Local Pension Board
As a result of changes to governance arrangements to pension schemes in the public sector, the Isle of Wight Council as an administering authority for the LGPS is required to have in place a local pension board. The role of the board is to assist the Isle of Wight pension fund in complying with all the legislative requirements, making sure the scheme is being effectively and efficiently governed and managed.
The board members work with the Council in its role as an administering authority and with the pension fund’s officers to ensure that your pension scheme is being run properly and that you as a member get the best service.
To comply with requirements imposed by regulations which are enforced by the Pensions Regulator, the members of the local pension board are required to maintain their knowledge and understanding of the LGPS and pensions in general, so receive appropriate training.
The board must have an equal number of employer representatives and scheme member representatives.
Scheme member and employer representatives are appointed to the board for a term of 4 years. Board members may seek reselection at the end of their term.
Details of the Pension Board, including its current members, terms of reference, forthcoming meetings and minutes and agendas can be found here.