About the Essex Pension Fund
Find out more about how the fund is governed.
Who runs the pension fund?
The governance arrangements centre on three bodies.
The Essex Pension Fund is part of the national Local Government Pension Scheme (LGPS)
The LGPS is one of the largest pension schemes in the UK with over 6.1 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 a statutory defined benefit 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 770 participating employers and a fund valued at almost £9.669 billion (31 March 2023).
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 and even on death or are transferred to other pension arrangements.
Other core activities undertaken by the Fund:
- Data storage and scheme member record management
- Handling of over 3,000 pension enquiries each month
- Calculation of pension benefit estimates
- Payment of pensions to approximately 39,000 pensioners who receive between them about £14.1 million in pension each month. That sounds a lot but in reality this means the average pension is less than £365 per month or less than £4,400 per year.
- Producing Annual Benefit Statements, newsletters, guides, report & accounts, P60s and pay advices
- Overseeing the Fund's funding and investment strategy
- Ensuring the funds investment managers are performing in accordance with our expectations.
- Working closely with the Fund's Pension Strategy Board (PSB, Pension Advisory Board (PAB) and Investment Steering Committee (ISC).
- Liaising with employers regarding membership, retirements, contributions and staff outsourcing
- Organising, developing and delivering workshops & training sessions for employers on a variety of LGPS topics
Pension Strategy Board (PSB)
The PSB exercises the duties of the Council in relation to its functions as Administering Authority.
The PSB determines the Funding Strategy, agrees the three-year business plan, approves administration discretions and Employer admission arrangements.
PSB Membership
Essex County Council
Councillor S Barker (Chairman)
Councillor M Platt (Vice Chairman)
Councillor A Goggin
Councillor A Hedley
Councillor M Hoy
Councillor D King
Councillor C Souter
District/Borough Councils in Essex
(Nominated by Essex Borough and District Leaders’ Group)
Vacant
Unitary Councils in Essex
Councillor J Lamb, Southend-on-Sea Borough Council
Scheme Members
(Nominated by UNISON)
Mrs S Child
Other Employing Bodies
Mrs R Hadley
Independent Governance and Administration Adviser to the Board - AON
Investment Steering Committee (ISC)
The ISC approves and reviews the Investment Strategy of the Essex Pension Fund. This includes the determination of asset allocation, the appointment of external investment managers, monitoring of investment manager performance and the Fund’s participation within the ACCESS Pool. The ISC reports to the PSB
ISC Membership
Essex County Council
Councillor S Barker (Chairman)
Councillor M Platt (Vice Chairman)
Councillor A Goggin
Councillor A Hedley
Councillor M Hoy
Councillor D King
Councillor C Souter
There are also two ISC observers (non-voting members)
District/Borough Councils in Essex
(Nominated by Essex Borough and District Leaders’ Group)
Vacant
Scheme Members
(Nominated by UNISON)
Mrs S Child
Pension Advisory Board (PAB)
Following the requirements of Local Government Pension Scheme (LGPS) Regulations laid in early 2015, the Fund established the PAB to act as its Local Pensions Board as set out in the Public Service Pension Act 2013.
The PAB’s purpose is to assist the Fund to secure legal compliance and effective governance in addition to acting as a “critical friend” to the PSB and ISC. The PAB is not a decision-making body.
PAB Membership
Independent Chairman
N Mark, Independent
Scheme Member Representatives
A Coburn, UNISON
L Williamson, Deferred Member
D Hurst, Active Member
C Downes, Active Member
Employer Representatives
J Durrant, Essex Police, Fire and Crime Commissioner Fire and Rescue Authority (Essex PFCC FRA)
Councillor J Redsell, Thurrock Borough Council
Councillor C Siddall, Essex County Council
Vacant
Governance
The Pension Committee
The Pensions Committee oversees the management of the Essex council and act as trustees of the Fund.
Learn more
Local Pension Board
Governance arrangements for pension schemes in the public sector require Essex council, as an administering authority for the LGPS (Local Government Pension Scheme), to have in place a local pension board.
Learn more