The Pensions Committee

The Pensions Committee is responsible for exercising all of the functions that are required as an Administering Authority for a Local Government Pension Scheme under the Public Service Pensions Act 2013.

Adhering to the principles required by Statutory Guidance, The Pensions Regulator’s (TPR) Code of Practice and performing the duties set out in the Terms of Reference for the Pensions Committee as detailed in CWC’s Constitution available on its website.

Members of the Pensions Committee are responsible for the Fund’s activities, ensuring that the Fund is managed in the best interest of all its members, employers, and beneficiaries. Members of the Pension Committee must therefore take a non-political approach to the decisions they take.

The key duties of the Pensions Committee as set out in the terms of reference are as follows:

To exercise all those functions of City of Wolverhampton Council which are required to be performed by it in its role as Administering Authority for the Local Government Pension Scheme under the Public Service Pensions Act 2013 (and any associated legislation) adhering to the principles required by Statutory Guidance.
To adhere to the principles set out in the Statutory Guidance and Codes of Practice issued by the Scheme Advisory Board and the Pensions Regulator and undertake its duties in compliance with the obligations imposed on it as Scheme Manager.
To approve the Fund’s operational budget and receive reports on matters of staffing and employment where significant budget implications occur.
To represent the views of members in the management and administration of the Fund.
To ensure that equality issues are addressed in the development of policies and the provision of services and are appropriately monitored.
To determine the investment strategy and supporting responsible investment policy and frame work of the Fund in consideration of the long-term liabilities and duties to pay pension benefits.
To monitor investment activity and the performance of the Fund’s investments. To take independent and specialist advice on matters to be determined, including advice from Senior Officers of the Fund, adhering to the advice given when taking decisions.
To ensure effective operational and financial risk management and to receive reports on actions identified in the Fund’s internal control framework.
Reviewing and adopting the statutory policies of the Fund, in accordance with the Fund’s policy framework.
On an annual basis to receive and approve the Annual Report and Accounts.

The membership of the Pensions Committee is detailed in the diagram below:

The ten CWC Councillors and six Metropolitan District Councillors are all voting members of the Committee, the four Trade Union (TU) Representatives are invited to represent the Fund’s members as observers and can participate in debate but do not have voting rights. Further details about the Pension Committee Membership can be found in the Fund’s Representation Policy which is available on the Fund’s website. The Pensions Committee meet on a quarterly basis and are managed and operate as a Section 101 delegated Committee.

Who Sits on Pensions Committee