Pension Board
Who can sit on the Board?
Under the LGPS regulations, the Board must comprise equal numbers of scheme member and scheme employer representatives. Cheshire has chosen to have a minimum of two scheme member (One nomination being a trade union representative) and two employer representatives (One nomination being made by Cheshire West and Chester Council). The Board also has an Independent Chair (who does not have any voting rights).
The key requirements of prospective Board Members is having knowledge and understanding, capacity to develop and maintain it, keeping it up to date, and that induction training will be provided.
How much time and effort is involved?
The Board meets a minimum of 5 times a year. Board Members will also be expected to undertake the necessary training to undertake the role. This involves a minimum of three training sessions (potentially more initially), online learning and attendance at conferences and seminars throughout.
Board Members will also be entitled to attend meetings of the Pension Fund Committee as Observers.
Appointments are made for a 3 year period.
Due to the requirements for Board Members to have/develop the necessary knowledge and understanding, it has been determined that substitutes will not be allowed.
The role requires a person who can demonstrate the required criteria, characteristics and skills, which include:
- Capacity to attend at least four Local Pension Board meetings per year, along with a minimum of three training sessions, completion of online learning and attendance at conferences and seminars throughout each year
- A good understanding of pension fund management, LGPS knowledge and an understanding of the issues facing the LGPS
- Financial and Investment awareness
- Act impartially in the interests of both employers and members
- Confidence to challenge, influence, and engage
- Act prudently, honestly and in line with accepted principles of public life
- An effective communicator and team player and promote excellent working relationships within the Local Pension Board and gain the confidence of external stakeholders
Will I be paid to sit on the Board?
No – although you will be entitled to reclaim any reasonable travel or subsistence costs incurred as a result of attending Board Meetings, or approved training.
Overview of Roles
Further information on the roles of Board members can be viewed on the links below.
Independent Chair
Who can be the Independent Chair?
The role of independent chair is someone who can demonstrate the following criteria, characteristics and skills. The role involves reviewing the financial aspects of pension fund management and requires a person who brings an appropriate level of knowledge with them.
Qualities expected of the Chair
• proven leadership skills with the ability to chair meetings
• articulate in writing and speech, including preparing formal papers
• excellent communication skills
• tact and diplomacy
• willingness to speak one’s mind and listen to the views of others.
Experience and knowledge
• knowledge and experience of governance or management of work-based Local Government Pension Scheme and the regulatory bodies involved
• a working knowledge of the Local Government Pension Scheme
• prior experience of committee/trustee work
• the law relating to pensions
• any matters which are prescribed in regulations
• an awareness of the practices and policies about the administration of the LGPS including –
• Pension Fund administration and governance
• Pension Fund investment management
• Pension Fund liability management
Remuneration, expenses and allowances
The role is not be remunerated. All Pension Board members will be entitled to claim reasonable travel and subsistence allowances for attending meetings relating to Pension Board business (including attending training) at rates contained in the Members’ Allowances Scheme.
Employee Representative
Who can be an employee Representative?
An employee representative can:
- be a member of the scheme
- be an employee
- be a deferred or retired member
For the roles of member representatives we look for people who can demonstrate the following criteria, characteristics and skills. The role involves reviewing the financial aspects of pension fund management and requires people who bring an appropriate level of knowledge with them.
- You must be a member or an employer member of the Cheshire Pension Fund and be able to commit to a membership period of 3 years
- Capacity to attend at least four Local Pension Board meetings per year, along with training as required
- A good understanding of pension fund management, LGPS knowledge and an understanding of the issues facing the LGPS
- Financial and Investment awareness
- Trustee, governance or representative board experience
- Act impartially in the interests of both employers and members
- Confidence to challenge, influence, and engage
- Act prudently, honestly and in line with accepted principles of public life
- An effective communicator and team player and promote excellent working relationships within the Local Pension Board and gain the confidence of external stakeholders
Employer Representative
Who can be a scheme employer representative?
An employer representative can:
- be an employee of an employer in the Cheshire Pension Fund
- also be a scheme member (e.g. if they are also an employee who has chosen to join the LGPS)
- be someone other than an employee e.g. in the case of an Academy school a Governor could be nominated as an employer representative
For the roles of employer representatives we look for people who can demonstrate the following criteria, characteristics and skills. The role involves reviewing the financial aspects of pension fund management and requires people who bring an appropriate level of knowledge with them.
- You must be a member or an employer member of the Cheshire Pension Fund and be able to commit to a membership period of 3 years
- Capacity to attend at least four Local Pension Board meetings per year, along with training as required
- A good understanding of pension fund management, LGPS knowledge and an understanding of the issues facing the LGPS
- Financial and Investment awareness
- Trustee, governance or representative board experience
- Act impartially in the interests of both employers and members
- Confidence to challenge, influence, and engage
- Act prudently, honestly and in line with Nolan’s seven principles of public life
- An effective communicator and team player and promote excellent working relationships within the Local Pension Board and gain the confidence of external stakeholders