The Ealing Pension Fund (the Fund) is part of the Local Government Pension Scheme (LGPS) and is administered by the London Borough of Ealing (the council). It is a contributory defined benefits scheme established, in accordance with statute, which provides for the payment of benefits to employees and former employees of the Ealing Council and the admitted and scheduled bodies in the Fund. Scheduled bodies are automatically entitled to be members of the Fund by law, whereas admitted bodies participate in the Fund under admission agreements and include not for profit organisations or private contractors undertaking local authority functions. The Fund is overseen by the Ealing Pension Fund Panel (the Panel), which is a committee of the council.
Benefits payable, which are defined and set out in law, include retirement pensions, early payment of benefits on medical grounds and payment of death benefits where death occurs either in service or in retirement. The benefits payable in respect of service from 1st April 2014 are based on career average revalued earnings and the number of years of eligible service. Pensions are increased each year in line with the Consumer Price Index.
The Fund is governed by the Public Service Pensions Act 2013 and the following secondary legislation:
The Fund is financed by contributions from active members of the Fund in accordance with the LGPS Regulations 2013 and these range from 5.50% to 12.50% (main scheme) and 2.75% to 6.25% (50/50 scheme) of pensionable pay for the financial year ending 31 March 2026. Employers make contributions into the Fund based on rates determined by the appointed actuary following triennial funding valuations. Employer contribution rates currently range from 15.1% to 26.8% of pensionable pay, as set by the 2022 actuarial valuation covering the three financial years to 31 March 2026. The actuarial valuation as at 31 March 2025 concluded in March 2026, setting employer contribution rates with effect from 1 April 2026 for the three financial years ending 31 March 2029.