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City of Westminster Pension Fund

Information about the Local Government Pension Scheme for all eligible employees of the council.

Published: 12 May 2021

Last updated: 13 May 2021

The City of Westminster administers the Local Government Pension Scheme which provides death and retirement benefits for all eligible employees of the council and the admitted and scheduled bodies.

The council has delegated the management of the pension fund to the Pension Fund Committee  who decide on the investment policy most suitable to meet the liabilities of the scheme and the ultimate responsibility for the investment strategy lies with them.

The committee has ten specialist investment managers to manage the Fund's investments. The managers' activities are constrained by their detailed Investment Management Agreements, which incorporate the statutory restrictions. The managers and their respective investment mandate types are listed below:

 

Name of investment manager

Mandate type

Basis/strategy

Baillie Gifford (LCIV)

Global equity

Pooled active

Legal & General

Passive Global equity

Pooled passive

Insight Investment Management

Fixed income - bonds

Pooled passive

Aberdeen Standard Investments

Long lease UK property

Pooled active

Longview

Global equity

Pooled active

Pantheon Ventures

Global infrastructure

Pooled active

CQS (LCIV)

Fixed income - multi asset credit

Pooled active

Morgan Stanley (LCIV)

World equity

Pooled active

Macquarie

Renewable Infrastructure

Pooled active

Quinbrook

Renewable Infrastructure

Pooled active

 

The fund has Northern Trust as its global custodian.

The committee appointed Deloitte as independent advisor on investment strategy and to oversee the activities of the investment managers.

AEGON and Utmost Life and Pensions are the Fund's additional voluntary contribution providers.

Barnett Waddingham has been appointed as independent actuary to the fund.

Surrey County Council is contracted to administer the benefits of the scheme, and each year send out statements of likely future benefits to scheme members.

If you are employed by the council and wish to join the scheme, or require more information about your membership, please contact:

Pension Administration Services (WCC Team), Surrey County Council, Room 218 County Hall, Kingston upon Thames, Surrey KT1 2DN

Website: WCC Pension Fund
Email: [email protected]
Telephone: 020 8541 9293

As the administering authority for the pension fund, the council is required to publish the related policy and strategy statements. These can be accessed at:

Document
Investment Strategy Statement PDF, 1.33 MB, 32 pages
Stewardship Policy DOCX, 132.71 KB
Document
Funding Strategy Statement PDF, 207 KB, 22 pages
Document
Actuarial Valuation 2019 PDF, 1.24 MB, 32 pages

The Pension Board was established to monitor and ensure compliance with the regulations and other legislation relating to the management of the pension fund.  The related policies for the board can be accessed by clicking on the links below:

If you require more information about the fund's investments or governance, please contact:

Pensions Fund Team, City Hall, 64 Victoria Street, London SW1E 6QP 

Email: [email protected]