What this consultation is about
Stakeholders in the Derbyshire Pension Fund (the “fund”) are being asked for their comments on the fund’s proposed Funding Strategy Statement.
The fund is part of the national Local Government Pension Scheme (LGPS) which was set up to provide retirement and death benefits for local government employees, and those employed in similar or related bodies, across the whole of the UK. There are approximately 190 employers in the Derbyshire fund, including us who are the administering authority. Other employers in the Fund include Derby City Council, all the district and borough councils in Derbyshire, Peak District National Park, Derbyshire Police Authority, Derbyshire Fire Authority, Derby College, Chesterfield College, University of Derby, a host of town and parish councils and a large group of smaller employers via admission agreements.
There are currently around 94,000 members of Derbyshire Pension Fund; 34,500 active contributing members, 33,000 deferred beneficiaries and 26,500 members in receipt of pensions. Assets of approximately £4bn within the fund are actively managed and are invested across a range of asset classes, including equities, bonds, property, alternatives and cash.
The Local Government Pension Scheme Regulations 2013 (“the regulations”) require the administering authority, to prepare and maintain a Funding Strategy Statement (FSS). Employees’ benefits are guaranteed by the LGPS regulations and the FSS identifies how employers will best meet their pension liabilities in the future. The administering authority is required to consult such persons as it considers appropriate as to the proposed contents of its Funding Strategy Statement.
In line with the regulations, a Funding Strategy Statement has been prepared and was presented to the Pensions and Investments Committee (“the committee”) on 7 February 2017. The FSS will be taken back to committee following receipt of the final actuarial valuation and following consultation with the fund's stakeholders. Stakeholders are now invited to provide written comments on the proposed Funding Statement which is attached to this page together with the relevant committee report.
Derbyshire’s Investment Strategy Statement which is referenced in the proposed Funding Strategy Statement is also attached to this page. The Investment Strategy Statement was approved by the Pensions and Investments Committee on 7 February 2017, subject to consultation.
This consultation is now closed. The final approved Funding Strategy Statement is available.