Part 3 - Responsibility for functions

Below are the responsibility for functions.

The purpose of the Pensions Committee is to give advice on the proper management of the Gloucestershire Pension Fund and carry out the function of the Council as Administering Authority.

Table 3.04:  The duties of the Pensions Committee

In accordance with the policies and budget of the Council from time to time:

 

  1. To set the investment strategy and policies of the Fund, including the establishment and maintenance of a strategic benchmark for asset allocation, drawing upon appropriate professional advice.
  2. To appoint and review the performance of all Fund Managers and associated professional service providers.
  3. To consider any other matter relevant to the proper operation and management of the Fund.
  4. To approve and keep under review the funding Strategy Statement.
  5. To approve and keep under review the Investment Strategy Statement.
  6. To report annually to the full Council.
  7. To review the County Council’s performance as Administering Authority.
  8. To decide upon arrangements for managing the Administering Authority’s relationship with employers in the fund, for example, agreeing contribution rates, establishing dispute resolution procedures and ensuring employers have established policies as required by Regulations.
  9. To decide upon requests for admission of qualifying organisations wishing to join the Fund.
  10. To decide upon key pension policy and discretions that is the responsibility of the Administering Authority.
  11. To consider advice and recommendations from the Pension Board on areas that may improve the governance of the Pension Fund (the remit of the Pension Board is detailed in its Terms of Reference).
  12. To consider the Pension Board’s proposed business plan for the forthcoming financial year and annual budget request.
  13. To undertake such tasks as the Committee thinks appropriate to progress implementation of investment pooling, and to take such decisions and do all other things deemed necessary in order to promote the interests of the County Council with respect to investment pooling, which without limitation shall include agreeing and authorising any documentation, contracts, terms of reference, financial expenditure or investment that may be required consequential upon the County Council’s participation in the Brunel Pension Partnership.

Pensions Committee Membership

7 County Councillors.

One Member with voting rights to be co-opted by the Pensions Committee following nomination by the Gloucestershire branch of the Local Government Association to represent the interests of District Councils.

One staff representative without voting rights to be co-opted by the Pensions Committee following nomination by the unions.

Note:      Because of the specialist nature of this work, no substitution is permitted.

Page updated: 13/07/2021 Page updated by: Gloucestershire County Council

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