Director of Pensions

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Council Constitution

Part 3a - Terms of Reference and Scheme of Delegation

L. Director of Pensions

All referances below relate to matters prescribed by the:

Local Government Pension Scheme (Benefits Membership & Contribution) Regulations 2007,
Local Government Pension Scheme (Admisstration) Regulations 2007,

Local Government Pesion Scheme (Transition/Provisional) Regulation 2007, Plus Earlier Regulations to the extent that they remain inforce.

Administrative Matters

L1. To deal with the following benefits and contributions matters in relation to the Greater Manchester Pension Fund.

In consultation with the Chief Executive, the making of admission agreements with relevant bodies.
The determination of the intervals at which standard employee contributions are payable to the Fund.
The determination of the final pay period for deceased Members, where the Member could have elected for an earlier period to count but died before so electing.
Making elections on behalf of deceased Members for Certificates of Protection of pension benefits.
The exercise of discretion regarding the payment of death grants in respect of deceased scheme Members in accordance with the guidelines approved by the Pension Fund Management Panel.
The exercise of discretion in respect of breaks in education or training for the purposes of deciding if a person can be regarded as a child.
The exercise of discretion in the apportioning of a children's pension between more than one eligible child.
The exercise of discretion in the payment of the whole or part of a children's pension to a person other than an eligible child.
The commutation of certain small pension benefits within the statutory limits to single lump sum payments so as to discharge future liability for payments.
The commutation of pensions in exceptional circumstances of ill health.
The agreement with employing authorities of meeting the cost of augmentation via extra employer contributions.
The determination of whether or not a person wishing to purchase certain additional pension benefits has undergone a medical examination to the satisfaction of the administering authority.
The determination of minimum contributions to the AVC scheme.
Obtaining revisions to a rates and adjustments certificate (eg. when it appears that liabilities are arising in excess of those previously assumed).
The determination of intervals for the payment of employee and employer pension contributions to the Fund.
Charging interest to employers or other administering authorities on late payments due to the Fund.
The determination of intervals for payment to the Fund of rechargeable pensions increase.
The determination of the amount of any benefit that may be payable to a person out the Fund.
The determination of various matters in relation to new contributors including what previous service may be taken into account.
The approval of medical practitioners to be used by Fund employers in making decisions on entitlement to ill-health retirement.
Deciding disagreements raised under Stage 1 of the Internal Dispute Resolution Procedure in respect of administering authority matters.
The transfer, to an employing authority from the Fund, of sums to compensate for loss caused by a former Member's misconduct.
The payment of transfer values.
The acceptance of transfer values.
The approval of applications for the reinstatement of spouse's pensions under Regulation F7 of the Local Government Pension Scheme Regulations 1995 (as amended) in the following circumstances:
(a) if a spouse has remarried and that marriage has ended; or
(b) if a spouse has been cohabiting outside marriage and that cohabitation has ended.
The exercise of discretion on the extension of statutory time limits in respect of various applications made by employees and beneficiaries as provided in the regulations.
The waiving on compassionate grounds of overpayments of pension benefits.
The making and revision of a Pension Administration Strategy after consulting employers.

L2. Investment Matters

In accordance with the policy guidelines and, subject to such consultations as the Director of Pensions may deem appropriate, the allocation of all monies accruing to the Pension Fund which are not required for payment of benefits for investment in the following categories of investment:-
1. fixed interest securities managed by the Fund Managers;
2. UK equities managed by the Fund Managers;
3. overseas equities and bonds managed by the Fund Managers;
4. local investment in the acquisition and development of property as part of the Property Venture Fund;
5. UK and overseas unquoted investments via venture capital funds and other local arrangements;
6. acquisition of land and premises and the development of such land and improvements, refurbishment and modernisation of such premises;
7. indirect pooled property investments;
8. designated index linked fund;
9. other monies to be invested other than in categories (1) - (8) above.
In accordance with the policy guidelines and advice given by the Pension Fund Advisory Panel and the Pension Fund Management Panel and, in relation to land and premises in accordance with the terms recommended by the Head of Property Investments or the Specialist Advisor, the investing of money allocated in accordance with the above for investment in categories (2)(a), (iv) - (ix) above.
The placing on short term deposit until the Pension Fund Advisory Panel and the Pension Fund Management Panel have given consideration to the placing in long terms investments of any money which has not been allocated to and invested in categories (i) - (vii) set out at (2)(1) above;
In accordance with policy guidelines given by the Pension Fund Management Panel, arranging the realisation of ongoing management of any specie distributions received in connection with holdings of UK and overseas unquoted investments, including the opening of accounts with any financial institution in order to facilitate the exercise of this power.
Subject to having consulted at least one of the professional advisors to the Pension Fund Advisory Panel and the Pension Fund Management Panel the handling of urgent matters arising in the management of the Pension Fund between meetings of the Pension Fund Advisory Panel/Pension Fund Management Panel and which fall within the predetermined strategy laid down by those Panels.

L3. Property Investments

Responsible for the management of the Pension Fund property portfolio in accordance with the policy guidelines of the Pension Fund Management Panel and the Pension Fund Advisory Panel, and subject to Procurement Standing Orders and Financial Regulations of the Authority, comprising:-

the negotiation and acceptance of terms for the acquisition, development and redevelopment and disposal of land and buildings;
the acquisition and disposal of incidental property vehicles;
the negotiation and acceptance of terms for the granting, renewing, reviewing, varying or assignment of leases, underleases, tenancies, licences and any other interest in Fund property;
the preparation and implementation of schemes of works of modernisation, improvement, maintenance and repair to Fund property together with the invitation and acceptance of tenders and the authorisation of expenditure on such works;
the appointment and supervision of managing agents and professional advisors necessary for the effective management of the Pension Fund Property Portfolio, within budget provision;
the collection of all rents, the setting of management and collection of service charges, insurance premiums and any other monies arising out of the Pension Fund Property Portfolio, together with the approval of any in-house systems established to achieve this;
the placing of insurance cover for Fund property to such value and for such risks as shall be considered appropriate.

Page last updated: 23 September 2008