The Local Government Pension Scheme (LGPS) is one of the oldest public sector schemes in operation, having been established as a national scheme in 1922. There are about 1.5 million employees currently contributing to the LGPS in England and Wales; roughly 75% of the local government workforce. They contribute to the LGPS through any one of the 89 regional pension funds in England and Wales.
The Devon LGPS is managed by Devon County Council as the administering authority, in accordance with regulations approved by Parliament.
Devon County Council is responsible for the Devon LGPS Fund, into which all contributions are paid.
Devon County Council, as the administering authority, pays benefits from a dedicated pension fund, which is separate from the County Council’s budget for delivering services. Both the scheme member and their employer pay into this fund in order to provide retirement benefits for the member once they retire.
The contributions paid into the scheme are invested in a variety of bonds and shares by the fund’s investment management team. Through these investments the fund can build up enough assets to cover any payments of scheme members’ retirement benefits.
Devon County Council
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