Members of the local pensions board for the Greater Manchester Pension Fund (GMPF), which has assets worth £23.8bn (€28.3bn), are set to be limited to two consecutive terms of office.
Under a plan of recommendation to the administering authority, terms of office are also due to be staggered.
According to a fund document, the proposed changes were “to ensure continuity and retention of skills and experience”.
The proposal was discussed at a recent local pensions board meeting, with recommendations made in respect of the scheme’s terms of reference with regards to training.
It was suggested that that “board members must participate in training in order to meet and maintain the requirements set out in the board’s Knowledge and Understanding Policy and Framework”, the document added.
Recently, The Pensions Regulator (TPR) has pushed to drive up pension scheme governance standards within the occupational pensions sector. This has so far resulted in two UK professional trustee accreditation programmes being formed.
Separately, the fund, which is part of the Northern LGPS pooling vehicle, has completed its actuarial valuation as at 31 March 2019, using Hymans Robertson as actuary.
Furthermore, the document disclosed that a procurement exercise was set to be launched shortly to cover ”existing and future requirements for external property investment management for the Northern LGPS.
A 10-year framework covering multiple lots was expected to be set up by Tameside Metropolitan Borough Council on behalf of the pool.
IPE could not obtain further information regarding the procurement exercise by the time of publication.