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Leicestershire County Council Pension Fund is one of 9 Midlands based Local Government Funds pooled together under a centrally managed arrangement called ‘LGPS Central’. Partner funds retain their separate identities and local accountability within the collaboration. Opens new window
There are over 200 employing bodies within the Leicestershire Pension Fund, including all local authorities within the County and many other employers who carry out functions which have, in the past, been a function of a local authority.
The Fund collects contributions from employees (at a rate prescribed within Statutory Regulations) and employers (at a rate set every 3 years by the Fund’s actuary), and pays out the benefits earned by individual members as they become due. Any surplus of income over expenditure is invested in order to assist in paying future benefits.
At 31 March 2015 the Fund has investments in the region of £3.1bn and all of this has only one purpose – to ensure that benefits can be paid as they become due. The Fund invests the assets through a number of different investment managers and in a variety of asset classes including shares, property and bonds. In recent years the Fund has introduced a number of new asset classes which assist in ensuring that the Fund’s risks are spread more widely.
The Local Pensions Committee (formerly known as the Pension Fund Management Board) is responsible for the governance of the Leicestershire Fund, which includes setting policies to be included in statutory documents such as the Statement of Investment Principles and the Funding Strategy Statement. Both of these documents are available here:
The Board is also responsible for setting the overall strategic investment policy of the Fund, and some of the more detailed elements of the implementation of this policy are dealt with by the Investment Subcommittee which is a smaller sub-set of the membership of the Pension Fund Management Board.
Membership of the Pension Fund Management Board can be found using the following link:
The Local Pension Board was introduced on 1 April and is responsible in assisting the scheme manager (also known as the administering authority) in securing compliance with the Local Government Pension Scheme regulations, other pension legislation and the requirements of The Pensions Regulator. It is not a decision making body.
You can view meetings, agenda of the Local Pension Board and membership which is made up equally from employer and employee representatives:
The Annual meeting of the Pension Fund Local Pension Committee was held on 18 November 2019. Full details of the meeting and a copy of the presentation are available online Summary of Pension Fund AGM November 2019