Pensions Policies

We have to maintain a number of policies which set out the arrangements in place to manage different aspects of the Pension Fund. These are summarised below and you can download the full documents at the bottom of the page.

The Funding Strategy Statement

Completed after each actuarial valuation this sets out the approach to setting contribution rates and recovering deficits or distributing surpluses. In essence this is the strategy for maintaining stable and affordable employer contributions and includes the Admissions and Terminations Policy

The Pensions Administration Strategy Statement

This sets out the detail of the arrangements for the administration of the Fund and the relevant service standards. It also sets out the obligations on employers within the Fund in terms of the provision of information etc. Employers are required to "sign up" to the statement when they are admitted to the Fund. The Strategy will be reviewed as specific changes to the administration arrangements are made, but as a minimum will be reviewed every three years.

The Communications Policy Statement

This sets out the approach the Authority will take to communicating with various stakeholder groups and forms part of the Consultation and Communications Strategy. This will be reviewed as necessary but as a minimum every three years.

The Discretions Policy Statement

This sets out the framework within which the Authority will make decisions over which the Pensions Regulations give it discretion. This will be reviewed if there is a change in regulations and as a minimum every three years.