Islington Council maintains a pension fund to finance the scheme benefits built up by scheme members, and is required by the LGPS regulations to publish statements setting out its policies on investment of the fund assets and also on its strategy for achieving full funding. You can find these statements and policies under 'Useful documents' below.
As at 31 March 2020 the fund was valued at approximately £1.36 billion, with over 34 contributing employers and over 6,000 contributing members.
The Council has delegated the investment arrangements of the scheme to the Pensions Sub-Committee who decide on the investment policy most suitable to meet the liabilities of the Scheme and the ultimate responsibility for the investment policy that lies with it. The Committee obtains and considers advice from the Corporate Director of Resources, as necessary from the Pension Fund’s appointed actuary (including specific investment advice), investment managers and investment advisers.
Islington Council has set up the Local Pension Board to ensure that the pension scheme is properly run. The Board assists the London Borough of Islington as scheme manager to secure compliance with pension legislation, and ensures the effective and efficient governance and administration of the pension scheme and all requirements imposed by the Pensions Regulator in respect of the LGPS.
The Board has six members. Three members represent employers in the pension scheme, and three represent scheme members. Cllr David Poyser is the Chair of the Pension Board.