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It covers governance, training, overall fund management, financial performance, fund accounts and net assets, investments and funding, administration, actuarial reporting, and the external audit opinion. The report also addresses the ‘Fit for the Future’ consultation, global market volatility, pooling progress within the ACCESS pool, and related investment and administration actions.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/east-sussex-pension-fund-annual-report-and-accounts-2024-2025/568183/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/east-sussex-pension-fund-annual-report-and-accounts-2024-2025/568183.png","ImageObject",442,249,{"name":88,"@type":89},"sagouaw","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-28","2026-10-13",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",9,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What date does the East Sussex Pension Fund Annual Report and Accounts 2024-2025 cover?","Question",{"text":109,"@type":110},"It reflects the Fund’s position at the end of the 2024/25 financial year, specifically 31 March 2025, and uses policies and strategies in place on that date.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What is the ‘Fit for the Future’ consultation and why is it important to the Fund?",{"text":114,"@type":110},"The report explains that the government launched a consultation to accelerate LGPS asset pooling by March 2026 and strengthen governance. 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Any policies and strategies that are referenced are those in place on 31 March 2025.  \nContents  \nSection Name of section Page  \n1  Introduction 4  \n2  Overall Fund Management 9  \n3  Governance and Training 16  \n4  Financial Performance 24  \n5  Fund Account, Net Assets Statement and notes 29  \n6  Investments and Funding 82  \n7 Administration 132  \n8 Actuarial report on Funds 149  \n9  External Audit Opinion 152  \n10 Additional Information 154  \nAppendix 1  Pensions administration strategy 157  \nAppendix 2.  Funding strategy statement 158  \nAppendix 3.  Investment strategy statement 192  \nAppendix 4.  Communications Strategy 23 1  \nAppendix 5.  Governance and Compliance policy statement 250  \nWelcome from Chair of Pension Committee  \nWelcome to the East Sussex Pension Fund Annual Report for 2024/25  \nAs Chair of the East Sussex Pension Fund (the Fund) Pension Committee, I have the pleasure in introducing the Fund’s Annual Report and Accounts for 2024/25 . The accounts focus on the financial activity in the year to 31 March 2025. The membership of the Fund on 31 March 2025 was 86,784 people (24,964 active, 26,762 pensioners and 35,057 deferred) and there were 149 schemes employers. This was a year in which the government launched its ‘Fit for the Future’ consultation, a wide-and far-ranging consultation focussed on further consolidation of pooling, governance and local investment. The consultation has potentially farreaching implications for the Fund that are still being worked through and will result in the Fund changing its investment pooling arrangements. Further details on this important consultation are set out below.  \nIt has been yet another turbulent year in terms of global markets with geopolitical uncertainty continuing and impacting markets, but the Fund has been robust and provided a strong service to our scheme members and employers.  \nIn July 2024, the new Chancellor of the Exchequer Rachel Reeves, announced a pensions’ review to boost investment and tackle waste in the pensions system, stating that action will be taken to unleash the full investment might of the c£360bn LGPS to make it an engine for growth and tackle the £2bn that is being spent on fees. The work announced, focusing on investments, was stated to be the first phase in reviewing the pensions landscape.  \nFollowing further liaison with LGPS funds, pools and officers the Chancellor announced in her Mansion House speech on 14th November 2024 that the government would launch a consultation to ensure that the LGPS was “Fit for the Future” with a view to accelerating pooling of assets by March 2026 and supporting the Chancellor’s aims of accelerating growth and investment in the UK. The consultation focussed on three key areas:  \n• Reforming the LGPS asset pools: with a single model, whereby LGPS Administering Authorities (AAs) will delegate investment strategy implementation to the pool; Financial Conduct Authority (FCA) registration of pools;  \n• Boosting LGPS investment in their localities and regions in the UK: by having a target allocation to local investment that supports local economic priorities; working with local authorities.  \n• Strengthening the governance of both AAs and LGPS pools: building on the 2021 Good Governance review.  \nBoth the Fund and the ACCESS (A Collaboration of Central, Eastern and Southern Shires) investment pool, of which the Fund is a member, responded to the consultation. As at the date of writing it is unclear what the outcome of the consultation will mean for the Fund as the ACCESS response to the consultation was not supported by government. The consultation had resulted in a period of uncertainty and upheaval for the LGPS as a whole.  \nThe Fund, together with the 10 other partner LGPS Funds that invest in the ACCESS Pool have worked extensivel","cbCaiuTtI2IsL9zL","https://ap.wps.com/l/cbCaiuTtI2IsL9zL","pdf",5114958,282,"English","# Introduction\n# Overall Fund Management\n# Governance and Training\n# Financial Performance\n# Fund Account, Net Assets Statement and Notes\n# Investments and Funding\n# Administration\n# Actuarial report on Funds\n# External Audit Opinion\n# Additional Information\n# Appendix 1: Pensions administration strategy\n# Appendix 2: Funding strategy statement\n# Appendix 3: Investment strategy statement\n# Appendix 4: Communications Strategy\n# Appendix 5: Governance and Compliance policy statement","[{\"question\":\"What date does the East Sussex Pension Fund Annual Report and Accounts 2024-2025 cover?\",\"answer\":\"It reflects the Fund’s position at the end of the 2024/25 financial year, specifically 31 March 2025, and uses policies and strategies in place on that date.\"},{\"question\":\"What is the ‘Fit for the Future’ consultation and why is it important to the Fund?\",\"answer\":\"The report explains that the government launched a consultation to accelerate LGPS asset pooling by March 2026 and strengthen governance. The consultation creates uncertainty and may require changes to the Fund’s investment pooling arrangements.\"},{\"question\":\"How is the Fund involved with the ACCESS pool?\",\"answer\":\"The report states that the Fund is a member of the ACCESS investment pool and that both the Fund and partner LGPS funds developed the ACCESS offering, including investment options and governance and responsible investment arrangements.\"}]","East Sussex Pension Fund Annual Report and Accounts - 2024-2025 | PDF",1791869747,99]