Isle of Wight Council LGPS - Policy for recording and reporting breaches of the law

This policy sets out the Isle of Wight Council LGPS procedures for identifying, monitoring and where necessary reporting breaches of the law as per Pension Act 2004.

The procedures set out in this policy have been developed to:

• assist those individuals who have a legal responsibility to report certain breaches of the law to the Regulator in determining whether a breach they have identified should be reported; and
• assist the Fund in ensuring it is aware of all breaches of the law in relation to the Fund and that these are appropriately recorded and then dealt with.

The following have responsibility for reporting breaches (known as “Reporters”):

• all members of the Pension Fund Committee and the Local Pension Board;
• all officers involved in the management or administration of the Fund including officers in the Isle of Wight Council Financial Services and Pension Services teams, the Monitoring Officer, and the Director of Finance (Section 151 Officer);
• professional advisers including investment advisers, auditors, actuaries, legal advisers, fund custodians, fund managers and administration software providers in relation to the reporting of legal breaches relating to the administration of the Fund;
• all participating employers in the scheme; and
• any other person otherwise involved in advising the managers of the
  scheme

The Strategic Manager: Pensions has responsibility for the implementation, review, and monitoring of these procedures, and can seek such advice as they consider necessary including from the Council’s Legal Services team or external advisors.