The Public Service Pensions Act (Northern Ireland) 2014 requires the establishment of a Pension Board from 1 April 2015 with the responsibility for “assisting the scheme manager” to secure compliance with the Northern Ireland Civil Service (NICS) pension schemes, any other legislation relating to the governance and administration of this scheme and any other statutory pension scheme connected to it; and the Pensions Regulator’s Code of Practice for Public Sector Schemes. Since this Pension Board represents a significant additional layer of governance and oversight, much of its work during the first year has focussed on recruiting an independent chairperson; training Board members, developing appropriate agendas, reporting/management information, and finalising Terms of Reference for the Board.
In accordance with the agreed Terms of Reference for the Pension Board, the Board will report annually on its work, providing assurance as required and ensuring the effective administration of the scheme.
Pension Board Annual Report 2015-2016