Managing Risk In The Local Government Pension Scheme (2018 Edition)
In this publication we examine the basics of risk, risk policy formulation and risk management, and how this applies in the context of the local authority as an administrator of the Local Government Pension Scheme (LGPS). We explore how risk manifests itself and how, by using established risk management techniques, those risks can be identified, analysed and managed effectively.
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Effective risk management stands at the heart of sound corporate governance across all organisations and functions and the Local Government Pension Scheme (LGPS) is no exception.
The introduction of new governance requirements in the LGPS in 2015, specifically the Pensions Regulator's role and the establishment of local pension boards, reflects the increasing importance of risk management. It also reinforces the need for administering authorities to focus their risk management activities on all areas of scheme management and not just investment, noting of course that management of investment risk is rightly a fundamental concern.
In this publication, with contributions from leading actuaries and LGPS practitioners, we explore how risk manifests itself across the broad spectrum of activity that constitutes LGPS financial management and administration, and how, by using established risk management techniques, those risks can be identified, analysed and managed effectively.
The vast majority of LGPS funds have in place well developed and sophisticated risk management strategies. This publication aims to encourage administering authorities to review their approach to risk management given changes to the operation and governance of the scheme.
This publication is only available online. The digital, online version is available as both searchable HTML and a bookmarked downloadable PDF of the publication that can be shared throughout your organisation.
Customers will need to register and login to CIPFA’s website to access the publication. Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA’s Publications Department.