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 it 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 separate benefit 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 arrangement. This has resulted in the Fund becoming very mature and now dependent solely upon MS Amlin Corporate Services Limited as the remaining employer contributing to the Fund.
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 an independent director who has extensive experience as a Trustee working with other pension schemes.
The Trustee is supported by a Pensions Manager at Muse Advisory and an experienced administration team at Barnett Waddingham. The Trustee receives professional advice from actuaries, investment consultants, legal advisers and investment managers. Find out more about the Trustee, and its advisers within the other About us sections.