Wirral Council is the administering authority of the Merseyside Pension 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.
Under its Constitution, the council delegates, under Section 101 of the Local Government Act 1972 to Pensions Committee all those non-Executive functions vested in it, as identified in the terms of reference detailed within the Fund's Governance Policy.
On 1 April 2015, the Wirral Council Pension Board was established in accordance with Section 5 of the Public Service Pensions Act 2013, and under regulation 106 of the Local Government Pension Scheme Regulations 2013 (as amended).
The purpose of the Board is to assist Merseyside Pension Fund in its role as a Scheme Manager of the Local Government Pension Scheme. Such assistance is to:
secure compliance with the Regulations, any other legislation relating to the governance and administration of the Scheme and requirements imposed by the Pension Regulator in relation to the Scheme and;
ensure the effective and efficient governance and administration of Merseyside Pension Fund.
The Fund recognises that risk is inherent in many of its activities and makes extensive use of external advisers and industry best practice in assessing and establishing policies to identify and mitigate those risks.