We are part of the Local Government Pension Scheme (LGPS) which provides pension benefits to eligible public sector workers. This includes those employed by councils, universities, colleges, academies, charities and private companies who deliver public services.
Key fund statistics
As at 31 March 2020:
- total scheme members: 104,837
- active members: 40,125
- deferred members: 313,164
- pensioner members: 31,548
- scheme employers: 303
- investment assets of the fund: £4.6 billion
Summary of the fund
In the LGPS, benefits are guaranteed and set out by government regulations. The level of pension benefits payable to a member is linked primarily to that member’s pay and length of time in the scheme.
Derbyshire County Council is the administering authority of the pension fund. The responsibilities of the administering authority include liaising with stakeholders, collecting and investing contributions, maintaining member records and paying pension benefits.
The responsibility for making decisions about the functions of the administering authority is delegated to the council’s Pensions and Investments Committee.
Derbyshire Pension Board also assists the council with pension fund governance and administration matters.
The board includes scheme member and employer representatives.
Core objectives of the fund
- to ensure sound governance arrangements for the pension fund
- to ensure that sufficient assets are available to meet benefit payments
- to deliver a high quality service to scheme members and employers
- to enable employer contribution rates to be kept as constant as possible and at reasonable cost to the taxpayer
- to deliver clear, timely and relevant communication to all stakeholders