Terms of Reference
The function of the Board is to assist the Council in its role as Scheme Manager of the Lambeth Pension Scheme, and its Pension Committee to secure compliance with:
(a) The Public Service Pensions Act 2013 (as amended from time to time);
(b) The Regulations, (ie: The Local Government Pension Scheme Regulations 2013; the Local Government Pension Scheme(Transitional Provisions, Savings and Amendment Regulations 2014 (as amended from time to time) and the Local Government Pension Scheme (Management and Investment of Funds) regulations 2009 and any amendments to these);
(c) The Pension Regulator’s Code of Practice No 14 – governance and administration of public service pension schemes (“the Code”) (as amended from time to time).
(d) other relevant legislation relating to the governance and administration of the Fund and;
(e) the requirements imposed by the Pensions Regulator in relation to the Fund;
and to ensure the effective and efficient governance and administration of the Scheme.
The Board is not a negotiating body and will recognise its shared interests and objectives with the Committee. It is not responsible for making operational or investment decisions concerning the London Borough of Lambeth Pension Fund.
(a) The Public Service Pension Act 2013 requires that Pension Boards include an equal number of employer and member representatives. Representatives should be able to demonstrate their capacity to attend and complete the necessary preparation for meetings and participate in training as required. Capacity in this instance means the time to commit to attend meetings, undertake training and effectively represent employers and members as appropriate.
(b) The Board will consist of :
i. Three employer representatives consisting of:
· Three (or two if other employer reps are appointed) elected councillors appointed by LBL;
· One other employer representative, if two councillors appointed
Notwithstanding resignations employer representatives will be appointed, to coincide with the administration’s term of office, a maximum of four years. They will be elected councillors, office holders or senior employees of employers of the Fund, or have experience of representing scheme employers in a similar capacity. No officer or elected councillor of the Administering Authority who is responsible for the discharge of any function of the Administering Authority under the Regulations may serve as a member of the Board.
Employer representatives shall be appointed by the Administering Authority where all employers will have been asked to submit their interest in undertaking the role of employer representative on the Board.
ii. Three scheme member representatives consisting of;
· One representative from the members of Staff of LBL who are members of the Fund (initially to transfer from the Pension Fund Investment Panel (PFIP) and serve out remainder of term);
· One representative of Pensioners of the Fund (initially to transfer from PFIP and serve out remainder of term);
· One Trades Union Representative who is a member of the Scheme.
(c) Staff representatives will be elected for a term of four years by a ballot open to all members of staff who are members of the Fund.
(d) Pensioner representatives will be elected for a term of four years by a ballot open to all Pensioners of the Fund.
(e) Trades Union representatives will be nominated by the Trades Unions and serve for a period of four years.
(f) Board members are eligible to be re-appointed to the Board at the end of their term of office using the methods described above.
(g) Extensions to terms of office may be made by the Administering Authority with the agreement of the Board.
(h) Board membership may be terminated prior to the end of the term of office due to:
i. A member representative appointed on the basis of their membership of the scheme no longer being a scheme member in the Fund or a representative of the body on which their appointment relied.
ii. An employer representative no longer holding the office or employment or being a member of the body on which their appointment relied.
iii. A Board member no longer being able to demonstrate to LBL their capacity to attend and prepare for meetings or to participate in required training.
iv. The representative being withdrawn by the nominating body and a replacement identified.
v. A Board member having a conflict of interest which cannot be managed in accordance with the Board's conflict policy.
vi. A Board member who is an elected councillor becoming a member of the Committee.
vii. A Board member who is an officer of the Administering Authority becoming responsible for the discharge of any function of the Administering Authority under the Regulations.
(i) All members of the Board representing employers and scheme members will have voting rights.
Support officer: Marianna Ritchie, Democratic Services,. 020 7926 8640, Email: firstname.lastname@example.org
London Borough of Lambeth
Lambeth Town Hall
Phone: 020 7926 8640