The Pension Committee
The Pensions Committee oversees the management of the Tower Hamlets Pension Fund and act as trustees of the Fund.
The Pensions Committee oversees the management of the Tower Hamlets Pension Fund and act as trustees of the Fund.
The Committee, comprised of elected representatives of Tower Hamlets Council and non-voting employer and scheme member representatives, recognise that they have fiduciary duties and responsibilities towards beneficiaries, employers and local taxpayers that are analogous to those holding the office of Trustee in the private sector.
As the Fund has to be managed in line with the Pensions Board, the Committee regularly takes financial advice from a regulated professional.
The Committee’s terms of reference require them to act as Trustees of the Council’s Pension Fund within the terms of the Superannuation Act 1972.
The full terms of reference for the Committee can be found here in the Council Constitution (Part 3.3.10, Responsibility for Functions) pg. 102.
The Fund’s objective in relation to administration is to deliver an efficient, quality and value for money service to its scheme employers and scheme members. The Council staff work together to provide a seamless service to scheme employers and scheme members.
The Committee is made up of seven Members of the Council as appointed by Full Council. The quorum is three voting Members of the Committee.
The Committee also comprises one Trade Union Representative and one representative of Admitted Bodies (other employers who have chosen to join the Local Authority Pensions Scheme). These representatives are non-voting Members.
Agendas and reports are available from the Tower Hamlets Council’s Committee web page, to access please click here.