609.Sections 402 and 403 deal with the London Pensions Fund Authority (the “LPFA”). The LPFA administers former GLC pensions and employer liabilities and the pensions of certain other bodies admitted to the Fund under the Local Government Pension Scheme Regulations 1995.
610.Section 402 provides that for each financial year the LPFA shall prepare two statements, one containing a draft budget for the LPFA for that financial year and specifying the amount of levy the LPFA proposes to make, (the budget statement) and the other containing the LPFA’s strategic plans for that financial year and the two following financial years (the second statement). The LPFA must submit the budget statement and the second statement to the Mayor on or before 31 December in the financial year preceding the financial year to which the budget relates. The LPFA must have regard to any comments received from the Mayor regarding the budget statement when setting its budget, provided these comments are received on or before 31 January following the submission of the budget statement to the Mayor.
611.Section 403 provides that various functions imposed on the Secretary of State in connection with the LPFA should transfer to the Mayor. The functions are the appointment and termination of appointments of members of the board of the LPFA, the determination of the remuneration of members, and the receipt of annual reports and other information from the LPFA. Subsection (3) provides that the consent of the Treasury is not required for any determination of the Mayor relating to remuneration etc for members; and subsection (4) provides that copies of the LPFA’s annual report are no longer required to be laid before each House of Parliament.
Commentary on Sections Part Xi: Miscellaneous and General Provisions Section 402 and 403: London Pensions Fund Authority