PENSIONS COMMITTEE

(1)  To exercise on behalf of the Council all of the powers and duties of the Council in relation to its functions as Administering Authority of the County of Merseyside Pension Fund, and in particular the following.

(2)  To be responsible for the overall investment policy, strategy and principles of the Fund and its overall performance of the Fund.

(3)  To appoint and terminate the appointments of the professional advisers to, and external managers of, the Fund and agree the basis of their commission and remuneration.

(4)  To receive actuarial valuations of the Fund and determine the level of employers’ contributions necessary to balance the Fund.

(5)  To monitor the Local Government Pension Scheme including the benefit regulations and payment of pensions and their day to day administration and to be responsible for any policy decisions relating to the administration of the scheme.

(6)  To consider any views expressed by employing organisations and staff representatives relating to the scheme.

(7)  To appoint members of the Investment Monitoring Working Party, which shall have responsibility for reviewing the performance of the Fund’s investments and its asset allocation and regularly reporting their findings to the Pensions Committee.

(8)  To award contracts for goods and services relating to the Fund in accordance with the Contract Procedure Rules after taking into account the recommendations of officers and external professional advisers (where appropriate).