Sixty second summary
LGPS Funds restructuring for best practice Governance and Administration
05 Nov 2019
Enhancing current governance and administration structures
With the increasing expectations from TPR, members, committees and pension boards, governance and administration restructures are in the air.
Many LGPS funds are restructuring to cope with data quality requirements
Good governance outcome also expected to put pressure on current structures
End of 2019 is an ideal time to take stock and properly review your current structure and delivery methods
LGPS Funds look to drive structural ‘fit for purpose’ changes
The Pensions Regulator (TPR) announced on Wednesday 2 October that it will be asking the Trustee Boards of 400 schemes to conduct a data review within 6 months. Not all of those asked will be within the public sector, but some will. And for any LGPS funds that may be on this list, it will mean another large task to add to a very long list of priorities.
But it is not only TPR demands that are impacting LGPS funds. Members, pension committees and pension boards have increasingly demanded more from their fund’s governance and administration teams and that has led many funds to look at their present structure and reviewing if it is meeting these increased demands.
Hymans Robertson support
Using our experience and skills in benefits and governance consulting and project management, we’ve been supporting multiple funds as they look to enhance and improve their current governance and administration structures.
Please get in touch to discuss the support we can offer your fund.