Purpose
The purpose of the Board is to assist the
Administering Authority in its role as a scheme manager of the
Scheme. In particular to assist the Administering Authority to:
1.
secure compliance with the Regulations, any other legislation
relating to the governance and administration of the Scheme, and
requirements imposed by the Pensions Regulator in relation to the
Scheme and;
2.
to ensure the effective and efficient governance and administration
of the Scheme.
Function
The first core function of the Board is to
assist the Administering Authority in securing compliance with the
Regulations, any other legislation relating to the governance and
administration of the Scheme, and requirements imposed by the
Pensions Regulator in relation to the Scheme. Within this extent of
this core function the Board may determine the areas it wishes to
consider including but not restricted to:
1.
Review regular compliance monitoring reports which shall include
reports to and decisions made under the Regulations by the
Committee.
2.
Review management, administrative and governance processes and
procedures in order to ensure they remain compliant with the
Regulations, relevant legislation and in particular the Code.
3.
Review the compliance of scheme employers with their duties under
the Regulations and relevant legislation.
4.
Assist with the development of and continually review such
documentation as is required by the Regulations including
Governance Compliance Statement, Funding Strategy Statement and
Statement of Investment Principles.
5.
Assist with the development of and continually review scheme member
and employer communications as required by the Regulations and
relevant legislation.
6.
Monitor complaints and performance on the administration and
governance of the scheme.
7.
Assist with the application of the Internal Dispute Resolution
Process.
8.
Review the complete and proper exercise of Pensions Ombudsman
cases.
9.
Review the implementation of revised policies and procedures
following changes to the Scheme.
10.Review the
arrangements for the training of Board members and those elected
members and officers with delegated responsibilities for the
management and administration of the Scheme.
11.Review the complete
and proper exercise of employer and administering authority
discretions.
12.Review the outcome
of internal and external audit reports.
13.Review draft
accounts and Fund annual report.
14.Review the
compliance of particular cases, projects or process on request of
the Committee.
15.Any other area
within the statement of purpose (i.e. assisting the Administering
Authority) the Board deems appropriate.
The second core function of the Board is to
ensure the effective and efficient governance and administration of
the Scheme. Within this extent of this core function the Board may
determine the areas it wishes to consider including but not
restricted to:
1.
Assist with the development of improved customer services.
2.
Monitor performance of administration, governance and investments
against key performance targets and indicators.
3.
Review the effectiveness of processes for the appointment of
advisors and suppliers to the Administering Authority.
4.
Monitor investment costs including custodian and transaction
costs.
5.
Monitor internal and external audit reports.
6.
Review the risk register as it relates to the scheme manager
function of the authority.
7.
Assist with the development of improved management, administration
and governance structures and policies.
8.
Review the outcome of actuarial reporting and valuations.
9.
Assist in the development and monitoring of process improvements on
request of Committee.
10.Assist in the
development of asset voting and engagement processes and compliance
with the UK Stewardship Code.
11.Any other area
within the statement of purpose (i.e. ensuring effective and
efficient governance of the scheme) the Board deems
appropriate.
In support of its core functions the Board may
make a request for information to the Committee with regard to any
aspect of the Administering Authority’s function. Any such
request should be reasonably complied with in both scope and
timing.
In support of its core functions the Board may
make recommendations to the Committee which should be considered
and a response made to the Board on the outcome within a reasonable
period of time.
