Pensions Committee
Role of the Pensions Committee
Pensions Committee sit as the decision-making body of the Fund.
As a statutory public service scheme, the Fund has a different legal status compared with trust-based schemes in the private sector. Although those making decisions relating to the Fund are required, in many ways, to act as if they were Trustees in terms of their duty of care, they are subject to a different legal framework and are not Trustees in the strict legal sense.
The key duties in discharging this role are:
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 of the Fund 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 framework 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.
Questions about the Pensions Committee
Further information about the role of Pensions Committee can be found in their terms of reference, as below.
This is also found in the City of Wolverhampton Council's constitution, available here
If you have any questions about the Fund's Pensions Committee, please contact our Governance Team, by email at WMPFGovernance@wolverhampton.gov.uk
Agendas and all minutes of Pensions Committee meetings can be found by visiting modern.gov
