Issue - meetings

The Cabinet Member for Finance introduced the report which related to the introduction of a local Pension Board for the Barking and Dagenham Pension Fund and its proposed structure and terms of reference, defined as a consequence of regulations brought about through the Public Service Pensions Act 2013.

The proposals supported by the Pensions Panel aimed to secure compliance with all relevant regulations and ensure the effective and efficient governance and administration of the fund.  The report set out details of the functions and proposed composition of the Board and the appointment process which will see the Board in place by April 2015 with the first meeting being held before July.

Councillor McCarthy, as a member of the Pension Panel, supported the recommendation to establish the Pension Board with an independent Chair.

The Assembly resolved to:

(i)  Note the requirement for the Council to establish a Pension Board by 1 April 2015;

(ii)  Approve the proposals for the establishment of the London Borough of Barking and Dagenham Pension Board, as set out in Appendix 1 to the report; and

(iii)  Delegate authority to the Chief Finance Officer, in consultation with the Chair of the Pension Panel and the Head of Legal and Democratic Services, to agree the final terms of reference of the Pension Board.