Regulation 3 Governance policy statement

After regulation 73 (the pension funds) insert—

“Governance policy statement

73A.

(1)

An administering authority must, after consultation with such persons as they consider appropriate, prepare, maintain and publish a written statement setting out—

(a)

whether the administering authority delegate their function or part of their function in relation to maintaining a pension fund to a committee, a sub-committee or an officer of the administering authority; and

(b)

if they delegate that function or part of that function to a committee, sub-committee or an officer of the administering authority—

(i)

the frequency of any committee or sub-committee meetings;

(ii)

the terms of reference, structure and operational procedures of the delegation; and

(iii)

whether the committee or sub-committee includes representatives of employing authorities (including non-Scheme employers) or members, and if so, whether those representatives have voting rights.

(2)

The first such statement must be published on or before 1st April 2006.

(3)

The statement must be revised and published by the administering authority following a material change in their policy on any of the matters referred to in paragraph (1).”.