Pension Fund Committee

As a statutory pension scheme the Local Government Pension Scheme (LGPS) does not have trustees as such.  Decisions are required to be made by each Administering Authority which in the case of the North Yorkshire Pension Fund is North Yorkshire Council.  The decision making process is carried out via the Pension Fund Committee.  The elected Members who sit on the Pension Fund Committee act on behalf of the beneficiaries of the LGPS and in this way have a similar role to trustees in protecting the benefits of the LGPS members.

The Pension Fund Committee meets 5 times per year and its membership is currently as follows:

North Yorkshire Council Councillors

City of York Councillor

The Pension Fund committee’s constitutionally defined delegated powers are to exercise the powers of the Council to invest monies forming part of the Pension Fund, including:

• to determine and periodically review the Investment Strategy, the Funding Strategy and other governance documents of the Fund
• to appoint investment managers to manage and invest Pension Fund monies on the Council’s behalf;
• to determine what the Pension Fund requires its investment pooling provider Border to Coast Pensions Partnership to provide, in order to implement its investment strategy;
• to receive reports from the appointed investment managers, setting out the action they have taken under their appointment
• to receive reports from the Investment Advisor and the Investment Consultant regarding the investment performance of the appointed investment managers and the Pension Fund overall
• to receive regular budget reports regarding the administration of the Fund
• from time to time to consider the desirability of continuing or terminating the appointments of any organisations involved in the investment of the monies of the Pension Fund;
• to receive regular reports on the budget and cash flow of the Pension Fund;
• to receive regular reports on the administration of benefits of the Pension Fund covering member and employer issues;
• to approve a Statement of Final Accounts and associated governance statements for submission to the Audit Committee;
• to approve the Annual Report of the Pension Fund; and
• from time to time reporting to the Executive.

To exercise all the Council’s powers as administering authority for the North Yorkshire Pension Fund, subject to any specific instructions that might be given from time to time by the Council.

To carry out the Council’s functions relating to the Local Government Pension Scheme under

• The Local Government Pension Scheme Regulations 2013;
• The Local Government Pension Scheme (Transitional Provisions, Savings and Amendments) Regulations 2014;
• The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016 and any other Regulations that relate specifically to the Council‘s responsibility to administer the Local Government Pension Scheme

The Pension Fund Committee therefore:

• determines and approves the employer contribution rates across the Fund following consultation with stakeholders including the Fund’s Actuary (Aon).
• reviews and modifies the investment strategy in consideration of risk and the attainment of a 100% funding position.
• regularly reviews and monitors the performance of its fund managers and considers the views and opinions of the Independent Financial Adviser and the Treasurer to the Fund.
• appoints new fund managers to either replace under performing existing managers or as a result of modifications to the Investment Strategy.
• determines and monitors the Fund’s budget.
• responds to the Government on such matters as changes to Scheme regulations.
• ensures proper delivery of the administration function dealing with the payment of benefits.
• considers and takes decisions on the admission of non statutory bodies to the Fund.

Over the years the business of the Pension Fund Committee has increased in complexity particularly in the areas of investment risk management and legislative changes. It has therefore been imperative that members of the Pension Fund Committee have taken the opportunity to attend seminars and training sessions covering those areas of activity.  The Investment Adviser and Treasurer also provide regular workshops on topical issues.