Fund information
Introduction
Nottinghamshire County Council invests and administers the pension fund for Nottinghamshire County Council, all the district councils, and many other organisations who are generally non-profit making, or are undertaking a service which was, or could be carried out by the Local Authority. The fund is valued at over £2 billion with over 110 contributing employers and over 41,000 contributing members.
The Fund continues to be well regarded nationally, as shown by winning the 'Best use of specialist investments managers (public)' at the Professional Pensions Awards in October 2006 and also being a runner-up in the Corporate Governance category of the LGC Awards, in November 2005. To achieve this recognition, it is essential that the Pensions Committee and Sub-Committee members receive appropriate relevant training, and this has been provided by our Fund Managers and by attendance at other events. This training is necessary to meet the requirements of the Myners Principles for the management of Pension Funds.
The Nottinghamshire Pension Fund
Since 1972, the County Council has run the Nottinghamshire Pension Fund on behalf of many employers in the County. In 1985 the Fund was split into two funds, the Main Fund that responsible for all local authority organisations and an Admitted Bodies Fund for all the employees of non local authority organisations. The reason for the split was to ensure existing tax exemptions could continue to be claimed but, in the event, the threat of losing these tax exemptions never materialised.
In 2009, the Pensions Committee took the decision to merge the exisiting two funds into one fund with effect from 1 April 2010. The aim of this move was to simplify Fund administration and streamline procedures, especially in relation to investments.
The Nottinghamshire Pension Fund consists of the following types of employers:
- the major employers, such as the Nottinghamshire County Council, Nottingham City Council and all District Councils and organisations who used to be part of local government such as Nottingham Trent University, Colleges of Further Education and Police Civilian Staff
- those organisations which satisfy the conditions of entry to participate in the Local Government Scheme and have been approved by the County Council. Generally speaking these organisations are non-profit making, or are undertaking a service which was, or could be carried out by the Local Authority.
A copy of the list of all contributing Fund employers is available below in PDF format for you to download or to read on-line:
List of all Contributing Fund Employers [PDF 63KB]
Details of the employers contribution rates that apply during the current valuation period can be found in the Actuarial Valuation Reports (pre 1/4/2009 Main & Admitted Bodies Funds) which can be found on the Funds and valuation reports page.
The aims of the fund
- to keep the contribution rate as constant as possible at reasonable cost to the taxpayers
- to manage employers’ liabilities effectively
- to ensure that sufficient resources are available to meet all liabilities as they fall due
- to maximise the returns from investments within reasonable risk parameters.
The purpose of the fund
- is to receive monies in respect of contributions, transfer values and investment income
- is to pay out monies in respect of scheme benefits, transfer values, costs, charges and expenses as defined in the relevant government regulations.