PLSA Local Authority 2017: TPR encourages cohesion of scheme managers and pension boards

Written by Talya Misiri

A strong relationship between pension boards and scheme managers is key to achieving good outcomes, The Pensions Regulator has said.

Speaking at the Pensions and Lifetime Savings Association Local Authority Conference, TPR noted that it is crucial to "get the right skill sets on the right board" to produce good outcomes for scheme members.

It was also highlighted by TPR policy lead Nick Gannon that there is "a temptation for administration to be swept to one side" during meetings, however, it "is the responsibility of pension boards to make sure it isn't".

"It is very much a focus of pensions committees to look at all strategic activity including administration", head of Norfolk Pension Fund Nicola Mark said.

"But, there are now times where these specific areas are being addressed," Mark added.

Moreover, looking specifically at local government pension schemes, TPR public service regulation consultant Bryan McDaniel addressed that the top three risks highlighted by LGPS schemes in a recent TPR survey were record keeping, internal controls and communications.

In order to tackle such issues, TPR noted that its 2017 corporate plan aims to increase its focus on locally administered schemes, particularly their record keeping and continuing its 21st century governance initiative.

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