The Fund’s governance arrangements ensure that the management of fund administrative, management and investment risk is undertaken at the highest levels.
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.
The principal documents relating to risk management and control are the Fund’s:
- Admissions Policy
- Breaches Policy
- Pensions Administration Strategy 2013 (effective until 31 March 2018)
- Pensions Administration Strategy 2018 (effective from 1 April 2018)
- Administration Records & Data Improvement Policy
- Communications Policy
- Funding Strategy Statement
- Governance Policy
- Health & Safety Policy
- Investment Monitoring Policy
- Investment Strategy Statement
In addition, the Fund maintains a risk register and a compliance manual for its employees.
These documents are all subject to regular scrutiny by Pensions Committee and officers, and provide details of the key risks and explanations of the policies and controls adopted to mitigate them. These arrangements are assessed at least annually by the Fund’s external and internal auditors.
Additionally, and where applicable, the Fund adheres to the administering authority’s constitution in managing its operations. Legal opinion and advice is provided by Wirral’s legal team and from external sources where appropriate.