The Essex Pension Fund is one of 101 funds in the UK which together make up the Local Government Pension Scheme (LGPS).
The LGPS is one of the largest pension schemes in the UK with over 5 million scheme members. To qualify to be a member of the LGPS you must work in local government and not be entitled to join another public sector pension scheme. The LGPS is a statutory defined benefit scheme.
Members of the Essex Pension Fund include people who work for Essex County Council, district and borough councils as well as a whole range of other organisations such as schools, academies, colleges, town and parish councils and charities who have applied to be part of the fund. The Essex Pension Fund is one of the largest LGPS funds in the country with over 600 participating employers and a fund valued at almost £6 billion (31 March 2017).
Our primary responsibility is to ensure pension benefits are calculated and paid correctly. Payments are made in a variety circumstances including retirement, redundancy, ill health and even on death or are transferred to other pension arrangements.
Other core activities undertaken by the Fund are:
- Data storage and scheme member record management
- Handling of over 3,000 pension enquiries each month
- Calculation of pension benefit estimates
- Payment of pensions to approximately 39,000 pensioners who receive between them about £14.1 million in pension each month. That sounds a lot but in reality this means the average pension is less than £365 per month or less than £4,400 per year.
- Producing Annual Benefit Statements, newsletters, guides, report & accounts, P60s and pay advices
- Overseeing the Fund's investment strategy
- Ensuring the funds investment managers are performing in accordance with our expectations.
- Working closely with the Investment Steering Committee (ISC).
- Liaising with employers regarding membership, retirements, contributions and staff outsourcing
- Organising, developing and delivering workshops & training sessions for employers on a variety of LGPS topics