The Local Government Pension Scheme (LGPS) is one of the oldest public sector schemes in operation, having been established as a national scheme in 1922.
The LGPS regulations are determined by the government after consultation with employee and employer representatives, trade unions, the Local Government Association and the Local Government Pensions Committee. The latter represents 409 local authorities in England and Wales, along with numerous town, parish and community councils. The Local Government Pension Scheme is contracted-out of the State Second Pension (S2P) and must, in general, provide benefits at least as good as most members would have received had they been members of S2P.
There are about 1.5 million employees contributing to the LGPS in England and Wales; roughly 75% of the local government workforce. They contribute to the LGPS through any one of the 89 regional pension funds in England and Wales.
Each LGPS administering authority pays its benefits from a dedicated local pension fund to which both the scheme member and their employer have contributed.
The Administering authority of the Devon LGPS (The Devon Pension Fund) is Devon County Council.
The administration of benefits for The Devon Pension Fund is managed by Peninsula Pensions.
Contributions paid into the Devon Pension Fund are invested in a variety of stocks and shares that are overseen by the investment management team of the Devon Pension Fund.