Issue - meetings

Local authority pension funds are required to publish and keep under review a Governance Compliance Statement. The Governance Compliance Statement of the Surrey Pension Fund is comprised from the Compliance to Statutory Guidance Statement and a Governance Policy Statement. The Public Services Pensions Act 2013 (The Act) introduces a new framework for the governance and administration of public service pension schemes. The Act has a material impact on existing governance arrangements in the Local Government Pension Scheme (LGPS), which are enforced by changes to the LGPS regulations.

As a result of the Act, The Pensions Regulator has introduced codes of practice covering specific areas relating to public sector pension schemes. The changes to the LGPS regulations and introduction of the Pensions Regulator code of practice 14 and changes in the Scheme of Delegation approved by County Council on 14 October 2014 require revisions to the existing Surrey Pension Fund Governance Compliance Statement.

Declarations of interest:

None.

Key points raised during the discussion:

1.    The Senior Advisor (Pension Fund) introduced the revised and refreshed Governance Compliance Statement.

Actions/Further information to be provided:

None.

Resolved:

      i.        That the Surrey Pension Fund Board APPROVED the amendments to the Governance Policy Statement.

     ii.        That the Surrey Pension Fund Board APPROVED the Compliance Statement to the Pension Regulator Code of Practice 14.

Next steps:

None.