Hampshire County Council Pension Fund

Overview

The Hampshire County Council Pension Fund is a UK-based pension fund that invests in a diverse range of asset classes and industries, including real estate, infrastructure, private equity, and fixed income. The fund is part of the national Local Government Pension Scheme (LGPS), which is one of the largest pension schemes in the UK, with over 6.1 million members. The Hampshire Pension Fund administers pensions for employees of Hampshire County Council, district, borough, and city councils in Hampshire, as well as other organizations such as schools, academies, colleges, town and parish councils, and charities. As of March 31, 2024, the fund was valued at almost £10 billion, making it one of the largest LGPS funds in the country. The fund's primary responsibility is to ensure pension benefits are calculated and paid correctly, covering various circumstances including retirement, redundancy, ill health, and death. In the last year, over £390 million in pensions were paid to more than 58,000 pensioners. The fund is committed to responsible investment and being a good steward of investments, reaccepting its status as a signatory to the UK Stewardship Code in 2024. It has also confirmed that all investment managers are excluding 'controversial weapons' from the fund's investment portfolios. The fund's investments returned 4.2% in comparison to the benchmark return of 3.8% in the last year. The fund is actively working towards disinvesting from fossil fuel investments, with a scope 1&2 carbon footprint of 47 tCO2/£m for equity investments compared to the global benchmark of 59 tCO2/£m. The fund has committed 2.5% of its assets to timberland investments and agreed to a £75 million new investment allocation to social and affordable housing. The funding level of the pension fund is 107.1%, indicating that the current market value of investments exceeds the total pensions it is expected to pay. The fund is managed by Hampshire County Council, which acts as the administering authority, with the governance and management of the fund delegated to the Pension Fund Panel and Board. The Panel and Board meet quarterly and have 15 members, including nine County Councillors, three scheme member representatives, and three employer representatives. This structure allows all key stakeholders to be represented in the committee. The fund's mission is to provide an efficient and effective pension scheme for all employees and pensioners of eligible employers in Hampshire, in accordance with the requirements of the legislation for the LGPS. The fund's investments are managed by specialist investment managers, and the committee has appointed Hymans Robertson as the independent actuary to the fund. The fund's approach to responsible investing includes the consideration of Environmental, Social, and Governance (ESG) factors in investment decisions, working to a number of responsible investment standards, including the UK Stewardship Code. The fund's annual report and accounts provide detailed information on its investments, governance, and performance. The fund's contact details are available on its website, including email, phone, and contact form options for inquiries. The fund's member portal allows scheme members to view their pension details and annual benefit statements online. The fund's website also provides information on governance, investments, responsible investments, annual reports and accounts, and policies. The fund's commitment to responsible investment and its diverse investment portfolio reflect its dedication to providing secure and sustainable pension benefits to its members.