South Tyneside Council and Northumberland County Council have been working together to establish a shared administration service for the Local Government Pension Scheme, resulting in savings for both.
South Tyneside Council is the administering authority for the £8.4bn Tyne and Wear Pension Fund, which has 130,000 members.
It said that providing services for Northumberland County Council, the administering authority for the £1.3bn Northumberland County Council Pension Fund, will lead to greater economies of scale. Northumberland County Council will also benefit from improved resourcing and enhanced services.
The move will also allow the Tyne and Wear Pension Fund to further develop its services and increase the resilience of both funds to react to future government initiatives.
The service will be based at the South Tyneside Council offices in South Shields and will utilise the services already provided by the Tyne and Wear Pension Fund. Both funds hope to be in a position to go live in the next few weeks.
