Important documents

The Annual Report and Accounts sets out the activities of the Devon Pension 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 Devon Pension Fund members.

The Annual Report for 2023/24 was approved by the Investment and Pension Fund Committee on 13th September, subject to the approval of the Statement of Accounts by the Audit Committee on 30th September and completion of the external audit. Completion of the external audit is still outstanding. Therefore, the Annual Report for 2023/24 has been provisionally published here, pending completion of the audit.

• 2024 Devon Pension Fund Annual Report
• 2024 Annual Report Summary

Copies of the Annual Report and Accounts for previous years can be found in the Annual Reports and Accounts archive.

• Investment Holdings

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.

• Holdings – 30 June 2024
• Holdings – 31 March 2024
• 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

Information on holdings at the end of previous financial years can be found in the Investment Holdings archive.

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.

Investment Strategy Statement 2023

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.

Funding Strategy Statement

The Fund has also put in place supplementary policies in relation to employer contribution reviews, debt spreading agreements and deferred debt arrangements.

Contributions Review Policy 2021

Deferred Debt and Debt Spreading Agreement Policies Policies 2021

The Communications Policy describes the Fund’s strategy on the provision of information about the Fund to members, representatives of members and employing authorities.

It sets out the format, frequency and method of distributing such information, other key organisations that we communicate with, our values in relation to communications, and the professional expertise available to the Fund.

Communications Policy 

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.

Governance Policy and Compliance Statement

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.

Devon Pension Fund Administration Strategy

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.

31 March 2022 Actuarial Valuation Report

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.

Devon Pension Fund Risk Register – September 2023

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.

Administering Authority discretions

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:

Employers Newsletters

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