About the Hampshire Pension Fund
The Hampshire Pension Fund is part of the national Local Government Pension Scheme (LGPS).
The LGPS is one of the largest pension schemes in the UK with over 6.1 million scheme members. To qualify to be a member of the LGPS you must work for an employer who participates in the scheme and not be entitled to join another public sector pension scheme. The LGPS is a statutory defined benefit scheme.
Members of the Hampshire Pension Fund include people who work for Hampshire County Council, district, borough and city councils in Hampshire as well as a whole range of other organisations such as schools, academies, colleges, town and parish councils and charities who have applied to be part of the fund. The Hampshire Pension Fund is one of the largest LGPS funds in the country with over 350 participating employers and a fund valued at almost £10 billion (31 March 2024).
Our primary responsibility is to ensure pension benefits are calculated and paid correctly. Payments are made in a variety of circumstances including retirement, redundancy, ill health and even on death or are transferred to other pension arrangements.
Hampshire Pension Fun 2023/24 highlights
- Over 206,000 scheme members from 357 employers in Hampshire, including over 55,000 pensioners who were paid a total of £357 million of pensions last year
- 62% of assets are invested in the ACCESS pool saving Hampshire over £6.5 million of investment manager fees since 2018
- Committed to Responsible Investment and being a good steward of investments. Reaccepted as a signatory to the UK Stewardship Code in 2023
- Received over 43,000 calls/ emails from scheme members last year. Processed 3,800 retirements – 100% within the target time
- £18 per member. Cost of Administration and Governance, compared to the LGPS average of £44 (excluding Hampshire)
- Aiming for net-zero greenhouse gas emissions from investments by 2050 at the latest. Scope 1 and 2 carbon footprint of 48 tCO2 per million pound
- Funding level of 107.1%. How the Pension Fund’s current market value of investments compares with the total pensions it is expected to pay
- £10 billion total value of Fund assets. 2023/24 investment returns. Discount rate: 4.40%. Benchmark: 8.96%. Total return: 9.05%. 2023/24 returns were slightly above the benchmark, and well above the discount rate (the required investment return calculated by the Fund’s Actuary)
- Holder of the Customer Service Excellence standard since 2009
Hampshire Pension Fun 2023/24 highlights
- Over 206,000 scheme members from 357 employers in Hampshire, including over 55,000 pensioners who were paid a total of £357 million of pensions last year
- 62% of assets are invested in the ACCESS pool saving Hampshire over £6.5 million of investment manager fees since 2018
- Committed to Responsible Investment and being a good steward of investments. Reaccepted as a signatory to the UK Stewardship Code in 2023
- Received over 43,000 calls/ emails from scheme members last year. Processed 3,800 retirements – 100% within the target time
- £18 per member. Cost of Administration and Governance, compared to the LGPS average of £44 (excluding Hampshire)
- Aiming for net-zero greenhouse gas emissions from investments by 2050 at the latest. Scope 1 and 2 carbon footprint of 48 tCO2 per million pound
- Funding level of 107.1%. How the Pension Fund’s current market value of investments compares with the total pensions it is expected to pay
- £10 billion total value of Fund assets. 2023/24 investment returns. Discount rate: 4.40%. Benchmark: 8.96%. Total return: 9.05%. 2023/24 returns were slightly above the benchmark, and well above the discount rate (the required investment return calculated by the Fund’s Actuary)
- Holder of the Customer Service Excellence standard since 2009
