The Fund is one of about 100 different Local Government Funds across the UK. There are over 70 employing bodies within the Fund, including all local authorities within the County and many other employers who carry out functions which have, in the past, been a function of a local authority.

The Fund collects contributions from employees (at a rate prescribed within Statutory Regulations) and employers (at a rate set every 3 years by the Fund’s actuary), and pays out the benefits earned by individual members as they become due. Any surplus of income over expenditure – a sum of about £57m in 2009/10 – is invested in order to assist in paying future benefits.

The Fund has investments of £2.3bn and all of this has only one purpose – to ensure that benefits can be paid as they become due. The Fund invests the assets through a number of different investment managers and in a variety of asset classes including shares, property and bonds. In recent years the Fund has introduced a number of new asset classes which assist in ensuring that the Fund’s risks are spread more widely.

AGM

The Pension Fund Management Board (PFMB) of the County Council held an annual meeting at County Hall on Tuesday, 15^th January 2013 at 5:15 PM. The meeting was open to all contributors to, and beneficiaries of, the Leicestershire County Council Pension Fund. The meeting included

A strategic overview of the Local Government Pension Scheme by the Fund’s Actuary (including impact of proposed 2014 scheme);
The 2011/12 Annual Report on the Pension Fund presented by the Director of Corporate Resources;
The Staff Representative’s annual report;
A vote for one employee representative position on the Board.

Presentation Slides can be downloaded using these 2 links below:

Presentation by Hymans Robertson, Fund Actuary, Powerpoint presentation 1.12MB

Presentation by Brian Roberts, Director of Resources, Powerpoint presentation 35.5KB