Governance is about ensuring that we are doing the right things, in the right way, for the right people, in a timely, inclusive, open, honest and accountable manner.
- Ruling with authority
- Conducting policy
- Regulating proceedings
- Doing things the right way
Specifically in relation to the Pension Fund, good governance means that the right structure and representation is in place which consists of appropriately informed individuals who are sufficiently trained and experienced to carry out effective decision-making in relation to pension fund matters, in a clear and transparent manner with due consideration of risk.
The purpose of the Governance Team within LGSS Pensions Service is to deliver and maintain effective improved governance arrangements that safeguard individual funds and raise governance awareness and standards.
This has been achieved by:
- A comprehensive review of the existing Pension Committee structure and the implementation of the Local Pension Boards
And this will continue to be achieved by:
- Fund Business Planning
- Effective risk management
- Forward planning of business
- Ensuring a regular review and publication of policies and strategies
- Reviewing the effectiveness of decision making
- Ensuring effective training and awareness of Pension Committee members, Local Pension Board members and key officers of the Fund.
The Pension Fund is governed by the Pension Fund Committee, Investment Sub-Committee and Local Pension Board. The Governance Team provides direct support to members of the Committee, Sub-Committee and Board who are responsible for the management of the Fund. The team’s main duty is to ensure that the decisions made by these bodies are done so on an informed and balanced basis.
The Governance team provide direct support to the members of the Committee who are responsible for the management of the Fund.