Leicestershire County Council, as administering authority of the Leicestershire County Council Pension Fund, has the statutory responsibility of maintaining a Pension Fund for the Scheduled, Resolution and Admitted Bodies whose employees are members.

The Fund has significant assets, of which the only purpose is to pay current and future benefits to individuals. The policies in respect of the investment of these monies are the responsibility of the Pension Fund Management Board – in effect a Committee of the County Council. All matters of significance will be decided by the Board, with meetings generally held quarterly.

In recognition of the fact that the investment return achieved is dependent on the decisions of the Pension Fund Management Board, and that the investment return will impact proportionately on every employing body within the Fund, the Board includes representatives from other employing bodies as well as staff representatives.

Given the statutory legal responsibility of the County Council it retains a voting majority on the Board, which is constituted as follows:

5 members representing Leicestershire County Council, with voting rights.
2 members representing Leicester City Council, with voting rights.
1 member representing the second-tier local authorities within the County (appointed by the Leicestershire Association of District Councils), with voting rights.
1 member representing the two large Universities within the scheme (Loughborough and De Montfort), with voting rights.
5 staff representatives (elected annually), without voting rights.

Within the Constitution of Leicestershire County Council, the Pension Fund Management Board has responsibility for all matters relating to the maintenance of the Pension Fund. The Financial Procedure Rules and ability to delegate matters to a head of department are in line with the County Council’s Constitution.

The level of contributions to, and benefits payable by the Fund, are subject in the main to statutory instruments agreed by Parliament. There are a relatively small number of discretions available at either an administering authority or employing body level, and policies in respect of these existing discretions are in place.

The day-to-day management of the scheme benefits is delegated to the County Council’s Director of Resources. Employing body discretions are the responsibility of individual employing bodies, whilst administering authority discretions will be agreed by the County Council’s Pension Fund Management Board, having first undertaken a consultation exercise with Fund employers.