Terms
of Reference – Teesside Pension Fund Committee
The
Pension Fund Committee will have the following specific roles and functions,
taking account of advice from the Chief Finance Officer and the Fund's
professional advisers:
a)
Ensuring the Teesside Pension Fund is managed and pension payments are made in
compliance with the extant Local Government Pension Scheme Regulations, Her
Majesty’s Revenue & Customs requirements for UK registered pension schemes
and all other relevant statutory provisions.
b)
Ensuring robust risk management arrangements are in place.
c)
Ensuring the Council operates with due regard and in the spirit of all relevant
statutory and non-statutory best practice guidance in relation to its
management of the Teesside Pension Fund.
d)
Determining the Pension Fund’s aims and objectives, strategies, statutory
compliance statements, policies and procedures for the overall management of
the Fund, including in relation to the following areas:
i)
Governance - approving the Fund's Governance Policy and Compliance Statement
for the Fund within the framework as determined by Middlesbrough Council and
making recommendations to Middlesbrough Council about any changes to that
framework.
ii)
Funding Strategy - approving the Fund's Funding Strategy Statement including
ongoing monitoring and management of the liabilities, ensuring appropriate
funding plans are in place for all employers in the Fund, overseeing the
triennial valuation and interim valuations, and working with the actuary in
determining the appropriate level of employer contributions for each employer.
iii)
Investment strategy - approving the Fund's Investment Strategy Statement and
Compliance Statement including setting investment targets and ensuring these
are aligned with the Fund's specific liability profile and risk appetite.
iv)
Administration Strategy - approving the Fund's Administration Strategy
determining how the Council will the administer the Fund including collecting
payments due, calculating and paying benefits, gathering information from and
providing information to scheme members and employers.
v)
Communications Strategy - approving the Fund's Communication Strategy,
determining the methods of communications with the various stakeholders
including scheme members and employers.
vi)
Discretions - determining how the various administering authority discretions
are operated for the Fund.
e)
Monitoring the implementation of these policies and strategies on an ongoing
basis.
f) In
relation to the Borders to Coast Pension Partnership; the Asset Pooling
Collaboration arrangements:
i)
Monitoring of the performance of the Borders to Coast Asset Pooling
Collaboration and its Operator and recommending actions to the Joint Committee,
The Mayor or his Nominee (in his role as the nominated person to exercise
Shareholder rights and responsibilities), Officers Groups or BCPP Ltd, as
appropriate.
ii)
Undertake the role of Authority in relation to the Inter Authority Agreement,
including but not limited to:
•
Requesting variations to the Inter Authority Agreement
•
Withdrawing from the Inter Authority Agreement
•
Appointing Middlesbrough Council officers to the Officer Operations Group.
g)
Considering the Fund's financial statements and the Fund’s annual report.
h)
Selection, appointment, dismissal and monitoring of the Fund’s advisers,
including actuary, benefits consultants, investment consultants, global
custodian, fund managers, lawyers, pension funds administrator, independent
professional advisers and AVC provider.
i)
Liaison with internal and external audit, including providing recommendations
in relation to areas to be covered in audit plans, considering audit reports
and ensuring appropriate changes are made following receipt of audit findings
j)
Making decisions relating to employers joining and leaving the Fund. This
includes which employers are entitled to join the Fund, any requirements
relating to their entry, ongoing monitoring and the basis for leaving the Fund.
k)
Agreeing the terms and payment of bulk transfers into and out of the Fund.
l)
Agreeing Pension Fund business plans and monitoring progress against them.
m)
Agreeing the Fund's Knowledge and Skills Policy for all Pension Fund Committee
members and for all officers of the Fund, including determining the Fund’s
knowledge and skills framework, identifying training requirements, developing
training plans and monitoring compliance with the policy.
n)
Agreeing the Administering Authority responses to consultations on LGPS matters
and other matters where they may impact on the Fund or its stakeholders.
o)
Receiving ongoing reports from the Chief Finance Officer, the Head of
Investments and Treasury Management and other relevant officers in relation to
delegated functions.
Quorum: 8 : At least 5 of the members present must be Middlesbrough
Councillors