Annual Report and Accounts
The Annual Report and Accounts sets out the activities of the Fund over the past year, the performance of the Fund, and the Fund’s statement of accounts. A summary with an abridged version is also made available for Pension Fund members.
The Local Government Pension Scheme Regulations 2013 require an administering authority to publish the pension fund annual report on or before 1st December following the Scheme year end. This annual report should contain an external auditor’s opinion on the pension fund’s statement of accounts, which is a ‘consistent with’ opinion referring to that given on the administering authority’s statement of accounts.
The Investment and Pension Fund Committee have approved the 2022/23 Annual Report subject to completion of the external audit. The Annual Report has therefore been provisionally published below, and will be republished following completion of the external audit.
Copies of the Annual Report and Accounts for previous years can be found in the Annual Reports and Accounts archive.
- Holdings – 31 December 2023
- Holdings – 30 September 2023
- Holdings – 30 June 2023
- Holdings – 31 March 2023
- Holdings – 31 Dec 2022
- Holdings – 30 September 2022
- Holdings – 30 June 2022
- Holdings – 31 March 2022
- Holdings – 31 December 2021
The Fund has made available details of all its holdings as at the end of the financial year, and at the last available quarter ends.
Information on holdings at the end of previous financial years can be found in the Investment Holdings archive.
- Investment Holdings
Investment Strategy Statement
The Investment Strategy Statement sets out the Devon Fund’s investment strategy including the Fund’s assessment of the suitability of particular types of investments, and the balance between asset classes, the approach to risk, the policy on stewardship and social, environmental and corporate governance considerations and the approach to pooling and the relationship with the Brunel Pension Partnership.
Funding Strategy Statement
The Funding Strategy Statement explains the funding objectives of the Fund.
This includes how the costs of the benefits provided under the Local Government Pension Scheme (LGPS) are met though the Fund, the objectives in setting employer contribution rates and the funding strategy that is adopted to meet those objectives.
The Fund has also put in place supplementary policies in relation to employer contribution reviews, debt spreading agreements and deferred debt arrangements.
Communications Strategy Statement
The Communications Strategy Statement sets out the Fund’s policies on the provision of information and publicity about the Scheme to members, representatives of members and employing authorities.
It sets out the format, frequency and method of distributing such information or publicity, other key organisations that we communicate with, our values in relation to communications, and the professional expertise available to the Fund.
Governance Policy and Compliance Statement
The Governance Policy sets out the governance arrangements for the Fund, including the make-up of the Investment and Pension Fund Committee, and an outline of the tasks delegated to the Committee and to the Fund’s officers.
The Compliance Statement sets out an analysis of the Fund’s compliance with the latest guidance issued by the Secretary of State for Communities and Local Government.
Pension fund administering authorities have discretion as to whether or not they prepare a pensions administration strategy. The Devon Fund has decided to adopt an Administration Strategy. The objective of the strategy is to define the roles and responsibilities of the Administering Authority and the employing authorities under the LGPS Regulations. The strategy describes the service standards set for the administration of pensions in the Fund’s dealings with members and employer bodies.
The Valuation report sets out the results of the latest actuarial valuation of the Fund as at 31 March 2022. It sets out the methods and assumptions used, and the results for both the Fund as a whole and individual employers.
Pension Fund Risk Register
The Risk Register highlights the key risks in relation to the Devon Fund, the current processes in place to mitigate the risk, and the planned improvements in place to provide further assurance.
This incorporates the risk register of both the Investments Team and Peninsula Pensions.
Administering Authority discretions
The Local Government Pension Scheme regulations give some responsibilities and discretions to Devon County Council as the fund Administering Authority in the administration of the scheme.
The Fund issues Employers Newsletters covering actuarial funding, legal and technical aspects of the management of the Fund as well as informing of events where these matters are discussed. Copies of these newsletters are available here:
Pensions Line Newsletters:
Peninsula Pensions issues the Pensions Line newsletter covering administrative operational matters. Copies of these newsletters can be found here: Pensions Line Newsletters
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