The administration of the pension schemes is subject to statutory regulations and employers have a crucial role to play in adhering to these requirements.
The London Borough of Hackney has statutory pension responsibilities, and is the administering authority under the Local Government Pension Scheme (“LGPS”), for the:
- Hackney Pensions Fund for Members
- Hackney Pension Fund for Councillors
They also have to comply with the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 and the Occupational Pension Schemes (Transfer Values) Regulations 1996.
The Pensions Regulator supervises the pensions industry and ensures that pension schemes and employers meet the regulatory requirements. The Pensions Regulator has the power to impose fines on schemes and employers (and their individual managers) who do not do so.