About the Isle of Wight Pension Fund

The Isle of Wight Pension Fund is part of the national Local Government Pension Scheme (LGPS)

The LGPS is one of the largest public sector pension schemes in the UK with over 4 million members.

As part of the LGPS, the Isle of Wight Pension Fund is administered by Isle of Wight Council. If you join the fund you become a member and you will get a pension paid to you when you retire.

Members include people who work for Isle of Wight Council, and a whole range other organisations such as local colleges or town and parish councils who have applied to be part of the fund as well as other organisations who provide community services or carry out services on behalf of the Council. More than 30 employers allow their employees to join the fund.

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.

Teachers and operational staff in the police and fire and rescue service have their own pension schemes and are not part of the Isle of Wight Pension Fund.

Who runs the pension fund?

The Isle of Wight Pension Fund is run by Isle of Wight Council.

This means that the Isle of Wight Council is the "administering authority" as defined in the Local Government Pension Scheme Regulations.

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

Pensions Services at Isle of Wight Council look after the day to day running of the fund.

Pension Committee

In accordance with the Local Government Pension Scheme Regulations and associated legislation, the Pension Committee is responsible for the management and administration of the Fund, including investment decisions.

Browse meetings and agendas, and view contact details for the members of the Pensions Committee.

ACCESS - A Collaboration of Central, Eastern & Southern Shires

The Government requires LGPS Funds to work together more closely to pool investments to significantly reduce costs, while maintaining investment performance. In response eleven like-minded LGPS Funds, including the Isle of Wight Fund, are working together under the name of ACCESS (A Collaboration of Central, Eastern and Southern Shires) in order to achieve this aim. The ACCESS pool officially commenced operation
from 1 April 2018.

Additional information about ACCESS can be found here.

Pension Board

In accordance with the Public Service Pensions Act 2013 Isle of Wight Council established a Pension Board, responsible for assisting the Council in its role as the administering authority in securing compliance with all relevant pensions law, regulations, directions and any code of practice (pdf) issued by the Pensions Regulator.

Browse meetings and agendas, and view contact details for the members of the  Pensions Board.