Acquisition and cataloguing of LSF Pensions Management Limited collections - Feb 2009

Posted: 9 February 2009

The Pensions Archive Trust (PAT) are pleased to announce the acquisition in December 2008 of the archives of Lloyd's Superannuation Fund (LSF) Pensions Management Limited; a welcome edition to the PAT archives held at London Metropolitan Archives and at Guildhall Library Manuscripts Section.

Established in 1929 as the Lloyd's Clerks' Superannuation Fund, Lloyd's Superannuation Fund, the corporate trustee of which is LSF Pensions Management Ltd, was set up for 'members', or 'underwriters' at Lloyd's who wished to "establish under irrevocable trusts in connection with their said business a fund for the purpose of providing pensions for male Clerks employed in the said business on retirement…".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. 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 records deposited with the Pensions Archive cover all areas of the Fund's administration. The original Trust Deeds and Rules, and Inland Revenue Approval documents which allowed the Fund to begin work, state its intentions and ambitions. The acquisition also includes minutes of all the major committees involved in the running of the Fund, from the Management and Finance Committees, to the Board of Trustees; and correspondence and papers of various Chairmen, giving a unique insight into the running of the Fund. Actuarial reports, which value the assets and the liabilities of the Fund and then establish whether the Fund had a surplus or deficit of assets over liabilities, have also been deposited.

The records also contain great detail about the individual underwriting companies who chose to have their staff pension scheme managed by LSF. The records include guides for staff members of companies whose pension was being managed by LSF and correspondence between the managers of these companies and LSF regarding their financial arrangements, in particular their establishment or removal from LSF's care.

As well as forming part of an archive showing the development of a very large occupational pension scheme throughout the twentieth century, these records will also allow researchers to investigate a facet of the fascinating history of Lloyds of London, which has until now remained out of public view.

UPDATE 2009: The collection is now fully catalogued (reference CLC/B/001) and are available to view at 48 hours notice. If you wish to contact LSF Pensions Management directly, please contact Robert Clark (Pension Manager) on 020 7648 8970 or email at pensionsadmin@lsf.org.uk