About the City of London Pension Fund

The City of London Pension Fund is part of the national Local Government Pension Scheme (LGPS)

If you join the LGPS you become a member and you will get a pension paid to you when you retire.

Members include people who work for the City of London Corporation, and a range of other organisations.

The LGPS is a statutory scheme. This means that it is very secure because the amount members are paid in retirement is defined and set out in law.

The pension scheme has approximately 16,000 members, with £1.5bn in assets and 10 participating employers.

Teachers and operational staff in the City of London Police service have their own pension schemes and are not part of the LGPS.

Who runs the pension fund?

The City of London Pension Fund is administered in-house by the City of London Corporation on behalf of the participating employers and the Pensions team at the Corporation look after the day to day running of the fund.

This means that the City of London Corporation is the "administering authority" in the Local Government Pension Scheme Regulations.

The Corporation has set up the Pensions Committee to undertake statutory functions on behalf of the LGPS and ensure compliance with the Local Government Pensions Scheme Regulations, relevant legislation and best practice as advised by the Pensions Regulator.

The City of London Pension Fund also has a Local Government Pensions Board who assist the administering authority with scrutinising the adequacy of arrangements in place to meet the requirements of scheme regulations and the extent to which local policy and guidance is fit for purpose. The Board does not have a decision-making role in relation to management of the Fund but is able to make recommendations to the Pensions Committee.

Administering authorities must act in the interests of all employers, members and their dependants within the fund and the role of the administering authority is very similar to that of a trustee.