Shared pension administration service

About the pension fund

The Pension Fund Annual Report sets out key information about how the London Borough of Sutton and The Royal Borough of Kingston upon Thames Pension Fund is managed for the benefit of all employing bodies, contributors and beneficiaries.

This report summarises financial and management performance. The production of an annual report in accordance with regulatory guidance is a requirement of the Local Government Pension Scheme (LGPS) regulations.

Here, you can view the annual reports for each fund.

Investment Strategy Statement

In compliance with the Local Government Pension Scheme (LGPS) regulations, each fund has an Investment Strategy Statement. The statement sets out the principles governing decisions about investment for the pension scheme and was drawn up following consultation with appropriate bodies.  

Funding strategy statement

Regulation 76A of the Local Government Pension Scheme Regulations requires administering authorities to prepare, maintain and publish, a written statement setting out their funding strategy.  

Actuarial valuation

Every three years, a formal valuation of the whole fund is carried out under Regulation 62 (1) of LGPS Regulations 2013. The purpose is to value the assets and liabilities of each individual employer and the pension fund as a whole, with a view to setting employer contribution rates which will result in each employer’s liabilities becoming as close to fully funded as possible over the agreed recovery period outlined in the Funding Strategy Statement.  The valuation is carried out by the actuaries for each Pension Fund.

Governance policy and compliance statements

Regulation 73A of the Local Government Pension Scheme Regulations requires administering authorities to prepare, maintain and publish a written governance statement which addresses the delegation of functions related to maintaining a pension fund.

Where functions have been delegated (in whole or in part) details regarding the frequency of committee meetings and their constitution should be provided, together with the terms of reference, structure and operational procedures of the delegation.

Who manages the Pension Fund?

The Sutton Pension Committee and Kingston Pension Fund Panel  is responsible for all matters relating to each Council’s Pension Fund. They consider reports from the Fund Manager on investment strategy, fund performance, investment transactions as well as updated on the performance of the Pension Administration Team.

The purpose of the Sutton Pension Board and Kingston Pension Board were established under the requirements of Section 5 of the Public Sector Pensions Act 2013 and regulation 106 of the Local Government Pension Scheme Regulations 2013 (as amended).

Their key roles are to secure compliance with the Regulations, any other legislation relating to the governance and administration of each respective Scheme as well as requirements imposed by the Pensions Regulator.