Current and past employees of the Isle of Wight Council and affiliated Island bodies received positive news today following the advice that the latest estimated value of the Isle of Wight Pension Fund has risen to more than £750,000,000 — enough to cover 136 per cent of the fund’s liabilities.
Following the Fund’s return to positive territory, the further increase in value and funding ratio represents a strong resilient base.
Jarman: Attention to detail by our excellent team of skilled officers
Councillor Chris Jarman, chair of the Pension Fund Committee for the past thee years, said the Fund’s 18,000 members could take comfort that it was being well managed.
He said,
“As Trustees of the substantial fund we are acutely aware of our duty to the many beneficiaries of the fund and their dependents.
“Continued attention to detail by our excellent team of skilled officers, our Pension Fund Committee and our Pension Fund Board, continues to ensure successful and prudent management of our members’ investments.
“Investments made by the fund are always subject to the dynamic changes in the financial markets, to global economics and to shifting political influences. Obtaining the correct balance of those inherent risks and opportunities is essential. It relies on obtaining the best advice possible, sound judgement and maintaining agility and resilience within the Fund to guard against economic shocks.”
Fully funded
The Fund was 102 per cent funded at the last formal valuation in March 2022.
Current employees and retired members will receive their benefits under any circumstances. If the scheme did not remain fully funded then the employer contributions may need to rise.
More information can be found on the Isle of Wight Pension Fund website.
News shared by Isle of Wight council press office, in their own words. Ed
