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 is responsible for the Devon LGPS Fund, which all contributions are paid into.
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.
The contributions paid into the 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 Local Government Pension Scheme is one of the oldest public sector schemes in operation, having been established as a national scheme in 1922.
There are about 1.5 million employees currently contributing to the LGPS in England and Wales; roughly 75% of the local government workforce. They contribute to the LGPS through any one of the 89 regional pension funds in England and Wales.
The administration of benefits for the Devon LGPS and the Somerset LGPS is managed by Peninsula Pensions.
The LGPS regulations are determined by the government after consultation with employee and employer representatives, trade unions, the Local Government Association and the Local Government Pensions Committee.
The latter represents a total of 409 local authorities in England and Wales, along with numerous town, parish and community councils.
Each LGPS administering authority pays its benefits from a dedicated pension fund to which both the scheme member and their employer have contributed.
Contributions paid into the scheme are invested in a variety of stocks and shares that are overseen by both funds investment management teams.
Some stats about the scheme
- As of 31 March 2020, the net assets of the Devon County Council Pension Fund were valued at £4,011,000.
- The fund itself currently has 39,171 actively contributing members, employed by 214 employers from across unitary, district, town and parish councils, education establishments and admitted bodies.
- Pensions are paid to 35,950 pensioners (and/or dependants) every month.
- There are currently 51,725 members with rights to deferred benefits.
The LGPS is contracted-out of the State Second Pension (S2P) and must, in general, provide benefits at least as good as most members would have received had they been members of S2P.