First published in Pension Funds Online, 30 January 2015
LGPS Governance puzzle
PTL’s Colin Richardson looks at the difficulties all LGPS administrators will face before April
Do you remember the Krypton Factor? 1980s television at its worst! The requirements upon all 89 Administering Authorities (AAs) of the Local Government Pension Scheme (LGPS) to EACH appoint a Pension Board by April 2015 has shades of that epic challenge!
There is the puzzle to solve:
– Who will decide the Board’s format, how many member and employer representatives, how many other members?
– How will they be selected or elected? (Simple question but difficult to undertake)
– Should you appoint a Professional Chair?
– How should other Board members be chosen?
– What is the defined purpose of the Boards to be reflected in the ‘Terms of Reference?
– Indeed who will draft, and when?
– What budget is needed for establishing and running the Board, including any advice it may require?