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 the North Yorkshire County 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:
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| J K Weighell OBE Conservative (Chair) |
H Swiers Conservative (Vice Chair) |
M Chambers Conservative |
P Mulligan Conservative |
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| A Thompson Conservative |
A Solloway Independent |
C Lunn Conservative |
D Mackay NY Independent |
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| J Clark North Yorkshire District Councils Conservative |
C Vassie City of York Council Liberal Democrat |
The Pension Fund committee's constitutionally defined delegated powers are to exercise the powers of the County Council to invest monies forming part of the Pension Fund, including:
- to determine and periodically review the Investment Strategy of the Fund
- to appoint managers to manage and invest Fund monies on the County Council’s behalf
- to receive reports from the appointed managers, at least once every three months, setting out the action they have taken under their appointment
- to receive reports, at least once every three months from the Investment Adviser, Investment Consultant and the Performance Measurer, regarding the investment performance of the appointed investment managers and the Fund overall
- to receive regular budget reports regarding the administration of the Pension 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 Fund and / or advising / reporting thereon
- to approve a Statement of Final Accounts and associated governance statements for submission to the Audit Committee
- from time to time reporting to the Executive.
To exercise all the County 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 County Council’s functions in accordance with the Local Government Pension Scheme Regulations and associated legislation.
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 Hewitt).
- 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.