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Isle of Wight Council Pension Fund
The Isle of Wight Council Pension Fund operates as the administering authority for the Local Government Pension Scheme on the Isle of Wight. It oversees...
Isle of Wight Council Pension Fund
The Isle of Wight Council Pension Fund operates as the administering authority for the Local Government Pension Scheme on the Isle of Wight. It oversees retirement benefits for current and former local government employees, including council staff and other eligible public-sector workers. The Isle of Wight Council acts as the administering body, with oversight provided by a Pension Fund Committee chaired by Chris Jarman. The fund's day-to-day management is led by Pension Fund Manager Joanna Thistlewood. Its investment strategy spans multiple asset classes: public equities, fixed income, direct UK property holdings, global infrastructure, and private debt. The fund accesses these through a mix of direct mandates and pooled vehicles. Critically, the Isle of Wight fund is one of 11 LGPS members that formed the ACCESS Pool, a regulated asset pooling arrangement designed to reduce costs and improve investment governance. Through ACCESS, the fund gains access to private markets and alternative asset classes that would be inefficient to manage at a small, single-county scale. The property portfolio includes UK-focused commercial assets, while infrastructure and private debt allocations target global opportunities. As a smaller LGPS fund serving a community of roughly 140,000 residents, the total asset base is modest compared to mainland metropolitan funds, though the precise AUM is not publicly itemized separately from the ACCESS Pool's aggregated reporting. The fund participates in the Pensions and Lifetime Savings Association (PLSA), the national trade body for UK pension schemes. The Pension Fund Committee meets quarterly and publishes agendas and minutes publicly, as required under LGPS regulations. The fund's most recent valuation reports are publicly available through the Isle of Wight Council website. The fund's defining structural feature is its embedded participation in the ACCESS Pool. Unlike standalone LGPS funds that retain full investment discretion internally, the Isle of Wight fund cedes manager selection and monitoring for a significant portion of its portfolio to the ACCESS joint governance structure. This makes it operationally a hybrid — a locally administered fund with pooled central oversight for cost efficiency — and distinguishes it from fully independent single-employer schemes.
General information
Firm type
Pension Fund
Year founded
1996
Location
Region
Europe
Country
United Kingdom
City
Isle of Wight
Corporate office
Isle of Wight, United Kingdom
Principals
Chris Jarman
Chairman of the Pension Fund Committee
Joanna Thistlewood
Pension Fund Manager
Frequently asked questions
Who runs investment decisions at the Isle of Wight Council Pension Fund?
The Pension Fund Committee, chaired by Chris Jarman, has fiduciary oversight and sets the investment strategy. Day-to-day management is handled by Pension Fund Manager Joanna Thistlewood. Investment implementation for many asset classes is delegated to the ACCESS Pool, which pools assets from 11 LGPS funds and provides professional investment management.
What is the ACCESS Pool and how does the fund participate?
ACCESS is a regulated LGPS asset pool formed by 11 local government pension schemes across the UK. It aggregates assets under a shared governance framework to negotiate lower investment management fees and access institutional-quality mandates. The Isle of Wight Council Pension Fund is a full member, committing a substantial portion of its capital to ACCESS-authorized funds.
How is the Isle of Wight Council Pension Fund governed?
Governance is provided by the Isle of Wight Council, which serves as the administering authority. The Pension Fund Committee, composed of council members and other representatives, meets quarterly and publishes its agendas and minutes publicly in accordance with LGPS transparency regulations. A local Pension Board also assists with compliance.
What asset classes does the fund invest in?
The fund allocates across listed equities, fixed income, direct UK commercial property, global infrastructure, and private debt. The infrastructure and private debt allocations are largely accessed through the ACCESS Pool, while the property portfolio is primarily UK-focused.
Does the Isle of Wight Council Pension Fund publish its AUM publicly?
The fund does not prominently disclose a consolidated AUM figure on its public website. As a smaller LGPS fund serving an island community, its assets are modest relative to large metropolitan funds. Details would be found in the annual report and accounts published by the Council.
What are the fund's known positions on direct investments versus pooled funds?
The fund uses both structures: direct property holdings in the UK, and pooled fund commitments — particularly through ACCESS — for asset classes requiring specialist management. It does not operate a large in-house direct investment team for private assets, relying instead on ACCESS and external fund managers.
Does the fund maintain any philanthropic or policy-related investment mandates?
As a statutory LGPS fund, its primary duty is to pay pension benefits at the lowest long-term cost to employers and taxpayers. Any environmental, social, or governance considerations are integrated into that fiduciary framework, typically through the ACCESS Pool's responsible investment policies and the fund's own Investment Strategy Statement.
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