Who runs the pension fund
The Greater Gwent (Torfaen) Pension Fund is run by Torfaen County Borough Council.
This means that Torfaen County Borough Council is the "administering authority" as defined in the Local Government Pension Scheme Regulations.
The Council has delegated responsibility for the management of the Pension Fund to a Pension Committee which makes decisions and takes responsibility for the management and investments of the Fund.
In addition the Council has established a Pension Board in accordance with the requirements of the Public Service Pensions Act. The role of the Pension Board is to assist in the good governance of the scheme through the monitoring of Fund performance and adherence to statutory duties. The Pensions Board is not a decision-making body - its role is to assist the Administering Authority in the compliance with scheme rules.
Administering authorities are required to act in the interests of all employers, members and their dependants within the fund. The role of the administering authority is very similar to that of a trustee.
The Pensions Team at Torfaen County Borough Council look after the day to day running of the fund.