About us Introduction

Essex Pension Fund is one of around 100 across the UK which together make up the Local Government Pension Scheme (LGPS).

In fact the LGPS is not just one of the largest pension schemes in the UK but also one of the largest in Europe with over 4.6 million scheme members. To qualify to be a member of the LGPS you must work in local government and not be entitled to join another public sector pension scheme.

The LGPS is also a statutory scheme which means the scheme is very secure as it is backed by central government. Not only that but it is the only public sector pension scheme that has a pension fund. However, the value of pension benefits scheme members are paid in retirement is not determined by the size of the fund but defined and set out in law which is why the LGPS is referred to as a Defined Benefit (DB) scheme.

Members of the Essex Pension Fund include people who work for Essex County Council, district and borough councils as well as a whole range of other organisations such as schools, academies, colleges, town and parish councils and charities who have applied to be part of the fund. The Essex Pension Fund is one of the largest LGPS funds in the country with over 400 participating employers.

Essex County Council is the administering authority for the Essex Pension Fund. The Essex Pension Fund Board oversees the management of the fund and the day to day fund administration is undertaken by the following teams:

 

Pension Services (Administration)

We are the scheme administrators of the Essex Pension Fund.

This involves looking after the day to day running of the Essex Pension Fund dealing with the post / document imaging, member records and calculation of benefits relating to over 128,000 scheme members. We also liaise with employers, scheme members and associated third parties recording scheme member details and pensionable employment data. We also produce annual benefit statements and in an average month we can handle up to 3000 telephone calls and reply to over 400 emails.

However, our primary responsibility is to ensure pension benefits are calculated and paid correctly. Payments are made in a variety circumstances including retirement, redundancy, ill health or are transferred to another pension arrangement.

The administration of the LGPS has become more complex over the last few years due to a great deal of change to both the scheme itself, a new scheme was launched on 1 April 2014, and the pension industry in general. To help employers and scheme members understand the scheme benefits and some of the overriding legislation we produce a regular newsletter "PRIME", visit employers providing presentations and a roadshow for employees to come and discuss their pension benefits.

If you have any queries please do not hesitate to contact us.

 

Investment and Contributions Team (fund accounts, contributions and investment)

We are responsible for overseeing the investment strategy of the fund ensuring the funds investment managers are performing in accordance with our expectations.

The team regularly review performance and are responsible for producing the annual reports and accounts (which you can find in the Forms and publications section) and work closely with the Investment Steering Committee (ISC).

The Essex Pension Fund is valued at £4 billion (as at 31/03/2013).

For further information please contact investments.

 

Pensioner Payroll

The Pensioner Payroll Team is responsible for paying all the Essex Fund Pensioners as well as pensioners of the Firefighters pension scheme.

The fund has approximatley 35,000 pensioners who receive between them about £11.5 million in pension each month. That sounds a lot but in reality this means the average pension is less than £330 per month or less than £4000 per year.

The team are also responsible for providing pay advices, P60s and more recently the enewsletter "Your Time", which you can find in the Forms and publications section. If you wish to receive copies of "Your Time" please email the team at [email protected] and we'll add you to our emailing list.

If you are receiving a pension from the Essex Pension Fund and have any queries please do not hesitate to contact pensioner payroll.

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