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Nottinghamshire Pension Funds merges the two pension funds into one

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 in two, with the Main Fund responsible for all local authority employees and the other (the Admitted Bodies Fund) for all employees of non local authority organisations  who were still eligible to be members of the Local Government Pension Scheme.  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.

We’ve recently reviewed the need for two Funds and the Pensions Committee has decided that, from 1 April 2010, the Funds will be merged.  This will simplify Fund administration and streamline procedures, especially in relation to investments.  The change will not affect pension contributions from employees. We believe that the one Fund concept makes sense. It’s a model that has been adopted by virtually all other Local Government Pension Scheme Funds and implementing it from 1 April 2010 will bring us in line with our comparator Funds.