The Local Government Pension Scheme (LGPS) is one of the largest pension schemes in the UK with over 6 million members. The scheme is administered locally by 86 local pension funds in England and Wales. This website is specifically for the Hertfordshire Pension Fund (HPF).
What we do
We are responsible for strong governance and investment decisions to ensure statutory obligations and fiduciary responsibilities are met. We partner with Local Pensions Partnership Administration (LPPA) to deliver our administration services to members and employers and work closely with our actuaries, Barnett Waddingham, and investment consultant, Mercer, to deliver our mission.
Our mission
Our mission is to provide an efficient, high quality and cost-effective service that meets the needs of our scheme employers and members. Through strong partnerships and governance, underpinned with equality and integrity for all, we aim for the best outcomes for all stakeholders.
Responsibilities and Oversight
Each LGPS has an administering authority. For Hertfordshire Pension Fund the administering authority is Hertfordshire County Council. It is responsible for managing and administering the LGPS in relation to its members. The administering authority is also responsible for maintaining and investing its own fund for the LGPS.
Where the administering authority is also the local authority (like for Hertfordshire Pension Fund) it is not possible for certain decisions to be an executive decision. This means in practice that decisions about pensions are delegated in accordance with Section 101 of the Local Government Act 1972 Act to:
- Pension Committee made up of the administering authorities’ councillors (from all political groups), and/or
- Administering authority officers (sections 151 officer and officers with appropriate delegations).
The LGPS Regulations and the Public Service Pensions Act 2013 require that each LGPS Pension Fund establishes a local pension board. This requirement has been in place since 1 April 2015.
The local pension board has responsibility for assisting the administering authority in the effective and efficient governance and administration of the Scheme, as well as ensuring compliance with:
- The Scheme regulations
- Any other legislation relating to the governance and administration of the Scheme and any connected scheme.
- Any requirements imposed by the Pensions Regulator in relation to the Scheme and any connected scheme.
A local pension board must be made of up of equal numbers of employer and member representatives (with a minimum of four representatives).
Please visit the County Council website for more information regarding our Pensions Committee and Local Pension Board.