pension Fund.
2.2.
To discharge its functions, the Pensions Board
may:
2.2.1.
make reports and recommendations to the Pension
Committee.
2.2.2.
Request and receive information and reports from the
Pension Committee or any other body, person or officer responsible
for Fund management.
2.2.3.
Examine decisions made or actions taken by the
Pension Committee or any other body, person or officer responsible
for Fund management.
2.2.4.
The Board must prepare an annual report approved at
a Board meeting, signed by the Chair
and sent to the Strategic Director of
Finance and Governance in time so that s/he can arrange for its
publication in the Pension Fund’s Annual Report and
accounts. The Annual Report will be
considered by the Pension Committee.
2.2.5.
The Board may report matters to the Council’s
Audit and Governance Committee so far as they fall within the
latter committee’s terms of reference and cannot be dealt
with by the Board, officers or other bodies or persons responsible
for the Fund.
2.3.
The Board shall have regard to any statutory
Guidance in carrying out their functions.
3.
Membership and
Appointment
3.1.
The Board shall consist of at least six members as
follows (subject to the requirement that there must be equal
numbers of employer and member representatives
appointed):
3.1.1.
At least three employer representatives;
3.1.2.
At least three member representatives;
3.2.
Each category may include persons appointed to
represent either members or employers but each Board member must
have the capacity to represent either member or
employers.
3.3.
The Strategic Director of Finance and Governance may
appoint an Independent Member, taking into account the skills and
experience of the employer and member representatives.
3.4.
No officer or councillor may be appointed to the
Board as a member or employer representative if they are
responsible for the discharge of any functions under the
Regulations (which do not relate to the Board or LGPS Advisory
Board).
3.5.
Substitutes for the employer or member
representatives are not permitted. The Independent Member, if
appointed, may have an alternate who will carry out Pension Board
business if the Independent Member is not able to do so.
3.6.
Appointments shall be made by full Council on
recommendation of an appointment panel established and chaired by
the Director of Finance Strategic Director of Finance and
Governance.
4.
Term of Office
4.1.
Board members may be appointed for a period of up to
4 years but may have their term of office extended by 1
year.
4.2.
Board members may apply for a second or subsequent
term of office.
5.
Termination of Office
5.1.
Board members’ office will be terminated where
in the view of the Council’s Chief Finance Officer, s/he no
longer meet the eligibility criteria for their office, for instance
but not limited to
5.1.1.
where the member is no longer a Scheme
member;
5.1.2.
The member who is a councillor of the Administering
Authority is appointed to a Pensions Committee; or
5.1.3.
The member is appointed to the role of an officer of
the Administering Authority with responsibility for the discharge
of functions under the Regulations.
5.1.4.
The member’s participation demonstrates that
they do not have capacity to represent members or employers, e.g.
by non-attendance at meetings for 6 months or more.
5.2.
Board members’ office will be
terminated:
5.2.1.
s/he fails within 28 days of a written request to
complete and return a Register of Interests Form to the
Council’s Monitoring Officer.
5.2.2.
On the death of a member
5.2.3.
A member resigns by notification to the
Council’s Chief Finance Officer in writing giving at least 3
months’ notice.
5.2.4.
The Director of Finance gives her/him 3
months’ notice of termination of office (and this notice is
confirmed by full Council).
5.2.5.
Her/his term of office expires and they have not
been reappointed.
6.
Quorum
6.1.
The quorum is any two of either the employer or
member representatives.
7.
Chair and Vice Chair
7.1.
Full Council will appoint the Chair on
recommendation of the Strategic Director of Finance and Governance,
and the Board’s membership will be confirmed at each Annual
Meeting of the Council
7.2.
The Board will appoint a Vice-Chair as its first
item of business at its first meeting in any municipal
year.
8.
Voting
8.1.
All Board members have a single vote and voting is
by simple majority.
8.2.
The chair of any meeting, provided that he/she is an
employer or member representative, will have a second and casting
vote where an equality of votes exists.
9.
Meetings
9.1.
The Board will meet at least three times in any
municipal year and will normally be convened at Waltham Forest Town
Hall.
9.2.
The Chair or Strategic Director of Finance and
Governance has the power to call additional extraordinary
meetings.
9.3.
One meeting a year will be dedicated chiefly to
member training and development.
10.
Conflicts of Interest
10.1.
To ensure that conflicts of interests are properly
registered and declared and appropriate action taken by Board
members, the Council’s Code of Conduct for Councillors will
apply to all Board members subject to the provisions in the
Regulations relating to conflicts of interest.