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How we run The Fund

Summary

Wiltshire Pension Fund Committee

Is the decision-making body responsible for running the Fund which meets around 8 times per year,   for more details about the scope and membership visit the Committees page. 

Local Pension Board

Oversees the management of the Fund to ensure that the Fund is operating in line with all strategies, policies, and legislative requirements, more information can be found on The Local Pension Boards page.

Further to the above, we also run an Employer Strategic Focus Group which is an informal way for the employers to engage with the Fund (via the officers and the employer representatives on the Pension Fund Committee) on strategic issues.  The group has been established to facilitate a 2-way dialogue, and to enable the employer representatives to feedback employers' views to the Committee.

Day-to-day, the Fund is run by the Pensions Team, visit our Get in touch page to read read more about the senior members of the team and their roles. 

In this section of the website, you can also read about the regulatory framework in which we operate, under compliance , find our policies and strategies , which set out how we do things, and find the reports from our triennial actuarial valuations , which set out our funding position, and establish the employers' contribution rates for the next three-year period.

The Pension Committee

The administration of the Fund is the responsibility of Wiltshire Council which is designated as 'Administering Authority' in the LGPS Regulations. The Council has delegated this function to the Wiltshire Pension Fund Committee.

The Committee meets eight times a year for normal business, and will also meet on an ad hoc basis to consider specific matters. Typically, the focus of meetings alternate between Investment & Administration. Investment focused meetings will monitor Brunel Pension Partnership & Investment Manager performance.

Full details of Wiltshire Pension Fund Committee meetings, agendas, papers and minutes can be found via the Wiltshire Pension Fund Committee pages on the Wiltshire Council Website. 

 

If you have any questions regarding the Wiltshire Pension Fund Committee or would like further information please contact us by either calling 01225 771667 or emailing Richard.Bullen@wiltshire.gov.uk

Local Pension Board

The Local Pension Board (LPB) oversees the management of Wiltshire Pension Fund.

The Board's role is to assist the Fund in ensuring the efficient and effective governance and administration of the LGPS. This means ensuring that the Fund is compliant with relevant legislation with the aim to safeguard the interest of all Pension Fund members and associated employer organisations.

The LPB sits alongside the Wiltshire Pension Fund committee in an oversight role, to assist by reviewing governance arrangements of the Fund and ensuring policies and procedures are correctly implemented and followed. The Board consists of:

  • 3 scheme member representatives, and

  • 3 employer representatives

  • 1 non-voting Independent Chair

Full details of the Local Pension Board meetings, agendas, papers and minutes can be found via our Wiltshire Council (opens new window) pages.

The current board members

 

If you have any questions regarding the Local Pension Board or would like further information please contact us by either calling 01225 713620 or emailing Richard.Bullen@wiltshire.gov.uk

Policies and strategies

Compliance

Valuations

Every three years the Fund's actuary is required to perform a valuation to review each employer's funding position and determine the required level of employer contribution rates. This is a key document, helping to ensure the fund has sufficient assets to meet its liabilities.

What's included

  • the value of pension liabilities the fund is responsible for.
  • the value of assets the pension fund has under its control to meet those liabilities.
  • the corresponding funding level (the value of assets held by a fund expressed as a proportion of its liabilities)
  • the appropriate levels of contributions for employers to pay going forward.

How will this effect employers?

Normally, this will result in an adjustment up or down in each employer's contribution rates with the aim of setting a rate which gives a 75% chance of reaching 100% funding over the assessed funding time horizon. However, the approach will vary between different categories of employers, and the Fund will take into account individual employer circumstances (such as any pooling or risk sharing arrangements in place).

The effective date of new employer contribution rates resulting from a triennial valuation is the 1 April following the year of the valuation. Employer contribution rates are formally stated in a 'rates and adjustment certificate', which can be found at the bottom of this page.  

Download and view our valuation reports

WPF 2022 Valuation Report (PDF) [1MB] (opens new window)

Revised Rates and Adjustments Certificate for CIPFA (PDF) [339KB] (opens new window)

WPF 2019 Valuation Report (PDF) [1MB] (opens new window)

 

 

 

 

 

 

 

 

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