Merseyside Pension Fund (the Fund) administers the Local Government Pension Scheme (LGPS) for over 250 employers. Employers include local councils, colleges, academies, town and parish councils, housing associations and charities.

The LGPS is a defined benefit scheme. This means your pension is worked out using a set formula based on your earnings for each year you are a member of the Scheme. When you retire, your pension will be paid for life and is guaranteed by Government.

With more than 160,000 members, governance is important to helping the Fund run smoothly and meet regulations. Governance refers to the way in which an organisation is managed at the highest level, and the systems in place for this.

Wirral Council are the administering authority and are legally responsible for the Fund. The council delegates its responsibility for administering the Fund to the Pensions Committee, which is its formal decision-making body.

There are many parties involved in the management and administration of the LGPS.

Pensions Committee

Wirral Council delegates its responsibility for administering the Fund to the Pensions Committee. 

The Committee’s responsibilities are:

• To monitor and guide the overall investment strategy adopted by the Investment Monitoring Working Party and the overall performance of the Fund;
• To appoint the professional advisers to the Fund and agree the basis for their commission and remuneration;
• To receive actuarial valuations of the Fund and determine the level of employers' contributions necessary to balance the Fund;
• To monitor the Local Government Pension Scheme including the benefit regulations and payment of pensions and their day-to-day administration;
• To consider any views expressed by employing organisations and staff representatives.

The Pensions Committee is the Fund’s formal decision-making body and meets quarterly at Birkenhead Town Hall. Its meetings are open to the public and minuted.

The Committee is comprised of around 15 members, 10 of whom are members from Wirral Council with 4 members representing the other Local Authorities (Knowsley, Liverpool, Sefton and St Helens) and one member representing the other employing organisations in the Fund.

In addition, three trade union representatives attend to represent all current and former members of the Scheme as well as their own trade union members in their wider role as employee representatives.

Local Pension Board

All LGPS funds are required to have a local pension board. The Board is made up of member and employer representatives, and their role is to assist with the governance of the fund. 

The Board helps to ensure the LGPS is well managed and representative at a local level and that best practice requirements are met.

LGPS at a national level

Ministry of Housing, Communities and Local Government (MHCLG)

MHCLG are the government department with overall responsibility for the LGPS in England & Wales. They deliver on strategic management and policy making.

Local Government Association (LGA)

The LGA provide guidance on the technical aspects of the LGPS. They offer a range of training videos and guides to assist employers, funds, and members to understand the Regulations.

Local Government Scheme Advisory Board (SAB)

The Local Government Scheme Advisory Board (SAB) are a national body representing employers and scheme members. They work with the Government and other stakeholders to encourage best practice, increase transparency, and coordinate technical and standards issues.