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Governance compliance statement

Regulation 55 of The Local Government Pension Scheme Regulations 2013 requires the administering authority to prepare a Governance Compliance Statement.

Description of principle Kent Pension Fund's position

Structure

  • the management of the administration of  benefits and strategic management of fund assets clearly rests with the main committee established by the appointing Council.
  • that representatives of participating LGPS employers, admitted bodies and scheme  members (including pensioner and deferred members) are members of either the main or secondary committee established to underpin the work of the main committee.
  • that where a secondary committee or panel has been established, the structure ensures effective communication across both  levels.
  • that where a secondary committee or panel has been established, at least one seat on  the main committee is allocated for a member from the secondary committee or panel.

The Superannuation Fund Committee exercises all of the powers and duties of Kent County Council as the administering authority for the Kent Pension Fund.

The matters the Committee is responsible for include:

  • setting investment strategy
  • appointing professional fund managers
  • carrying out regular reviews
  • monitoring of investments
  • monitoring the administration of the pension scheme
  • determining pension fund policy in regard to employer admission arrangements.

Membership of the Committee is drawn from the County Council as well as other scheme employers and member representatives. All representatives receive appropriate training and development.

Committee Membership and Representation

  • that all key stakeholders are afforded the opportunity to be represented within the main or secondary committee structure.

    These include:
    • employing authorities (including non-
      scheme employers, e.g. admitted bodies)
    • scheme members (including deferred and pensioner scheme members)
    • independent professional observers;
    • expert advisers (on an ad hoc basis).
  • that where lay members sit on a main or secondary committee, they are treated equally in terms of access to papers and meetings, training and are given full opportunity to contribute to the decision making process, with or without voting      
    rights.

Committee members serve for a 4 year term.

The Committee consists of 17 members; 13 employer representatives and 4 member
representatives.

Of the employer representatives 9 are drawn from the County Council, 3 are nominated by the 12 district councils and Medway Council has 1 representative.

Of the 4 member representatives Unison and KCC staff have 1 representative each and the Kent Active Retirement Fellowship has 2 representatives.

The Fund’s investment advisors, Mercers, attend the Committee meetings as required and facilitate workshops on any significant changes to investment strategy.

All members of the Committee are treated equally in terms of access to papers and meetings, as well as training and are given full opportunity to contribute to the decision making process, with or without voting rights.

Selection and role of lay members

  • that committee or panel members are made fully aware of the status, role and function  they are required to perform on either a main or secondary committee.
  • that at the start of any meeting, committee members are invited to declare any financial or pecuniary interest related to specific  matters on the agenda.

On appointment all Committee members are made fully aware of the status, role and function they are to perform.

All members of the Committee have signed an undertaking to comply with the Code of Member conduct set out in appendix 6 of the KCC constitution.

At the start of each meeting Committee members are invited to declare any related financial or pecuniary interest in any matters on the agenda.

Voting

  • the policy of individual  administering authorities  on voting rights is clear  and transparent, including  the justification for not  extending voting rights to  each body or group  represented on main LGPS  committees.

All 13 employer representative members have full voting rights in the Committee.  Non voting members are able to engage in and contribute to decision making.

The voting rights of Superannuation Fund Committee members are regularly reviewed, the most recent review being October 2017.

Training / Facility time / expenses

  • that in relation to the way in which statutory and related decisions are taken  by the administering authority, there is a clear policy on training, facility time and reimbursement of expenses in respect of
    members involved in the decision-making
    process.
  • that where such a policy exists, it applies equally to all members of committees, subcommittees, advisory  panels or any other form of secondary
    forum.

Arrangements for training, facility time and expenses of Committee members are described in the Kent County Council constitution. This policy applies equally to all Committee members.

The Fund's training policy was updated in November 2019.

All additional costs of attending training courses are reimbursed from the Fund.

Meetings - Frequency

  • that an administering authority’s main committee or committees meet at least  quarterly.
  • that an administering authority’s secondary committee or panel meets at least twice a year and is synchronised with the dates  when the main committee sits.
  • that administering authorities who do not include lay members in their formal governance arrangements, provide  a forum outside of those arrangements  by which the interests of key stakeholders  can be represented.

The Superannuation Committee usually meets 5 times year.

The Pensions Forum meets twice a year for all employers focussing on administration issues.

Access

  • that subject to any rules in the council’s constitution, all members of main and secondary committees or panels have equal  access to committee papers, documents  and advice that fails to be considered  at meetings of the main committee.

All Committee members have access to committee papers, documents and advice that fails to be considered at meetings of the Committee.

Meeting papers are also available on the KCC and Kent Pension Fund websites.

Scope

  • that administering authorities have taken steps to bring wider scheme issues within the scope of their governance arrangements.


The Committee monitors the administration of the pension scheme and determines pension fund policy in regard to employer admission arrangements.

Publicity

  • that administering authorities have published details of their governance arrangements in such a way that  stakeholders with an interest in the way in which the scheme is governed can express an interest in wanting to be part of those arrangements.


Details of all Committee meetings are available on the Kent County Council website including all unrestricted committee papers.

Local Pension Board

A local pension board (the Board) was established in 2015 in accordance with regulation 106 of the LGPS 2013 regulations. Its purpose is to assist us as the Administering Authority for the Kent Fund to secure compliance with the 2013 regulations and to ensure the effective and efficient governance and administration of the scheme.

The Board is composed of

  • 8 members
  • 4 employer representatives
  • 4 member representatives.

Board members serve for a 4 year term.

Of the employer representatives

  • 2 are drawn from the County Council
  • 1 is nominated by the 12 district and Medway councils, and
  • 1 is nominated by the other employers.

Of the 4 member representatives there is

  • 1 trade union representative
  • 1 KCC staff representative
  • 1 representative of Medway and district councils, and
  • 1 representative of the Kent Active Retirement Fellowship.

The Chair of the Board is a Kent County Council (KCC) elected member and the Vice Chair is elected by the Board.

The Board will meet quarterly with secretarial support provided by KCC Democratic Services. Find out about the board meetings including unrestricted meeting papers

All representatives receive appropriate training and development and all costs of attending meetings and additional costs of attending training courses are reimbursed from the Fund.