South Yorkshire Pensions Authority was set up in 1988, after the abolition of the Metropolitan County Councils in 1986. The Authority maintains, invests and administers the South Yorkshire Pension Fund (approximate value £5.4 billion) on behalf of 270 employers and 138,000 members. Predominant amongst the contributing employers are the Barnsley, Doncaster, Rotherham and Sheffield Councils, plus the support staff of the Fire and Police Services (including the South Yorkshire Office of the Police and Crime Commissioner.)
Our Head Office in Regent Street, Barnsley is home to both our Administration Unit and our Investments Division. The Authority also has offices in each of the four districts providing local administration services to both employers and members. In total, we have one hundred staff and an annual budget of £5.4 million.
The Pensions Authority is made up of 12 Members:
- Two Councillors drawn from the elected Members of Barnsley Council.
- Three Councillors drawn from the elected Members of Doncaster Council.
- Two Councillors drawn from the elected Members of Rotherham Council.
- Five Councillors drawn from the elected Members of Sheffield Council.
The Authority is currently chaired by Cllr Sue Ellis from Rotherham Metropolitan Borough Council.
Further details of the Pensions Authority Members can be found on the Members page of this site.
The senior officers of the Authority are Diana Terris Clerk, Andrew Frosdick Monitoring Officer, Frances Foster Treasurer (the statutory role of Chief Financial Officer as set out in the CIPFA Statement is delivered through this post), John Hattersley, Fund Director and Gary Chapman, Head of Pensions Administration. Additionally, via the Joint Authorities Governance Unit, the Authority has access to an HR Manager and a Head of Internal Audit) and collectively these senior officers supported by their staff, provide professional advice to the Authority on its functions, powers, internal policies and procedures. They seek to ensure that the Authority operates within the law; that expenditure is lawful; and that effective management procedures are maintained to identify and address any areas of non compliance.
The Joint Authorities Governance Unit is a department of the Legal and Governance Directorate of Barnsley MBC and delivers strategic and governance support to both the Pensions Authority and the South Yorkshire Fire and Rescue Authority, as well as a range of other clients.
South Yorkshire Pensions Authority is responsible for the functions, property, rights and liabilities of the South Yorkshire Pension Fund, including the management of the Fund's investments, the payment of pensions to former local authority employees in South Yorkshire and the administration of the Scheme rules for its contributors.
The overriding objective of the Authority in its investment role is to obtain the best financial return commensurate with an acceptable level of risk so that the fund can meet its long term liabilities.
The Authority has also adopted secondary objectives of promoting the local economy; encouraging socially responsible practices by organisations in which the Fund has investments; and achieving appropriate consultation with the Members and contributors of the Fund.
The Authority is responsible for paying occupational and dependants' pensions, compensation and transfer values to former employees of all local authorities and related bodies in South Yorkshire, with the exception of teachers and uniformed police officers and firefighters. It administers the day to day provisions of the Local Government Pension Scheme and Compensation Regulations on behalf of 270 local authority and other employers.
The Best: to be the pensions administrator and investment manager of choice, providing a high quality cost effective and efficient service to all our customers.
Investment Returns: to maintain an investment strategy that obtains the best financial return, commensurate with appropriate levels of risk, to ensure the Fund can meet both its immediate and long term liabilities.
Responsible Investment: to develop our investment options within the context of a socially responsible and sustainable investment strategy.
Valuing our Employees: to develop the capacity and capability of our workforce, including embedding equality and diversity practice and investing in our staff development.
Pensions Planning: to encourage and support well informed pensions planning and investment amongst our member organisations and their employees.
Effective and Transparent Corporate Governance: to uphold and exemplify effective governance showing prudence and propriety at all times.