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Our Finances

Our operating budget and expenditure...

Our Finances

Like any well run organisation it is important that we effectively manage our money and as a public sector organisation it is important that we are accountable for how we use the money we spend.

You can find more details about how we invest the Pension Fund through the investments pages. This section is concerned with what is called our Operating Budget, which is the part of our expenditure which is like a local authority.

Each year we set a budget for the forthcoming financial year which is designed to deliver the objectives set out in our Corporate Strategy. The budget for 2024/25 was approved at a meeting of the Authority on 08 February 2024 and is shown below.

Operational Budget 2023/24
Budget
Transfers
Between
Budget
Heads
Salaries
Budget
Movement
Other
Budget
Movements
2024/25
Approved
Budget
Cost of Services
1) Pensions Administration 3,253,030 (305,000) 676,890 21,990 3,646,910
2) Investment Strategy 635,770 (56,890) 114,100 (36,580) 656,400
3) Finance & Corporate Services 1,033,720 171,000 214,100 15,940 1,434,760
4) ICT 972,975 305,000 69,400 148,215 1,495,590
5) Central Costs 869,650 (57,220) 82,770 (55,020) 840,180
6) Democratic Representation 167,920 (56,890) 0 16,030 127,060
Residual Unfunded Liabilities
of South Yorkshire
County Council
353,000 0 0 (21,000) 332,000
Subtotal Revenue Expenditure 7,286,065 0 1,157,260 89,575 8,532,900
Capital Expenditure 72,000 0 0 26,500 98,500
Levy on District Councils
for Residual Liabilities
(353,000) 0 0 21,000 (332,000)
Subtotal before transfers to /
(from) reserves
7,005,065 0 1,157,260 137,075 8,299,400
Appropriations to/(from)
Reserves Total
(150,000) 0 0 122,000 (28,000)
Grand Total 6,855,065 0 1,157,260 259,075 8,271,400


After the District Councils have met the costs of the unfunded pension liabilities of the former South Yorkshire County Council through a levy, the Authority’s remaining costs are charged to the Pension Fund for the services provided as shown below:

Total Charge to the Pension Fund comprises: 2023/24
Revised Budget
£
2024
Proposed Budget
£
Administration Expenses 4,646,230 5,960,900
Investment Management Expenses 544,175 616,820
Oversight & Governance Expenses 1,664,660 1,693,680
6,855,065 8,271,400


The budget allows us to employ just over 126 full time equivalent staff as shown below:

2023/24
Funded
Establishment
FTE
Transfers
Between
Budget Heads
FTE
Miscellaneous
Changes

FTE
Growth


FTE
2024/25
Funded
Establishment
FTE
Pensions Administration 72.2 -8.6 0.3 12.4 76.3
Investment Strategy 4.3 -0.3 0.0 0.0 4.0
Finance & Corporate Services 23.6 4.0 -0.6 1.0 28.0
ICT 10.3 8.6 0.0 -1.6 17.3
Central Costs 4.4 -3.4 0.0 0.0 1.0
Democratic Representation 0.3 -0.3 0.0 0.0 0.0
Total 115.1 -0.0 -0.3 11.8 126.6


For 2024/25, there is an increase of 12 FTE to the overall staff numbers in order to resource the organisation to meet its corporate objectives.

Like any well managed organisation we maintain reserves in order to pay for specific projects and the estimated level of our reserves as at the end of 2024/25 is shown below:

Reserve Balance at April
2024
Contributions to
Reserves
Contributions
from Reserves
Estimated
Balance at
31 March 2025
Corporate Strategy Reserve 55,220 15,700 (21,050) 49,870
ICT Reserve 63,030 10,000 (17,650) 55,380
Subtotal Revenue Reserve 118,250 25,700 (38,700) 105,250
Capital Projects Reserve 19,290 0 (15,000) 4,290
Total Earmarked Reserve 137,540 25,700 (53,700) 109,540
Net total transfer (from) reserves: (28,000)

FIND US

South Yorkshire Pensions Authority,
Oakwell House,
2 Beevor Court,
Pontefract Road,
Barnsley,
S71 1HG


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CONTACT US

Tel: 0300 303 6160

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