LPFA Board

The London Pensions Fund Authority is a statutory corporation set up by the London Government Reorganisation (Pensions etc.) Order 1989 [SI 1989 No. 1815] to discharge the functions of the London Residuary Body as an administering body under the Local Government Superannuation Regulations 1986, which have now been superceded by the Local Government Pension Regulations 1997 [SI 1997 No. 1612].  

The Authority has a corporate governance framework modelled on guidance issued by the Chartered Institute of Public Financial and Accountancy (CIPFA) for Non Departmental Public Bodies as this is the closest constitutional basis for the Authority, but adjusted to reflect best local government practice where applicable and the requirements placed on pension funds to demonstrate effective scheme governance.  The Authority’s key governing documents and codes have been brought together in the constitutional document (MS Word - 623KB)

Board Responsibilities

The Board is responsible for:

• The governance of the London Pensions Fund in accordance with statutory regulations;
• The submission of a Strategy Statement and a Budget Statement to the mayor each year;
• The issue of a levy each year under the regulations;
• Directing and monitoring the Executive.

Has a fiduciary duty to:

• The members of the Fund to ensure contributions are collected, that benefits are calculated correctly and paid promptly, and that any surplus monies are properly and prudently invested;
• The council tax payers of Greater London in respect of expenditure falling to be met from the levy.

And is accountable to:

• The Mayor and the GLA for the proper management of the Authority’s affairs;
• The employing authorities in the Fund for the proper administration of the Scheme; and
• Agency clients for the operation of their administration contracts.

Board Structure

The LPFA Board operates under a framework of corporate governance and undertakes its responsibilities through the operation of the following committees:

• Investment Strategy
• Audit
• Performance
• Remuneration

Board Meetings

The Board and its Committees meet on a regular basis throughout the year in the Boardroom at Dexter House.  The Board has agreed a schedule of meetings for 2008 as follows:

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