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Pensions Committee

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Information about Pensions Committee

2. Terms of Reference


2.1 The Committee is responsible for ensuring that the Fund is properly operated in accordance with all relevant regulations and best practice as advised by the Pensions Regulator, the LGPS, SAB, Constitution of the London Borough of Lambeth 135 MHCLG and CiPFA, including both financial and administration matters. This will include, but is not limited to:


a. benefits administration;

b. managing the Discretions policies;

c. resolving Internal Disputes;

d. communications with members;

e. communication and engagement with employers;

f. monitoring Risks;

g. record keeping;

h. publishing of Scheme information as required;

i. review the draft annual statement of accounts for the Pensions Fund.

Specifically, to consider whether appropriate accounting policies have been followed and whether there are concerns arising from the financial statements or from the audit that need to be brought to the attention of the Committee. To consider the external auditor’s report to those charged with governance on issues arising from the audit of the accounts, and then to formally approve the audited Pension Fund Annual Report;

j. approving the Council's Pension Fund Annual Report and Financial  Statements and to consider any reports produced by the Chief Finance Officer in accordance with the duty to make arrangements for the proper administration of the financial affairs of the Council's Pension Fund (“the Fund”), but not in respect of the formulation of a plan or strategy which is a function of the Cabinet (and subject to final approval by the Council) or detailed operational matters which are within the purview of the Cabinet and for taking whatever action is necessary to ensure compliance with both the Local Government Pension Scheme Regulations (“the Regulations”) (as amended from time to time) and best practice;

k. participating in the London Collective Investment vehicles in accordance with the requirements placed on administering authorities in relation to the pooling of LGPS assets made under the powers conferred on the Secretary of State by the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016, Regulation 7(1);

l. carrying out the duties set out in the Regulations, in relation to the actuarial valuations of the Fund and in relation to any other decisions about the amount the employers need to pay; and,

m. assessing the covenant of Scheme employers, ensure that employer contributions are set accordingly and other relevant regulations are adhered to.


2.2 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. To assist the Committee in performing this function it will conduct a wide range of tasks including, but not restricted to:


a. produce regular compliance monitoring reports;

b. 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;

c. develop and continually review Scheme member and employer communications as required by the Regulations and relevant legislation;

d. monitor complaints and performance on the administration and governance of the Scheme;

e. review the application of the Internal Dispute Resolution Procedure;

f. review the complete and proper exercise of Pensions Ombudsman cases;

g. review the implementation of revised policies and procedures following changes to the Scheme; Constitution of the London Borough of Lambeth 136

h. review the arrangements for the training of Committee members and those elected members and officers with delegated responsibilities for the management and administration of the Scheme;

i. review the outcome of audit reports;

j. review the compliance of particular cases, projects or process on request of the Committee;

k. effective scrutiny of the Fund’s investments; and,

l. any other area within the statement of purpose (i.e. assisting the Administering Authority) the Committee deems appropriate.


2.3 To ensure the effective and efficient governance and administration of the Scheme, by so doing the Committee will assist the Board in meeting its responsibilities. Within the extent of this core function the Committee shall be instructed by the Board in determine the areas to be considered including but not restricted to:


a. review the development of improved customer services;

b. monitor performance of administration, governance and investments against key performance targets and indicators;

c. monitor audit reports;

d. review the risk register as it relates to the Scheme Manager function of the authority;

e. checking Fund governance;

f. reviewing Fund risks and internal systems and control;

g. checking Fund external advisors/service providers and their internal controls;

h. reviewing Fund member record keeping processes for quality, accuracy and content;

i. checking Fund contributions;

j. review the development of improved management, administration and governance structures and policies;

k. review the outcome of actuarial reporting and valuations;

l. review the development and monitoring of process improvements on request of the Board; and,

m. any other area within the statement of purpose (i.e. ensuring effective and efficient governance of the Scheme) the Committee deems appropriate.


2.4 In support of its core functions the Committee may make:


a. a request for information to the Board or Administering Authority with regard to any aspect of the Administering Authority’s function. Any such request should be reasonably complied with in both scope and timing; and,

b. recommendations to the Board which should be considered and a response made to the Committee on the outcome within a reasonable period of time. 2.5 The Committee can delegate its day to day operational functions to officers between Committee meetings with clearance from the Chair.