Isle of Wight Council LGPS - Risk Management Policy

The Isle of Wight Council LGPS Risk Management Policy has been prepared by Isle of Wight Council in its capacity as the administering authority of the Isle of Wight Council Pension Fund, part of the Local Government Pension Scheme (LGPS).

An essential element of good governance in the LGPS is risk management. The Pension Regulator General Code states that “the governing body should identify risks, record them, and regularly review and evaluate them. The evaluation of risks will help the governing body determine which risks require internal controls to be put in place to reduce their incidence and impact”.

The General Code sets out that the legal responsibility for internal controls always rests with the governing body. In relation to the Isle of Wight Council Pension Fund, delegated authority has been given to the Pension Fund Committee by the administering authority to develop and oversee the development of the risk management framework, with oversight responsibilities delegated to the Local Pension Board.

To fulfil the Code requirements, the Committee is expected to exercise judgement, both in assessing the scheme risk profile and in designing appropriate controls to mitigate against key risks to the scheme whilst considering the interests of all employers and members of the scheme.