This guide will assist those concerned with the management and governance of LGPS funds to integrate LGPS governance into their wider governance frameworks, monitoring and reporting.
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Good governance in public services sets the framework within which public sector bodies can achieve and demonstrate good performance, sound management, the effective stewardship of public funds and, by extension, delivery against the expectations placed upon them.
The importance of good governance is as key to the Local Government Pension Scheme (LGPS) as it is to any other area of public sector activity. With assets of over £140 billion at the last valuation, the emphasis on the decision-making structures that surround the LGPS is critical to the exercise of sound stewardship and good financial performance. Indeed, within the context of the current financial and economic situation, the need for funds to be able to demonstrate to themselves and their stakeholders that their decision-making processes are sound has perhaps never been so acute.
The governance compliance statement that LGPS funds are required to produce forms part of the governance structure in local government and this guide aims to place this requirement in the context of the CIPFA/SOLACE publication Delivering Good Governance in Local Government: A Framework.
As such this guidance will be of interest to all those concerned with the management and governance of LGPS funds: pensions committee members, senior financial officers, fund managers and fund auditors.
We hope that practitioners will find this a useful addition to the suite of CIPFA’s LGPS guidance and that it will assist them integrating LGPS governance into their wider governance frameworks, monitoring and reporting.
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