Devon Local Government Pension Scheme
The Devon Local Government Pension Scheme (LGPS) is managed by Devon County Council, who act as the administering authority, in accordance with regulations approved by Parliament.
Devon County Council is responsible for the Devon LGPS Fund, which all contributions are paid into.
Devon County Council pays benefits from a dedicated pension fund, kept separate from the County Council’s services budget. Both the scheme member and their employer pay into this fund in order to provide retirement benefits for the member once they retire.
The contributions paid into the scheme are invested in a variety of bonds and shares by the funds’ investment management team. Through these investments the fund can build up enough assets to cover any payments of scheme members’ retirement benefits.
The administration of benefits for the Devon LGPS and the Somerset LGPS is managed by Peninsula Pensions.