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Scheme Governance and Legislation
The 2015 NHS Pension Scheme has governance arrangements in place to ensure the scheme remains sustainable for both employers and employees.
The arrangements consist of a pension board (PB) and a scheme advisory board (SAB), both of which are a legal requirement under The Public Service Pensions Act 2013. These boards cover arrangements across England and Wales.
The boards work in partnership with key stakeholders and have the following representation: employer and member representatives, health departments, the Government Actuary's Department (GAD), and the NHS Business Services Authority (NHSBSA).
Pension board (PB) - has responsibility for setting and monitoring the performance of the scheme administrator. This includes ensuring scheme compliance with all relevant regulations and directions and working closely with The Pension Regulator (TPR). The group meets quarterly.
Scheme advisory board (SAB) - is required to provide advice to the responsible authority (Scottish Ministers for Health), on desirability of changes to the scheme. The group meets quarterly. SAB comprises members from key stakeholders within the NHS and the NHS Pension Scheme. These include representatives from the health departments, the Government Actuary's Department, NHS Pensions, an independent actuary as well as employer and member representatives.
You can find out more about the Scheme's governance and legislatory arrangements by clicking the links below.