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 independent from 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 County Council investments
The Somerset Pensions Board is established by Somerset County Council in its capacity as the Administering Authority of the Somerset County Council Pensions Fund and operates independently of the Pensions Committee.
- Somerset County Council Pension Fund accounts
- Somerset County Council Pension Committee minutes
- Somerset Pension Fund Administration Strategy
Brunel Pension Partnership
In 2015 the government announced that they wanted the 91 Local Government Pension Scheme funds to pool their investments into larger pools in order to achieve savings in investment management costs.
Established in response to the government agenda, Brunel Pension Partnership (Brunel) is one of eight national Local Government Pension Scheme (LGPS) pools, bringing together circa £30 billion investments of 10 like-minded funds.
Both the Devon and Somerset funds have committed to support Brunel Pension Partnership.
The other funds in the Brunel pool are Avon, Buckinghamshire, Cornwall, Dorset, Environment Agency, Gloucestershire, Oxfordshire and Wiltshire.
Brunel Pension Partnership is authorised and regulated by the Financial Conduct Authority as a full-service MiFID firm.
More information and updates can be found on the Brunel Pension Partnership website.