Governance Policy Statement

  1. Isle of Wight Council, as the administering authority to the Fund, has delegated its functions with regard to the Fund to its Investment Panel.
  2. The Investment Panel oversees the proper administration and management of the Pension Fund. It is responsible for:
  • 2.1 appointing external fund managers and advisers
  • 2.2 making suitable custody arrangements for the Fund's investments
  • 2.3 considering and approving actuarial valuations every three years and determining the level of employers' contributions
  • 2.4 considering changes in pension fund regulations and determining actions required
  • 2.5 considering and approving strategic advice on investment policy
  • 2.6 considering and approving the external manager’s asset allocation and investment strategies
  • 2.7 monitoring the investment performance of the manager against the scheme specific benchmark
  • 2.8 the periodic review of this Statement, the Statement of Investment Principles, the Funding Strategy Statement and the Communications Policy
  1. The Investment Panel normally meets with it’s Fund Manager and Investment Advisor four times each year, in February, May, July and November. Each meeting considers the strategy and performance of the Manager, together with any business matters that require attention. These include, at least once per annum, consideration of fund management and investment advice arrangements, and the investment strategy of the Fund.
There is also an annual meeting in October to which all employers and employee representatives are invited to discuss fund performance and developments in the statutory framework.
As well as these formal meetings, ad hoc sessions are arranged as required, principally in order to explore available investment strategy options in some depth.
  1. The Investment Panel is constituted to reflect the views of the Council as administering authority and the largest member employer with 94% of the contributing membership.
  2. The Investment Panel consists of
  • 5.1 seven county councillors with voting rights plus the Leader of the Council in an ex-officio capacity
  • 5.2 one representative of the admission bodies in an observer capacity
  • 5.3 one representative of the trade unions in an observer



Page last updated on: 15/12/2009