The Local Government Pension Scheme (Amendment) (Governance) Regulations 2026
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Change 1
10 Insertion of new regulation 116A
After regulation 116 (scheme advisory board: additional functions) insert— Independent Governance Reviews 116A (1) An administering authority must arrange for governance reviews to be carried out by a suitable person in accordance with this regulation. (2) The Secretary of State may, by written direction, require an administering authority to carry out an ad hoc governance review at the authority’s expense. (3) The period of review in respect of a governance review under paragraph (2) is the period specified by the Secretary of State in the written direction. (4) Where an administering authority is not required to ensure that an ad hoc governance review is carried out before then, it must ensure that a first periodic governance review is carried out and completed by 31st March 2028 at the authority’s expense. (5) The period of review in respect of a governance review under paragraph (4) is the period between— (a) 1st April in the year preceding the date on which that first periodic governance review is completed, and (b) the date on which that review is completed. (6) An administering authority must ensure that a further periodic governance review is carried out and completed by the date specified in paragraph (7) at the authority’s expense. (7) The date in this paragraph is the end of the valuation period following the valuation period in which the most recent governance review was completed under— (a) paragraph (2), (b) paragraph (4), or (c) paragraph (6). (8) The period of review in respect of a governance review under paragraph (6) is the period between— (a) the date on which the most recent governance review was completed under paragraph (2), paragraph (4) or paragraph (6), and (b) the date on which that further periodic governance review is completed. (9) The cost of arranging a governance review under paragraph (2), paragraph (4) or paragraph (6) must be treated by the authority as an expense incurred in administering the pension fund for the purpose of regulation 4(5) of the Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026 (management of a pension fund). (10) A suitable person carrying out a governance review under paragraph (2), paragraph (4) or paragraph (6) must— (a) carry out the review in accordance with guidance issued by the Secretary of State from time to time about the carrying out of such reviews, and (b) as soon as practicable after completing the review— (i) prepare a report on the review, and (ii) send a copy of the report to the Secretary of State and to the administering authority. (11) An administering authority must, as soon as practicable and in any event no later than the date by which the governance review is required to be completed, publish the report prepared under paragraph (10)(b)(i). (12) In arranging and publishing the report of a governance review under this regulation, an administering authority must act in accordance with guidance issued by the Secretary of State from time to time. (13) For the purposes of paragraph (1) and paragraph (10), a “suitable person” is any person who— (a) is independent of both the Secretary of State and the administering authority, and (b) in the reasonable opinion of the administering authority has sufficient knowledge and understanding of the rules of the Scheme to enable them to properly conduct the review. (14) In this regulation “governance review”, “period of review”, “ad hoc governance review”, and “periodic governance review” have the same meaning as in section 5(2) of the Pension Schemes Act 2026 (scheme manager governance reviews). .
10 Insertion of new regulation 116A
After regulation 116 (scheme advisory board: additional functions) insert— Independent Governance Reviews 116A (1) An administering authority must arrange for governance reviews to be carried out by a suitable person in accordance with this regulation. (2) The Secretary of State may, by written direction, require an administering authority to carry out an ad hoc governance review at the authority’s expense. (3) The period of review in respect of a governance review under paragraph (2) is the period specified by the Secretary of State in the written direction. (4) Where an administering authority is not required to ensure that an ad hoc governance review is carried out before then, it must ensure that a first periodic governance review is carried out and completed by 31st March 2028 at the authority’s expense. (5) The period of review in respect of a governance review under paragraph (4) is the period between— (a) 1st April in the year preceding the date on which that first periodic governance review is completed, and (b) the date on which that review is completed. (6) An administering authority must ensure that a further periodic governance review is carried out and completed by the date specified in paragraph (7) at the authority’s expense. (7) The date in this paragraph is the end of the valuation period following the valuation period in which the most recent governance review was completed under— (a) paragraph (2), (b) paragraph (4), or (c) paragraph (6). (8) The period of review in respect of a governance review under paragraph (6) is the period between— (a) the date on which the most recent governance review was completed under paragraph (2), paragraph (4) or paragraph (6), and (b) the date on which that further periodic governance review is completed. (9) The cost of arranging a governance review under paragraph (2), paragraph (4) or paragraph (6) must be treated by the authority as an expense incurred in administering the pension fund for the purpose of regulation 4(5) of the Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026 (management of a pension fund). (10) A suitable person carrying out a governance review under paragraph (2), paragraph (4) or paragraph (6) must— (a) carry out the review in accordance with guidance issued by the Secretary of State from time to time about the carrying out of such reviews, and (b) as soon as practicable after completing the review— (i) prepare a report on the review, and (ii) send a copy of the report to the Secretary of State and to the administering authority. (11) An administering authority must, as soon as practicable and in any event no later than the date by which the governance review is required to be completed, publish the report prepared under paragraph (10)(b)(i). (12) In arranging and publishing the report of a governance review under this regulation, an administering authority must act in accordance with guidance issued by the Secretary of State from time to time. (13) For the purposes of paragraph (1) and paragraph (10), a “suitable person” is any person who— (a) is independent of both the Secretary of State and the administering authority, and (b) in the reasonable opinion of the administering authority has sufficient knowledge and understanding of the rules of the Scheme to enable them to properly conduct the review. (14) In this regulation “governance review”, “period of review”, “ad hoc governance review”, and “periodic governance review” have the same meaning as in section 5(2) of the Pension Schemes Act 2026 (scheme manager governance reviews). .
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