Following Lord Hutton’s recommendation that Pension Boards were established for all public sector pension schemes to give scheme members, taxpayers and others confidence that the schemes are being efficiently and effectively administered, the Department for Education has set up the Teachers' Pension Scheme Pension Board (TPSPB).
Although the Board will provide additional layers of scrutiny and challenge, the Secretary of State retains overall responsibility and accountability for the scheme.
The Board appointments have been made based on individual knowledge, skills and experiences that can be used to improve the Teachers’ Pension Scheme for its members and employers. Members of the TPSPB represent the interests of all of the schemes’ beneficiaries, the participating employers and the Accounting Officer and not simply the interests of the organisations that nominated them.
The combined skill set of those appointed will be used to improve the Scheme irrespective of affiliations outside of the Board.
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The Department for Education is the responsible authority for the Teachers' Pension Scheme.
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