The Pension Committee
is a committee constituted under Section 101 of the Local
Government Act 1972, the principal aim is to carry out the
functions of Westmorland and Furness Council as the
Administering
Authority for the Cumbria Local Government Pension Scheme
(“the Cumbria Pension Fund” or “the Fund”)
in accordance with the requirements of the Local Government Pension
Scheme
and any other relevant
legislation.
In its role as the
administering authority, Westmorland and Furness Council owes
fiduciary duties to the employers and members of the Cumbria
Pension Fund and must not compromise this with its own
particular interests.
Consequently this fiduciary duty is a responsibility of the Pension
Committee, and its members must not compromise this with their own
individual interests. As a statutory pension scheme the Local
Government Pension Scheme (LGPS) does not have assigned
trustees.