National LGPS Frameworks - Invitation to Participate in a Further Competition under the Actuarial, Benefits & Governance Consultancy Services Framework Agreement

The Local Government Pension Scheme (LGPS) is a national scheme administered on a local basis by Westmorland & Furness Council through Cumbria Pension Fund (“the Fund”), providing current and future benefits for over 62,000 scheme members. The Fund is governed by the Superannuation Act 1972 and the Public Services Pensions Act 2013. The Fund is administered in accordance with the following secondary legislation: - The LGPS Regulations 2013 (as amended) - The LGPS (Transitional Provisions, Savings and Amendment) regulations 2014 (as amended) - The Occupational and Personal Pension Scheme (Administration) Regulations 2008 - The LGPS (Management and Investment of Funds) Regulations 2009 As at 31st March 2023, there were 125 employer organisations in the Fund, including Westmorland & Furness Council and Cumberland Council, with 78 scheduled employers (including 37 academy employers) and 47 admitted employers. Membership numbers as at 31st March 2023 were: Active members 20,453 (including pending leavers) Deferred members 22,878 (excluding pending leavers) Pensioner members 18,947 Total membership 62,278 Benefits are funded by contributions and investment earnings. Contributions are made by active members of the fund in accordance with the LGPS Regulations 2013 and range from 5.5% to 12.5% of pensionable pay. Employer contributions are set based on triennial actuarial valuations. The last valuation was at 31st March 2022, and future employer contribution rates were set ranging from 14.4% to 31.0% of pensionable pay. Some employers also pay annualised cash sums in respect of the recovery of their pension deficit, whilst others receive an offset on the future employer contribution rates where they have a large pension surplus. The value of the Fund at 31st March 2023 was £3.163bn and the Fund is managed with regard to a strategic asset allocation benchmark. The actual allocation at any point in time reflects the decisions and views of the Fund’s investment managers and the movement of financial markets.