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The Public Service Pensions Act 2013 includes several key provisions on scheme governance that we will be required at some stage in the future to introduce into the new Local Government Pension Scheme, which will come into effect from 1 April 2014. In particular, we will need to introduce scheme regulations to confer powers on each administering authority to establish local pension boards as required by Section 5 of the Act and to establish a national scheme advisory board as required by Section 7.
This discussion paper explains these requirements in more detail and invites comment on a number of key questions that will help us to formulate draft regulations on governance for consultation later in the year.
Related consultation on draft regulations for the new Local Government Pension Scheme also open from 20 June 2013.