This consultation scrutinised proposed regulatory frameworks for the set-up of national and local advisory boards for the local government pension scheme. The NAPF welcome the revised governance regulations and the proposed cost control regulations which take on board many of the recommendations made by the NAPF in response to the initial consultation. We were disappointed that more detail on the application of the regulation to joint boards, AGMs or the application of the Public Sector Equality Duty, were not included to be consulted on at this stage.

In addition we called for:

• More directive guidance, in particular around the minimum Terms of Reference for LPBs. This will be incredibly valuable to funds struggling with how to establish this new body.
• The regulations to be more explicit about the fact that in addition to member and employer representatives, others  can sit on the LPB”

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