The Public Service Pensions Act 2013 introduced the framework for the governance and administration of public service pension schemes. This framework is part of the Pensions Regulator's Code of Practice 14 called 'Governance and Administration of Public Service Pension Schemes.'
The regulator's statutory objectives are to:
- protect the benefits of pension scheme members;
- reduce the risks of calls on the Pension Protection Fund (PPF);
- promote, and improve understanding of, the good administration of work-based pension schemes;
- maximise compliance with the duties and safeguards of the Pensions Act 2008;
- Minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator's function under Part 3 of the Pensions Act 2004 only).
The Code of Practice 14 guidance covers areas which include:
- Governing the scheme;
- Managing risk;
- Resolving issues.
A breach of the law is “an act of breaking or failing to observe a law, agreement, or code of conduct.”. In the context of the LGPS, this could encompass a failure to do anything required under the Regulations, Framework or overriding legislation, as well as potentially extending to the provision of incorrect information in general correspondence or telephone conversations, no matter how large or small.
As such Lancashire County Pension Fund maintain a 'breaches log' as part of our breaches policy.