It has been a year of encouraging progress and development.
Looking back on 2023/24, the Committee Chair Councillor Paul Crossley said:
In April 2024 we raised pension payments by 6.7%. The Fund is in robust financial health with an improved 98% funding level at 31 March 2024, which has since increased to 104%.
This improved position has enabled us to deliver stable employer contributions, critical given ongoing strain in local government finances.
Other key highlights
Challenges and improvements:
- Service experience: stabilised and improved through higher staff retention and process efficiency.
Safe pensions:
- Payments: £229 million paid to nearly 40,000 pensioners, including 2,000 new retirees.
Responsible investment:
- Net zero: progressed towards 2045 goal.
- Local impact: investment in southwest solar farms.
Looking ahead:
- 2024/25 projects: new employer website, McCloud implementation, and process improvements.
Read the Avon Pension Fund Annual Report 2023-2024 (PDF, 1.9MB)
