Vacancy on Pensions Committee - Pensioner Representative
Falkirk Council wishes to appoint a capable and committed person from its pool of retired pensioners to sit as the Pensioner Representative on its Pensions Committee.
The Committee is the decision making body of the Pension Fund and is a key part of the Fund’s stewardship and governance framework. The Committee sets the Fund’s high level strategies, including Fund investment, contribution and administration strategies. The Committee is also responsible for approving the Annual Report and Accounts and for monitoring the overall performance of the Fund.
About the Committee
The Committee consists of 9 members made up as follows:
- 6 Falkirk Council elected members
- 1 Fund Employer Representative
- 1 Trade Union Representative
- 1 Pensioner Representative
The Committee is supported by a number of Officers and Specialist Advisers.
As a Committee member, you would have full voting rights and access to all Committee papers.
All Committee members require to attend training in relation to their role. Training is provided both up front and on an ongoing basis in line with the Fund’s training policy.
The Committee works in conjunction with the statutory Pension Board which consists of 4 Trade Union and 4 Pensioner representatives. The Board exists to assist the Fund in complying with its statutory and regulatory obligations.
It is a legal requirement that Committee members act in the best interests of Scheme members and Fund employers in exercising their decision making function (commonly referred to as fiduciary duty). This means setting aside personal and political preferences in order to best exercise fair and impartial judgement.
About the Pension Fund
Falkirk Council is required by law to maintain a pension fund as part of its obligations to operate the Local Government Pension Scheme.
The Fund has a total of around 30,000 scheme members including contributors, deferred pensioners and retired pensioners. It also covers 30 employers, including Clackmannanshire, Falkirk and Stirling Councils, the Scottish Environment Protection Agency and the Scottish Childrens' Reporter Administration.
The Fund has assets of £2.4 billion invested globally with a variety of investment managers.
Submitting an Application
If you wish to apply for the role of Pensioner Representative, please complete this application form.
The Closing Date for Applications is 9 June, 2019.
FAQ - Being a Pensioner Representative
How often does the Committee meet?
4 times per year. Additional meetings may be called occasionally as and when required.
How long do meetings last?
Meetings are normally concluded in a morning.
Do I get paid?
No, participation is voluntary, but reasonable travelling expenses will be paid.
What sort of business would be involved?
The Committee is the Fund’s decision making body. Business would include agreeing and monitoring the Fund’s high level strategies (e.g. the allocation of Fund monies across asset classes, statement of investment principles, fund manager performance, funding and contribution strategy, reviewing actuarial valuations).
What is the selection process?
Selection will be based on the quality of the application and follow up interview.
Do I need to have any special qualifications?
No, but a sound knowledge of financial matters and capacity to understand matters of a complex nature would be advantageous. The role will also involve a significant amount of reading.
Is training mandatory?
All Committee members require to undergo training in order to attain the knowledge and skills commensurate with the role and to fully understand the common law fiduciary duty that Committee members owe to Fund stakeholders (i.e. employers and scheme members).
Will my personal details be made public?
As a Committee member, your name and email address will be published on the Fund website and in the Fund Annual Report. You will also have to complete a Declaration of Interests document which will also be published on the website.
Will a record of attendance be maintained and published?
When do meetings take place?
Meetings are in March, June, September and December. Meetings in the remainder of 2019 are 27th June, 26th September and 12th December.