The Research Council's Pension Scheme (RCPS) is by-analogy to the Principal Civil Service Pension Scheme (PCSPS), which means it follows the scheme rules of the PCSPS. The RCPS is a wholly unfunded scheme; essentially it relies on current and past employee and employer contributions to pay member and pension benefits.
Unlike a funded scheme, one where the contributions are invested, the RCPS does not have Scheme Trustees. Instead the RCPS is overseen by the 'RCPS Management Board'.The Board is made up of people from the member organisations; their remit is to represent the scheme as well as having oversight of JSS in their role as the scheme administrator. JSS is a unit hosted by BBSRC where JSS staff are contractually employed by BBSRC.
The RCPS Management Board are accountable to the RCPS Accounting Officer, who is the Chief Executive of the Biotechnology & Biological Sciences Research Council (BBSRC).
The RCPS Accounting Officer is appointed by the Department for Business, Energy & Industrial Strategy (BEIS).
The RCPS Management Board have Terms of Reference (PDF, 307KB) - opens in new window - in place that set out their role and responsibilities.
The current RCPS Board members are:
Employers and JSS must work together to ensure the scheme is delivered to its statutory requirements, as well as ensuring stakeholders receive good value for public money. Pension Scheme Administration Standards (PDF, 144KB) - opens in new window ('The Standards') exist to explain the obligations employers have to support this, as well as explaining the service members should expect to receive from JSS.
The Standards are approved by the RCPS Management Board. The obligations within The Standards state what Employers must do and when.
The RCPS Annual Accounts - external link are produced each year and made available on the BBSRC website.
© JSS 2017
Last updated: 19 Oct 2017