Falkirkpensionfund

The Falkirk Council Pension Fund is the designated administering authority for the Local Government Pension Scheme (LGPS) in the central Scotland area. It operates as a defined benefit, public sector pension scheme governed by the Public Service Pensions Act 2013. The Fund's primary mandate is to manage contributions from members and employers to pay pensions, lump sums, and other benefits to scheme members and their dependents.

Falkirk Council delegates its pension functions to a Pensions Committee, which oversees the strategic management of the Fund's assets and the administration of benefits. The committee is composed of elected members from Falkirk Council and co-opted members representing employers and scheme members, all with voting rights. The day-to-day administration and management of investments are handled by an in-house pensions team led by a Pensions Manager, who reports to the Chief Finance Officer. Governance is further supported by a Pension Board, established to enhance scrutiny and compliance.

The Fund's client base includes employees from Clackmannanshire, Falkirk, and Stirling Councils, as well as the Scottish Environment Protection Agency, the Scottish Children's Reporter Administration, and approximately 30 other public and charitable bodies. It does not cover teachers or uniformed personnel in the police and fire services, who have separate national pension schemes. The business model is that of a funded scheme, where contributions from employees and employers, along with income from investments, are collected to ensure sufficient assets are available to meet future pension liabilities. As of March 31, 2025, the Fund's assets totaled £3.6 billion. The investment strategy is diversified across various asset classes, including equities, real assets, credit, and sovereign bonds, with the aim of achieving long-term sustainable returns while maintaining stable employer contribution rates. The Fund also collaborates with the Lothian and Fife Council Pension Funds through a Joint Investment Forum to share expertise and resources.

Keywords: public pension fund, Local Government Pension Scheme, LGPS, defined benefit scheme, Falkirk Council, pension administration, investment management, central Scotland, public sector employees, Clackmannanshire Council, Stirling Council, pension governance, institutional investor, fiduciary duty, responsible investment, asset management, retirement benefits, pension board, pension committee, public service pensions