The Lloyd’s Superannuation Fund, or the Lloyd’s Clerks’ Superannuation Fund as it was originally known, was established by the Committee of Lloyd’s in 1929 with the first members joining on 1 November 1929.
The objective of the Fund at that time was to provide pensions for its members at age 65, and was open to male Clerks in the employment of members, subscribers or associates at Lloyd’s. Membership was later extended to cover females and also those other than Clerks.
The original basis of pension provision was akin to deferred annuity policies and this continued as the main provision until the early 1970s, when a number of notionally segregated schemes were established under the umbrella of the Fund, with pension provision being on a defined benefit basis. More recently, in the late 1990s, defined contribution schemes were established.
The Fund was widely supported by the companies and associations working in the Lloyd’s market. In its heyday the Fund had over 50 different employers contributing to their own arrangements within the Fund. However, as Lloyd’s itself changed in the 1990s, so too did the choice of pension provision for many companies; away from occupational defined benefit schemes to contract, or insurance, based defined contribution. This has resulted in the Fund becoming a very mature scheme, heavily dependent upon a dwindling number of employers.
However, the role of underwriters at Lloyd's is still the same today as it was in 1929; that is to evaluate, define and price insurance and reinsurance risks including where appropriate the rejection of such risks. Similarly, the Fund continues to provide pensions services to Lloyd's underwriters, and to work closely with its members as part of the Lloyd's group.
The management of the Fund is overseen by LSF Pensions Management Ltd, the Fund’s corporate trustee, whose directors are drawn from not only the participating employers but also the members themselves, plus two independent directors who have extensive experience as pension trustees. The Trustee is supported by a Pensions Manager and a small team of experienced administrators, and receives professional advice from actuaries, investment consultants, legal advisers and investment managers.