Final TPSPB Admin Governance 120115 - Teachers' Pensions

Final TPSPB Admin Governance 120115 - Teachers' Pensions

Pension Board Induction TPS Governance role of the Board TPS 2015 - The Background The Independent Public Services Pensions Commission final report March 2011 set out the recommendations for the reform of public service pension schemes Recommendation 17 set out the case for more independent oversight and governance to keep the government, taxpayers and scheme members better informed Every public service pension scheme (and individual LGPS Fund) should have a properly constituted, trained and competent Pension Board, with member nominees, responsible for meeting good standards of governance including

effective and efficient administration The report also suggested a larger role for The Pensions Regulator in developing a framework for independent oversight of the governance, administration and data transparency of public service schemes TPS 2015 - The Legislation Public Service Pensions Act 2013 Sets out requirement for a Pension Board and the information that must be published about its role The Teachers Pension Scheme Regulations 2014 (Laid March 2014) Sets out requirement for a Pension Board and the information

that must be published about its role Amendments To the TPS Regulations 2014 (Laid November 2014) Disclosure and Record-Keeping Regulations TPS 2015 How was the model developed? Developed requirements Legislation, TPR Code of Practice No. 14 (Draft) Reviewed other public schemes operating with a board of trustees Looked at other schemes such as the Civil Service, the BBC and large private sector companies to get a feel for the size

and make-up of the board Comparison of proposals for Pension Boards across public schemes Updated unions and employer groups on proposals TPS Administration governance Scheme Manager (i.e. Secretary of State) is legally responsible for governance In practice the function is delegated to the Departments Accounting Officer, responsible for maintaining a system of internal controls; and management of risk that is subject to external scrutiny from NAO, GAD, OBR, and HMT

The Departments Pensions Team Head of Pensions Team Richard Symms TPSPB Board Secretariat Karen Cammack Jack Doherty (P/T) TP Contract Management Team Sue Crane

Karen Peacock TP Reform Team Jeff Rogerson Michelle Thompson-Smith Pensions Policy Team TP Finance Team John Brown

Andrew Leach Karen Oxley Jack Doherty (P/ T) Richard Lees vacant post TPS Administration day to day governance Service Delivery Review monthly Manage delivery of strategic direction, monitors delivery of pension administration against SLA, addresses risks and issues. Escalation point for finance and audit.

Teachers Pensions Finance Meeting monthly Reviews delivery of financial services against defined and agreed standards, forward look to next reporting period TPS Risk Committee monthly Reviews current Strategic and Service Delivery risks, identifies emerging risks in period, and assigns ownership and management of mitigating actions TPS Administration day to day governance Quarterly Strategy Reviews Determining the strategic direction of the administration services, and reviewing delivery progress

Executive Review bi-annually A vehicle for escalating and resolving issues. Keep in Touch (KiT) Meetings The purpose of these meetings are to share information and updates and act as a decision making process outside of the formal board, risk and finance meetings TPS Reform Implementation Project Board Meetings are held to oversee specific initiatives or objectives, for example the Reform project TPS Administration risk management How do these meetings manage risk?

Department approach is to assign risks to those best placed to manage them Manage risk to a reasonable level rather than to eliminate all risk identify and prioritise the risks to the achievement of those policies, aims and objectives evaluate the likelihood of those risks being realised and the impact should they be realised; and manage the risks efficiently, effectively and economically TPS Administration risk management controls The controls used to manage risk are: Risk Register TPS Risk Committee ownership A single risk register covers contract, policy, finance, reform and

administration (strategic and service delivery) Contractual Audit Requirement Capita Group Internal Audit Capita produce and implement an audit strategy that complies with Public Sector Internal Audit (PSIAS) Annual Audit Plan GIA/Department A risk-based annual audit plan is delivered by GIA which is approved by the Department. Monitoring Risks and audit finding resolutions are monitored and discussed at the SDB and QSR meetings TPS Administration risk

management escalation Majority of issues and risks are expected to be managed at the working level Risks that require action will escalated via the relevant Director or Director General within DfE Risks relating to the TPS are discussed on an exceptions basis by the Departments Audit and Risk Committee and Management Committee Risks will be reported quarterly to the Pension Board an additional level of challenge and scrutiny satisfy itself that the risks are being effectively managed TPS Administration role of the Pension Board Provide additional assurance on the effective administration

of the scheme Risk-based approach to ensuring effective administration Focus on scheme performance, continuous improvement, value for money, risk management and compliance with statutory requirements The Pension Board will have authority delegated by the Scheme Manager to request that the relevant service providers address and resolve issues which it identifies TPS Administration role of the Pension Board (2) To support the risk-based approach to ensuring effective administration, the Pension Board will be provided with: risk registers reports and feedback from the Departments Head of

Pensions reports from the administrator on the range and quality of services financial reports details of complaints/Pension Ombudsman's determinations regarding scheme administration audit reports and feedback from stakeholders TPS Report and Accounts Signed by the Accounting Officer Laid before Parliament Public statement of TPS income and expenditure Includes an up to date statement of TPS liabilities Report of the Manager includes reporting of any issues arising

Accounts will be qualified if, for example, the Department has overspend, NAOs audit reveals an issue with the control environment. TPS Accounts sources of assurance How does the Accounting Officer know that the Governance Structure is working? Pension Board statement of assurance Scrutiny by Audit and Risk Committee National Audit Office audits the TPS accounts each year Departments Internal Audit Team Capitas Internal Audit team is audited by Capitas externallyappointed auditors on a regular basis Scheme actuary (GAD) is audited by NAO OBR scrutinises and challenges financial forecasts

TPS 2015 Governance Model

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