Isle of Wight Council LGPS - Knowledge & Development Policy

The ultimate aim of the Isle of Wight Council, as the administering authority of the Isle of Wight Council Local Government Pension Scheme ("the Scheme"), it to ensure that the scheme is managed by individuals who have the appropriate levels of knowledge and skills.

The Administering Authority objectives are:

• The Pension Fund is managed, and its services are delivered, collectively by individuals who have the appropriate knowledge and expertise, and that each individual maintains their knowledge and expertise in the changing environment.

• Individuals that have delegated responsibilities for the governance and decision making have sufficient expertise to be able to evaluate and challenge the advice they receive, manage conflicts of interest and ensure their decisions are robust and well based.

• The Pension Fund and its stakeholders are aware of and understand their roles and responsibilities under the LGPS regulations and in the delivery of the administration functions of the funds.

Best endeavours will be used to ensure individuals comply with “Effective Decision Making (Myners)” principles.

The administering authority recognises that the pensions landscape is characterised by a complex legislative framework. In addition to the LGPS legislative requirements, there are industry-wide statutes that apply in whole or in part to the LGPS, including the way in which schemes interact with state pensions, the tax system and The Pensions Regulator. There are also requirements in place from both statutory and best practice guidance impacting the LGPS. 

The Isle of Wight Council LGPS Knowledge and Development Policy provides a framework to assist Pension Fund Committee members, Local Pension Board members and Officers with responsibility managing LGPS pension matters, with the development of their knowledge and understanding.