Finance and Investments

Financial data analysis

The Finance and Investments team focuses on:

  • the investment, actuarial and financial aspects of the Fund
  • implementing and monitoring compliance with the Fund's Investment Strategy
  • managing the triennial actuarial valuation and liaising with employers on actuarial issues and outsourcing of services
  • managing the Fund's accounts

Finance and Investments documents

The following documents outline how the Fund operates:

The report includes the accounts for the year, changes to the LGPS together with details of membership and changes to basic scheme details that have either taken place during the year or are proposed for the future. In addition, the report includes the Actuarial Statement applicable for the year and a report on Investments and Investment performance for the year.

PDF iconAnnual Report 2022-23

PDF iconApproved Avon Pension Fund Terms of Reference July 2023

Each year the Avon Pension Fund Committee reports on its activities to Bath & North East Somerset Council. The report covers the scope of the work considered by the Committee during the year and the decisions taken as well as the training undertaken by the Committee members. It also highlights the future work programme of the current committee.

PDF iconAvon Pension Fund Committee - Annual Report to Council 2021-22

The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016 requires administering authorities to publish an Investment Strategy Statement (ISS).  This statement sets out the Fund’s strategy and, among other things, details the policy on the suitability and risk attached to various types of investments. The ISS will be kept under review and revised from time-to-time and at least every three years.

PDF iconInvestment Strategy Statement - March 2023

The Fund has a Responsible Investing (RI) Policy in place to address RI and sustainability across the investment portfolio. This sets the basis for strategic asset allocation and enables the Fund to innovate as investment solutions that address our objectives are developed.

The Policy defines the Fund’s RI principles, sets out how the identification and management of environmental, social and governance risks that may be financially material to the Fund is consistent with our fiduciary duty to members, and clarifies how we seek to implement the RI policy, including active ownership, reporting and stakeholder engagement, collaboration and advice.

Currently climate change is the most important RI priority for the Fund and the recent strategic review of how we invest our assets focussed specifically on climate change and resulted in changes to our asset allocation.

As the majority of our assets are now managed by Brunel Pension Partnership, we now work very closely with them and the other 9 LGPS funds within the partnership, to deliver our RI objectives.  The combined influence of the partnership is significant in promoting and facilitating change within investee companies, the investment industry and with policy makers.

PDF iconResponsible Investment Policy - November 2016

Our latest Annual RI Report gives a flavour of the activity by the Fund and Brunel during 2021.

PDF iconResponsible Investing Annual Report 2021

Contacts for enquiries: Investments Team,

The Funding Strategy Statement (FSS) is prepared in accordance with guidance issued by CIPFA's Pensions Panel and a draft is circulated to all the Fund's employing bodies for comment prior to approval by the Avon Pension Fund Committee. For the latest FSS this process is now complete.

The significance of the FSS is that the Fund's actuary “must have regard to it as part of the fund valuation process”. Its purpose is to set out a clear and transparent strategy that will identify how each Fund employer’s pension liabilities are to be met going forward.

The FSS must be revised if the Fund decides, after consultation with the actuary, to materially change the policy set out in the Statement.

PDF iconFunding Strategy Statement - 2022

PDF iconFunding Strategy Statement - 2021

PDF iconFunding Strategy Statement - 2020

PDF iconFunding Strategy Statement - 2017

PDF iconFunding Strategy Statement - 2013

PDF iconSection13 Dry Run Report

PDF iconSection13 Dry Run - Appendices

The Fund's actuary reviews and amends employer contribution rates every 3 years.

When the actuarial valuation has been completed, the actuary prepares a report. This analyses scheme membership by type, assesses the Fund's financial position, sets out the assumptions for future inflation and investment returns and then provides a schedule of the contribution rates for each of the Fund's employing bodies. These rates are set at a level sufficient to secure the ongoing viability of the Fund. Scheme members are reminded that their own contribution rates are fixed by statute and that it is the employing bodies who must make good any shortfall in Fund assets relative to liabilities.

Copies of the actuary's report will be circulated to all the Fund's employing bodies. The next valuation will be based on membership as at 31 March 2025 with new employer contribution rates coming into effect on 1 April 2026.

PDF iconActuarial Valuation Report – 2022

PDF iconActuarial Valuation Report - 2016

PDF iconActuarial Valuation Report - 2013

PDF iconActuarial Valuation Report - 2010

The LGPS Scheme Advisory Board (SAB) ( has developed an A-Z guide to Responsible Investment (RI), acting as a glossary of RI terms, organisations, standards, and legislation indexed by:

  • Its classification (what it is)
  • Its category (where it fits in Environmental, Social and Governance (ESG))
  • And its status (in the context of the LGPS legislative framework)

The guide is intended to make information around RI more accessible to all and will be continuously monitored and updated as the area evolves to ensure it remains accurate.

To access the full guide, please visit

The Avon Pension Fund is a long-term investor with an overarching responsibility to deliver financially sustainable returns for an acceptable level of risk to meet our members pension benefits as they fall due over time. This needs to be achieved through an investment strategy that keeps the contributions the employers pay into the Fund as stable and affordable as possible. An important part of this strategy is the recognition that Environmental, Social and Governance (‘ESG’) factors are critical drivers of the sustainability of investment returns over the long-term and that they can have a material financial impact if not managed appropriately.

View our full statement on Exclusion of Investments here:

PDF iconExclusion of Investments on Environmental, Social and Governance Grounds - July 2022


Public Committee Statements and Fund Responses

Here we have documented all Committee Public Statements received on this subject to date and the Fund's formal response to them.

  • March 2021 Public Statements & Fund Responses:

PDF iconStatement One - 26th March 2021

PDF iconResponse to Statement One - 26th March 2021

PDF iconStatement Two - 26th March 2021

PDF iconResponse to Statement Two - 26th March 2021

  •  June 2021 Public Statements & Fund Responses:

PDF iconStatement - 28 June 2021

PDF iconResponse to Statement - 28 June 2021

  • August 2021 Public Statements & Fund Responses:

PDF iconStatement - August 2021

PDF iconResponse to statement - August 2021

  • December 2021 Public Statements & Fund Responses:

PDF iconStatement One - 10 December 2021

PDF iconResponse to Statement One - 10 December 2021

PDF iconStatement Two - 10 December 2021

PDF iconResponse to Statement Two - 10 December 2021

  • February 2022 Public Statements & Fund Responses:

PDF iconStatement - 25 February 2022

PDF iconResponse to Statement - 25 February 2022

  • May 2022 Public Statements & Fund Responses:

PDF iconStatement - 27 May 2022

PDF iconResponse to Statement - 27 May 2022

  • July 2022 Fund position on Occupied Palestinian Territories (OPT):

PDF iconJuly 2022 OPT Statement - Avon Pension Fund

  •  September 2022 Committee Response to public statements:

PDF iconAPF Committee response to public statements - 23 Sept 2022


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