LGPS Investments

mania112

Does anyone know if/how the LGPS invests the money they have for pensioners?

Drp8713

Up to the individual council/ authority

mania112

Are the councils/authorities obliged to inform the public where they are investing?

atush

I imagine it is something you could request information for, and I know it came out that some had funds in Icelandic banks when they went down.

hyubh

mania112 wrote: »

Are the councils/authorities obliged to inform the public where they are investing?

In general terms this will be in each fund's annual report, which will typically be available on its website (e.g. http://www.wiltshirepensionfund.org.uk/publications.htm). If you want specifics and/or think the officers don't have anything better to do with their time, put in a freedom of information request to the relevant administering authority...

quotememiserable

If you're a member of the scheme then the annual scheme booklet will tell you. The fund is looked after by trustees and they will tell what they're investing in.

RichandJ

hyubh wrote: »

In general terms this will be in each fund's annual report, which will typically be available on its website (e.g. http://www.wiltshirepensionfund.org.uk/publications.htm). If you want specifics and/or think the officers don't have anything better to do with their time, put in a freedom of information request to the relevant administering authority...

Oh, hyubh, I do like your comment about the staff having nothing better to do with their time than answer some politically/religiously/conspiracy theory motivated question from the green ink brigade.

Wasn't the Internet supposed to set us all free, rather than making us all slaves to questions from total f wits ? IMHO, all it's doing is giving said idiots more say & power than they deserve

OP, LGPS funds will be invested in whatever each council's investment advisors tell them to invest in with no care or interest in what individual members think about such investments. It is not up to you what your employers pension scheme invests in, nor should it be. The idea is to maximise scheme assets to enable the scheme to pay promised benefits.

patchwork_cat

You say the public from this I would infer that you aren't a member of LGPS, in which case mind your own business. Members of LGPS pay into the scheme it is not non contributory.

Oblivion

patchwork_cat wrote: »

You say the public from this I would infer that you aren't a member of LGPS, in which case mind your own business. Members of LGPS pay into the scheme it is not non contributory.

Well yes, but the employing local council also has to pay in and it's a darned sight more than the employee's contribution and is based on actuarial valuations to keep the fund solvent. And where does the council's contribution come from? ... your council tax, and the more council tax is spent on the pensions fund, the less there is left to finance services.

So it's very much the business of those who are not members of the scheme.

Old_Slaphead

patchwork_cat wrote: »

You say the public from this I would infer that you aren't a member of LGPS, in which case mind your own business. Members of LGPS pay into the scheme it is not non contributory.

Approx. 75% of LGPS funds are financed by tax/ratepayer. They also guarantee any funding shortfall. It's therefore very much the public's business to have information and assurance that these funds are being well managed.

FWIW my local authority publishes a list of equities, bonds, property etc holdings each quarter - but doesn't show the values.

Oblivion

I spent my career in Local Government and each year I would have to prepare my departmental budgets. I've just looked up an old budget record from 2003/2004.
The staff paid 6% to the pension fund (or was it still 5% back then, can't remember) but each member of staff's salary had to have an on-cost of 20.1% added to cover the council's contribution to the pension fund! :eek:

Then add the cost of employer's National Insurance and that took it up to 28.3%. :eek: :eek:

So, if you employed someone on a salary of £20,000 it actually cost the council £25,660!

That was way back then. With the drop in interest rates and investment income, I dread to think what the council's contribution must be now to keep the fund afloat.

Not that I really care so long as they keep paying my pension. :rotfl: :rotfl: