The Merton Pension Fund is a Local Government Pension Scheme (LGPS) that provides pension benefits to its members. The London Borough of Merton is the administrating body and the main employer of the Fund, owning 92% of the Fund. The Fund also has other employers who provide services to the Council and/or to the Borough.
There are over 13,000 members who contribute and receive benefits from the Fund.
The LGPS is a Defined Benefit Pension Scheme which means that benefits paid are defined in legislation (governed by the Public Service Pensions Act 2013 and the LGPS Regulations 2013) and provides pre-determined retirement benefits. The benefits are based on the employee's earnings and membership.
The LGPS is a 'funded' pension scheme, which means the Scheme invests the contributions paid in to accumulate more funds in order to cover the pension payments due. (Note: the alternative is an unfunded scheme, also known as 'pay as you go', which means the benefits paid are funded only by the contributions paid in and any deficit is covered by the pension sponsor, e.g. the Government).
The Merton Pension Fund's Administration is managed by Wandsworth Pension shared services.
The Pensions Shared Service has launched a new microsite. The site contains the same information from the original Pensions pages on the Wandsworth website, however the new site is easier to navigate making it more user friendly. There is an opportunity to provide feedback on the new site by following the link Website Feedback located at the bottom of the home page.
Please visit the new microsite