2014 will see the biggest change in governance arrangements for a decade in advance of the requirements of the Public Service Pensions Act being implement by April 2015.
In addition to the expected consultation on structural reform DCLG will shortly be issuing a consultation on new governance arrangements which will cover the membership, remit and reporting lines of local Pensions Boards and also set out the basis for the National Scheme Advisory Board. The practicalities of these requirements will open up considerable debate and local interpretation. It will also cause Administering Authorities to look again at how they discharge their responsibilities in supporting both the Pension Board and existing Pensions Committee as well as following the new Code of Practice Guidance from The Pensions Regulator looking at areas such as ‘conflicts of interest’.