OUR OBJECTIVES
FUNDING STRATEGY STATEMENT
The Funding Strategy Statement sets out how employers’ pensions liabilities are best met in the years to come. The aim is to keep employer primary contribution rates as nearly constant as possible and take a prudent longer-term view in funding our liabilities.
INVESTMENT STRATEGY STATEMENT
The Investment Strategy Statement provides an overview of investment objectives and investment beliefs to ensure that over the long term the Fund will have sufficient assets to meet all pension liabilities as they fall due.
MEDIUM-TERM FINANCIAL PLAN
The Medium-Term Financial Plan (MTFP) provides budget details for the current financial and two following financial years to support the SPS. The MTFP also contains any levy requirement for each financial year and, together with the Strategic Policy Statement (see above), must be also submitted to Mayor of London by 31st December each year for comment.
PENSION ADMINISTRATION STRATEGY
The Pension Administration Strategy sets out the responsibilities of the LPFA and employers in our Fund. It aims to support the provision of accurate and timely data to our outsourced pensions administration services provider, LPPA. This will ensure that we can provide a quality service to our members and our employers. All employers must sign up to the Pensions Administration Strategy and comply with the Service Level Agreement standards.
STRATEGIC POLICY STATEMENT
Under the Greater London Authority Act 1999, we are required to prepare a Strategic Policy Statement (SPS) that sets out our strategic plans and objectives for the current financial year and the two following financial years. The SPS and the Medium-Term Financial Plan (see above) are reviewed on an annual basis by the LPFA Board and a draft must be submitted to the Mayor of London by 31st December each year for comment.
