Public service pension schemes A summary of governance and administration
In 2011, the Independent Public Service Pensions Commission recommended major reforms to public service pension schemes to make them more affordable and sustainable while, crucially, ensuring that their purpose remained to still provide adequate retirement income.
It also recommended improvements to scheme governance and administration. In particular, it called for:
• a properly constituted, trained and competent pension board
• member nominees on the board
• disclosure of standardised scheme and fund information
• minimum administration standards
• better member communications including annual benefit
statements, and
• independent oversight of governance, administration and data
transparency.
With these objectives in mind, we plan to:
• provide educational materials and codes of practice
• monitor and report on the performance of these schemes, and
• enforce compliance if necessary.
The report focuses on the existing schemes for eight main categories of workers. The existing schemes will be subject to new scheme arrangements and expanded regulation from April 2015. The report is intended to provide a portrait of the current state of public service pension schemes. Providing educational information on the areas we regulate is an important element of our riskbased regulatory approach. The report is based on publicly-available information and our discussions with those involved in scheme design, management, administration, advice and audit. Included in this report, in the Annex, are descriptions of the schemes, bringing out key features, similarities and differences.