Who runs the pension fund
The Suffolk Pension Fund provides retirement benefits for all employees who are members of the Local Government Pension Scheme (LGPS).
Suffolk County Council were established as the 'Administering Authority' as per the Local Government Superannuation Act 1972.
The County Council is required to approve a Governance Policy Statement, which sets out how its statutory responsibilities for the LGPS Pension Fund will be met. Within this statement the Suffolk County Council Pension fund Committee has been made responsible for the management of the Pension Fund.
The Pension Fund Committee's key responsibilities are:
- The effective and prudent management of the Suffolk Pension Fund
- The approval of the Fund's investment strategy and the appointment of the investment managers
- The approval of the funding strategy following the triennial actuarial valuation and the determination of the employers contributions to the fund.