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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 2022

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.

Investment managers

The Committee has twelve 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 and General Passive global equity Pooled passive
Insight Investment Management Fixed income, bonds Pooled passive
Abrdn Investments Long lease UK property Pooled active
Ruffer (LCIV) Multi asset Pooled active
Pantheon Ventures Global infrastructure Pooled active
CQS and Pimco (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
Man Group Affordable housing Pooled active
Northern Trust Ultra-short ESG bonds 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.

Hymans Robertson has been appointed as independent actuary to the fund.

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

Contact information

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

Hampshire Pensions Services, Hampshire County Council, 2nd Floor EII East, The Castle, Winchester, SO23 8UJ

Policy and strategy statements

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
Pension Fund Annual Report 2020/21
Pension Fund Annual Report 2020/21 PDF, 6.48 MB, 162 pages
Document
Investment Strategy Statement
Investment Strategy Statement PDF, 1.33 MB, 32 pages
Document
Responsible Investment Statement, 2022
Stewardship Policy DOCX, 132.71 KB
Document
Funding Strategy Statement
Funding Strategy Statement PDF, 207 KB, 22 pages
Document
Actuarial Valuation 2019
Actuarial Valuation 2019 PDF, 1.24 MB, 32 pages

Pension Board policies

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:

More information

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]