Further award for the Essex Pension Fund
The Essex Pension Fund has been named as the "Defined
Benefit Pension Scheme of the Year" at a prestigious awards
The fund saw off the challenge of eight other schemes, including
the Greater Manchester Pension Fund, Kingfisher Pension Fund and
Transport for London, to win the honour at the Pension Age Awards
2015 last week in London.
Essex Pension Fund, which is administered by Essex County
Council, has 130,000 scheme members. It is one of 89 Local
Government Pension Scheme (LGPS) funds in England and Wales.
The criteria required the fund to demonstrate excellence in
service provision and investment performance, commitment to scheme
members, innovation and an understanding of the changing needs of
the UK pension market.
The Essex submission included:
- The adoption of new software (via a procurement framework
collaboration with other funds) to enable the fund to operate the
new 2014 LGPS benefits structure
- Administration activities exceeded both target and CIPFA
- Investment performance of 9.2% for the 12 months to 31 March
2014 against a local authority average of 6.4%.
Chairman of the Essex Pension Fund Board, Cllr Rodney Bass,
said: "The Essex Pension Fund continues to set itself stretching
objectives aimed at delivering the highest standard of service to
the fund's membership.
"I am delighted the ongoing efforts of Board Members and the
Fund's Officers have again been recognised by the wider industry.
My congratulations to all concerned."
Director for Essex Pension Fund, Kevin McDonald said: "This is a
prestigious award and it is testament to the work of the team of
dedicated Officers that this is the third major national award
the Fund has won in the last 15 months."