Surrey County Council (SCC) is the Administering Authority for the Surrey Pension Fund (the Fund) under the Local Government Pension Scheme Regulations 2013 and is the Scheme Manager as defined by Section 4 of the Public Service Pension Act 2013.
SCC are required, by virtue of the statutory provisions in the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009, to manage the Pension Fund's assets and liabilities separately to those it holds to perform its functions as a local government authority and to carry out all other activities associated with the management and administration of the scheme, in accordance with legislation and statutory guidance for the benefit of its members, employers and other stakeholders.
The Pension Committee
The Pensions Committee oversees the management of the Surrey County council and act as trustees of the Fund.
The County Council has appointed a Pension Fund Committee with responsibility for the management of the Pension Fund. The members of the committee are:
- Nick Harrison (Chairman)
- Trefor Hogg (Vice-Chairman)
- David Harmer
- George Potter
- Richard Tear
- Robert Hughes
- Cllr Claire Malcomson
- Cllr Nirmal Kang
- Mr Kelvin Menon, Employers Representative
- Mr Duncan Eastoe - Employees Representative
The main decisions that members of a pension committee are likely to have to make are listed below:
Agreeing the fund's objectives and investment beliefs
- Monitoring progress of the fund towards its objectives
- Using the beliefs to form the fund's investment strategy
Deciding upon an appropriate investment strategy and structure for the fund
- Considering advice from the investment advisers and the fund's Actuary
- Identifying and managing the fund's key risks
- Setting policy on environmental, social and governance ("ESG") related matters, including climate change
In relation to the management of the fund's assets
- Liaising with the pool on investment options (Border to Coast Pensions Partnership)
- Monitoring performance over time of decisions delegated to other parties
Local Pension Board
From 1 April 2015, the Surrey Pension Fund Committee has been assisted in its management of the Surrey Pension Fund by a Local Pension Board made up from representatives of members and employers of the scheme.
- It plays a key advisory role in assisting the Surrey Pension Fund Committee in managing the Surrey Pension Fund;
- It ensures that the Surrey Pension Fund Committee is compliant with LGPS and other relevant regulations;
- It has regular meetings (at least twice a year).
- Tim Evans (Independent Chairman)
Employer representatives
- Cllr David Lewis (Vice Chairman)
- Brendan Bradley (Employer Rep)
- Cllr Jeremy Webster (Employer Rep)
- Chris Draper (Employer Rep)
Member representatives
- Vacancy
- Siobhan Kennedy (Member Rep)
- Trevor Willington (Member Rep)
- William McKee (Member Rep)
Policies and Strategies
Surrey Pension Team have to maintain a number of policies which set out the arrangements in place to manage different aspects of the Pension Fund. These are summarised below and you can download the full documents by clicking on the relevant links.
The Communication Policy provides an overview of how the Surrey Pension Fund will communicate with its full range of stakeholders. An effective communication strategy is vital for the Fund to meet its objective of providing a high quality and consistent service to the stakeholders.
The Funding Strategy Statement is completed after each actuarial valuation and details the approach to setting contribution rates and maintaining stable and affordable employer contributions.
The Governance Compliance Statement sets out the Fund's Governance Structure, scheme of delegation, and the terms of reference for its Governing Bodies, the Pensions Committee and the Local Pensions.
The Investment Strategy Statement document sets out the investment policy, suitable persons appointed to implement that policy, the regular reviews and monitoring of investments.
The Pension Administration Strategy sets out the expected levels of administration performance of both the Surrey Pension Fund and the employers within the Fund, as well as details on how performance levels will be monitored and the action that might be taken where persistent failure occurs.
The Governance Policy Statement sets out the policy of the Administering Authority in relation to its governance responsibilities for the Local Government Pension Scheme.
The Knowledge and Skills Policy covers the topic of training provided to the Pension Fund Committee and Local Pension Board members.