About the Kensington and Chelsea Pension Fund

The Kensington and Chelsea Pension Fund is part of the national Local Government Pension Scheme (LGPS)

Members of the fund comprise employees and ex-employees of the Council. In addition, the fund also has over 20 participating 'admitted body' employers including employees and ex-employees of academy schools and certain private companies that provide services on behalf of the Council.

The fund has over 10,400 current, deferred and pensioner members and its assets currently exceed £800 million.

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 have their own national pension scheme and some Public Health staff retain access to the national NHS pension scheme.

Who runs the pension fund?

The Royal Borough of Kensington & Chelsea manages the RBKC Pension Fund for members of the Local Government Pension Scheme (LGPS) and is known as the 'administering authority'.

Administering authorities have to administer the fund in accordance with LGPS regulations. They have to act in the interests of all employers, scheme members and their dependants within the fund.

The Council's Investment Committee is responsible for deciding the policies on how the fund is invested and is made up of elected members of the Council.

The Investment Committee also holds the remit to approve any discretionary policies permitted by the LGPS regulations although decisions on applying any discretionary policies to individual scheme members are made by the nominated officer in accordance with the policy.