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Coronavirus update

Whilst these headlines can be alarming, it is important to remember that saving for a pension is a long term journey and it is normal for there to be periods of volatility along the way.

Whilst the value of the Scheme’s underlying assets vary, your core defined benefit (DB) accrued value does not change with market movements so the value of your pension is not directly impacted by the current volatility.

By contrast, the Scheme’s defined contribution (DC) benefits do move up and down with market movements. The majority of our membership paying AVCs or who have a 100+ Retirement Account are invested in the LEPS ‘blended’ funds, either through our Lifestyle strategy or by choice from our ‘pick & mix’ range. These funds, and the funds used within the Scheme’s core defined benefit investment portfolio, are designed so that our investment manager, River and Mercantile, can move between a diversified range of assets and take account of market conditions with a view to making the journey as smooth as possible. The LEPS trustees meet River and Mercantile at least once every quarter to review the progress made and have been receiving more regular updates in light of the current volatility.

If you want to check how your AVC fund and/or 100+ Retirement Account is doing you can sign into your account at It is possible to opt in or out of the Lifestyle strategy, governed by the trustees, or make your own adjustment to the level of risk by switching between the funds in the ‘pick & mix’ range.

Remember it is a long-term journey and what matters is the value when you retire and not the day-to-day fluctuations.

For more information on the blended funds please see here