The contributions paid into the Local Government Pension Scheme are invested in a variety of bonds and shares by the funds’ investment management team. Through these investments the fund can build up enough assets to cover any payments of scheme members’ retirement benefits.
The investments of both the Devon Pension Fund and Somerset Pension Fund are held separately and are independent of each other.
Devon Pension Fund and investments
The Devon Local Government Pension Scheme (LGPS) is managed by Devon County Council, who act as the administering authority, in accordance with regulations approved by Parliament.
Devon County Council pays benefits from a dedicated pension fund, kept separate from the County Council’s services budget. Both the scheme member and their employer pay into this fund in order to provide retirement benefits for the member once they retire.
More information can be found on the Devon Pension Fund website
Somerset Council investments
The Somerset Pensions Board is established by Somerset Council in its capacity as the Administering Authority of the Somerset Council Pensions Fund and operates independently of the Pensions Committee.
- Somerset Council Pension Fund accounts
- Somerset Council Pension Committee minutes
- Somerset Pension Fund Administration Strategy
The Somerset Pensions Board are currently looking for 3 representatives (current employees, deferred members, or pensioners) of the fund to be members of the board. Please click on the link below for more information;-