Home About Essex Pension Fund How the Fund is run

How the Fund is run

Essex County Council (ECC) is the Administering Authority responsible for maintaining and managing the Essex Pension Fund (EPF) on behalf of its stakeholders: the Scheme Members and Employers participating in the Fund. These responsibilities are primarily set out in Local Government Pension Scheme (LGPS) Regulations.

Under the Regulations, ECC is required to maintain a pension fund for its employees and those of other Scheme Employers within its area.

Pension Strategy Board (PSB)

Investment Steering Committee (ISC)

Pensions Advisory Board (PAB)

Front view of workbench in a garden with a terarrium on it.

Pensions Strategy Board

About the PSB

The PSB is the main committee of the Essex Pension Fund which is responsible for the management of the LGPS. The PSB is made up of seven Essex County Council elected Members, three Employer representatives (one elected Member from Borough, City and District Councils, one elected Member from Southend-on-Sea City and Thurrock Unitary, one appointed by all other employing bodies) and one Scheme Member representative nominated by UNISON.

The PSB is a decision-making board and ensures the appropriate management of the Essex Pension Fund, including compliance with LGPS regulations and other legislation. The PSB makes decisions in regard to the Fund’s Governance arrangements, Funding Strategy, Administration policies and strategies and Communications. The PSB works in the best interests of all the Scheme Members and Employers within the Essex Pension Fund.

Investment Steering Commitee

About the ISC

The ISC is a sub-committee of Essex Pension Fund’s main committee - The Pension Strategy Board (PSB) - which is responsible for the management of the Local Government Pension Scheme (LGPS). The ISC is made up of seven Essex County Council elected Members who are also Members of the PSB. In addition, there are two non-voting Members of the ISC: one elected Employer representative from Borough, City and District Councils; and one Scheme Member representative nominated by UNISON who also both sit on the PSB.

The ISC is a decision-making committee which solely looks after Essex Pension Fund’s investments. The ISC reviews where the Fund’s money is invested e.g. stock lendings; property etc with professional advice from our industry leading consultants and independent advisers. The ISC approves the Investment Strategy for the Fund which includes the Responsible Investment policy on how the Fund considers Environmental, Social and Governance (ESG) factors within its investment manager selection. The Committee actively supports the Government’s Pooling agenda, through a formal collaboration - known as ACCESS (LINK) - with ten other Local Authorities who manage LGPS funds.

Front face angled left view of a table with books about pensions on it.

Pensions Advisory Board

About the PAB

The PAB is a panel of voluntary and elected representatives that support the running of the Essex Pension Fund.

The PAB is an important part of the Fund’s checks and balances fulfilling an oversight role which forms part of the Fund’s governance. It does this by representing the interests of Scheme Members and Scheme Employers in assisting to ensure the governance and administration of the Essex Pension Fund is efficient and effective. PAB Members carry out this role by acting as a critical friend to the Essex Pension Fund Strategy Board (PSB) providing feedback on the Fund’s activities at quarterly meetings.