Managing the fund

Rules, regulations, reports, accounts and policy statements.

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Formal statement and references

The LGPS is a tax approved, defined benefit, occupational pension scheme with regulations made under the Superannuation Act 1972. In the future scheme regulations will be made under Public Service Pension Schemes Act 2013.

The LGPS is a registered public service pension scheme under Chapter 2 of Part 4 of the Finance Act 2004. It achieved automatic registration by virtue of Part 1 of Schedule 36 of that Act (because the scheme was, immediately before 6 April 2006, both a retirement benefits scheme approved under Chapter I of Part XIV of the Income and Corporation Taxes Act 1988 and a relevant statutory scheme under section 611A of that Act). It complies with the relevant provisions of the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004.

The LGPS meets the government's standards under the automatic enrolment provisions of the Pensions Act 2008 and holds a certificate issued by the scheme actuary to certify it satisfies the cost of accruals test.

Key details

  • Oxfordshire County Council Pension Fund’s Pension Scheme Registration number is PSR10079154
  • Oxfordshire County Council Pension Fund’s Pension Scheme Tax reference number is PSTR00328822RP.  
  • Oxfordshire County Council Pension Fund’s Contracted-out References are S2700165T and E3900002R. Contracting out ceased from April 2016.

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Pension Fund Committee

The committee of elected council members is advised by the Director of Finance and an independent financial advisor and is responsible for the pension fund's investment arrangements. Browse meetings, agendas and latest members.

The Pension Fund Committee meets quarterly. You can view papers from the latest meeting.

Beneficiaries' representative

A beneficiaries' representative also attends the committee. This representative can participate in discussions but has no voting powers. Unison appoints this beneficiaries' representative, currently Steve Moran.

Scheme of delegation

The Pension Fund Scheme of Delegation (pdf format, 152KB) is the formal record of authorisation by the council to specific named posts to exercise the powers and functions of the council.

Investments

Information about investments can be found on our pension fund investments page.

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Rules and regulations

Oxfordshire County Council has a legal duty to set up, maintain, administer and pay all benefits from the pension fund. There are rules that set out what the council should do to achieve those duties.

The current scheme covering membership, contributions and benefits is contained within the Local Government Pension Scheme Regulations 2013

Elements from the previous regulations which are carried forward-saved to support a member's protected pension provisions are now found in the Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014, which cross-refers to all other saved areas in earlier regulations.

The scheme rules for fund investment are now contained within the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016

To help promote transparency and accountability for the pension fund stakeholders, these rules ask administering authorities - Oxfordshire County Council to prepare, maintain and publish the formal strategies, statements and reports.

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Annual reports and accounts

Below is the unaudited Annual Report and Accounts of the Pension Fund for 2021/22. The audit is currently in progress and an audited copy of the Annual Report and Accounts will be added once available.

Annual Fund Forum

Once a year, there is the opportunity for scheme employers, members of the pension fund committee and the local pension board to meet, take part in discussions prompted by topical presentations and hear first hand about the fund's performance.

Download presentation from the last meeting (pdf format, 2.3Mb).

Pension Fund Actuarial Valuation

Funding strategy statement

The Funding Strategy Statement (pdf format, 458Kb) sets out Oxfordshire Pension Fund's strategy to identify and meet the costs for providing LGPS pensions for employees in the future. The FSS also outlines how the funding strategy fits in with the investment strategy.

The Statement is prepared in collaboration with the Fund Actuary (Hymans Robertson) and forms an integral part of the framework within which to carry out the triennial valuation to set employer contributions. It references six policies below

Communication Policy Statement

This Communication Policy (pdf format, 150Kb) sets out the Oxfordshire Pension Fund's strategy for communications with members, members' representatives and employing authorities.

You should read this policy in conjunction with the Administration Strategy.

Governance policy statement

This statement includes information about the makeup of the Pension Fund Committee and the roles and responsibilities of this committee. The statement shows you the steps the council is taking to comply with the governance policy.

Statements of policy about exercise of discretionary functions

The administering authority, Oxfordshire County Council, has prepared their statement to show the areas they are required to hold a policy and the conditions to be satisfied in applying it. The administering authority is also required to act on decisions as if an employer when the member’s employer is no longer active in this fund. The attached paper also refers to these areas.

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Breaches Policy

It is a requirement of the Pension Fund that there is a procedure to ensure that those with a responsibility to make reports about breaches are able to meet their legal obligations. The Breaches Policy (pdf format, 135Kb) documents that procedure, and relates to all of the Fund’s areas of operation

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