A major change in scheme governance of the LGPS is the introduction of a Scheme Advisory Board. The board’s core role will be to make recommendations to the Secretary of State, The Pensions Regulator and to local boards to improve the effective administration, governance, performance and cost management of the LGPS. The board will have no statutory powers of its own but will seek to work with existing regulatory and advisory bodies to achieve its objectives.
To inform and test the process of operation of the board prior to its statutory formation in 2014, ministers agreed on the establishment of a shadow board.
Joanne Segars, Chief Executive of the NAPF has been elected Chair of the Shadow Board. She will hold the post until the full Scheme Advisory Board for the LGPS is established in 2014.
The Shadow Board - drawn from all parts of the LGPS community, including employers, unions, practitioners, and specialist advisers, including actuaries and lawyers - met for the first time on 15 July, Ms Segars gave her inaugural speech as Chair, just three days later at the NAPF’s Local Authority Forum. In her speech Ms Segars set out her goals for the Board including the need to work collaboratively and to ensure that the Board delivers results and does not become a talking shop.
You can download Joanne’s speech here.