Annex 1 - Responses cleared for public viewing by authors - more will appear as confirmation of clearance is received

Organisation

Sector

Response
(confidentiality consent
for some is tbc)

Annexes

330 Consulting Limited

P

Response PDF, 12 pages, 191 kb

 
Aberdeen Asset Management

P

content confidential

 

AllenbridgeEpic

P

Response PDF, 7 pages, 501 kb

 
Aon Hewitt Ltd

P

content confidential

 

Association of School and College Leaders

TU

Response PDF, 3 pages, 119 kb

 
Aviva Investors

P

Response PDF, 8 pages, 215 kb

 

Avon Pension Fund

FA

Response PDF, 7 pages, 132 kb

 
AXA Investment Managers

P

content confidential

 

Baillie Gifford and Co

P

Response PDF, 8 pages, 205 kb

 
Bedfordshire Pension Fund

FA

Response PDF, 5 pages, 1754 kb

Annex PDF, 1 page, 272 kb

bfinance UK Ltd

P

Response PDF, 13 pages, 888 kb

 
Blackrock

P

Response PDF, 5 pages, 373 kb

 

BNY Mellon

P

content confidential

 
Brent Pension Fund

FA

content confidential

 

Capita

P

content confidential

 
Capital Group

P

content confidential

 

Cardiff & Vale of Glamorgan Pension Fund

FA

Response PDF, 5 pages, 142 kb

 
CEM Benchmarking Inc

P

Response PDF, 7 pages, 447 kb

 

Chartered Financial Analyst Society of the United Kingdom (CFA UK)

PB

Response PDF, 18 pages, 317 kb

 
Chartered Institute for Payroll Professionals (CIPP) on behalf of one member

I

Response PDF, 1 pages, 192 kb

 

Chartered Institute of Public Finance and Accountancy (CIPFA)

PB

Response PDF, 7 pages, 266 kb

 
Cheshire and Merseyside Directors of Public Health

L

content confidential

 

Cheshire and Merseyside Tobacco Alliance (CMTA)

L

Response PDF, 5 pages, 295 kb

 
Cheshire East Council

LA

Response PDF, 1 pages, 257 kb

 

Chris Sier Stonefish Consulting

I

content confidential

 
City of London

FA

Response PDF, 5 pages, 507 kb

 

Clwyd Pension Fund (Flintshire)

FA

Response PDF, 12 pages, 346 kb

 
Cornwall Pension Fund

FA

tbc

 

Cumbria LGPS

FA

Response PDF, 10 pages, 4893 kb

 
Deloitte LLP

P

content confidential

 

Derbyshire Local Government Pension Fund

FA

content confidential

 
Devon Pension Fund

FA

Response PDF, 5 pages, 138 kb

 

DLA Piper UK LLP

P

content confidential

 
Dorset Council Pension Fund

FA

Response PDF, 7 pages, 199 kb

Annex PDF, 6 pages, 175 kb

Durham County Council Pension Fund

FA

content confidential

 
Dyfed Pension Fund

FA

tbc

Annex PDF, 53 pages, 624 kb

East Riding Pension Fund

FA

Response PDF, 61 pages, 516 kb

 
East Sussex Pension Fund

FA

Response PDF, 7 pages, 197 kb

 

Environment Agency Pension Fund

FA

Response PDF, 9 pages, 230 kb

Annex PDF, 6 pages, 175 kb

Annex PDF, 2 pages, 37 kb

Essex Pension Fund

FA

Response PDF, 4 pages, 117 kb

 

Fidelity Worldwide Investment

P

Response PDF, 9 pages, 42 kb

 
Gloucestershire LGPS Fund

FA

Response PDF, 5 pages, 137 kb

Annex PDF, 5 pages, 173 kb

Annex PDF, 1 page, 22 kb

Annex PDF, 1 page, 86 kb

Goldman Sachs Asset Management

P

Response PDF, 1 pages, 491 kb

Annex PDF, 9 pages, 596 kb

Annex PDF, 11 pages, 493 kb

Greater Gwent (Torfaen) Pension Fund

FA

Response PDF, 9 pages, 212 kb

 

Greater Manchester Pension Fund

FA

Response PDF, 6 pages, 221 kb

Annex PDF, 1 page, 66 kb

Annex PDF, 16 pages, 1365 kb

Hampshire Pension Fund

FA

content confidential

 

Heart of Mersey

L

Response PDF, 4 pages, 292 kb

 
Henderson Global Investors

P

content confidential

 

Hertfordshire Pension Fund

FA

Response PDF, 4 pages, 139 kb

 
Heywood

P

content confidential

 

Hymans Robertson LLP

P

Response PDF, 76 pages, 1634 kb

 
IF (Intergenerational Foundation)

TT

Response PDF, 4 pages, 679 kb

 

IMA (Investment Management Association)

RB

Response PDF, 12 pages, 478 kb

 
Investec Asset Management

P

content confidential

 

Islington Council Pension Fund

FA

Response PDF, 3 pages, 96 kb

 
JLT Employee Benefits

P

Response PDF, 13 pages, 415 kb

 

Johnson, Michael; LGPS: Opportunity Knocks

I

Response PDF, 25 pages, 1608 kb

 
Johnson, Michael; Full data tables

I

Response PDF, 3 pages, 82 kb

 

Kent Pension Fund

FA

Response PDF, 5 pages, 192 kb

 
KPMG

P

Response PDF, 20 pages, 245 kb

 

Lancashire County Pension Fund

FA

Response PDF, 9 pages, 76 kb

 
Legal and General

P

Response PDF, 4 pages, 85 kb

 

Leicestershire County Council Pension Fund

FA

Response PDF, 10 pages, 171 kb

 
LGA

RB

Response PDF, 25 pages, 312 kb

Annex PDF, 16 pages, 1365 kb

LGSS Pensions Service (Cambridgeshire and Northamptonshire Pension Funds)

FA

Response PDF, 5 pages, 327 kb

 
Lincolnshire Pension Fund

FA

Response PDF, 9 pages, 298 kb

 

London Borough of Bexley Pension Fund

FA

Response PDF, 4 pages, 140 kb

 
London Borough of Bromley Pension Fund

FA

Response PDF, 10 pages, 187 kb

 

London Borough of Camden Pension Fund

FA

Response PDF, 53 pages, 2711 kb

 
London Borough of Croydon Pension Fund

FA

Response PDF, 5 pages, 154 kb

Annex PDF, 14 pages, 346 kb

London Borough of Ealing Pension Fund

FA

content confidential

 
London Borough of Enfield Pension Fund

FA

Response PDF, 2 pages, 132 kb

 

London Borough of Hackney Pension Fund

FA

Response PDF, 12 pages, 458 kb

 
London Borough of Haringey Local Government Pension Fund

FA

Response PDF, 7 pages, 168 kb

 

London Borough of Lambeth Pension Fund

FA

content confidential

 
London Borough of Merton Pension Fund

FA

Response PDF, 7 pages, 504 kb

 

London Borough of Newham LGPS Pension Fund

FA

Response PDF, 8 pages, 151 kb

 
London Borough of Richmond upon Thames Pension Fund

FA

Response PDF, 2 pages, 128 kb

 

London Councils

RB

Response PDF, 5 pages, 239 kb

 
London Pensions Fund Authority

FA

Response PDF, 16 pages, 175 kb

Annex PDF, 21 pages, 956 kb

Longview Partners

P

content confidential

 
M and G Investments

P

Response PDF, 2 pages, 232 kb

 

Majedie Asset Management Ltd

P

content confidential

 
Mercer

P

Response PDF, 19 pages, 113 kb

 

Merseyside Pension Fund

FA

Response PDF, 6 pages, 214 kb

Annex PDF, 2 pages, 17 kb

MFS Investment Management

P

content confidential

 

MyCSP

M

content confidential

 
NAPF

RB

Response PDF, 24 pages, 778 kb

 

National Housing Federation

RB

Response PDF, 10 pages, 147 kb

 
National LGPS Frameworks

RB

Response PDF, 13 pages, 307 kb

 

Norfolk Pension Fund

FA

Response PDF, 14 pages, 54 kb

 
North Yorkshire Pension Fund

FA

Response PDF, 5 pages, 140 kb

 

Northern Trust

P

content confidential

 
Northumberland County Council Pension Fund

FA

Response PDF, 7 pages, 156 kb

Annex PDF, 3 pages, 286 kb

Nottinghamshire County Council Pension Fund

FA

Response PDF, 7 pages, 83 kb

Annex PDF, 5 pages, 36 kb

Office of the Police and Crime Commissioner for Northamptonshire

PCC

Response PDF, 4 pages, 209 kb

 

Oxfordshire Pension Fund

FA

Response PDF, 7 pages, 185 kb

 
Pension Fund Service

P

Response PDF, 2 pages, 177 kb

 

Powys County Council Pension Fund

FA

content confidential

Annex PDF, 53 pages, 624 kb

Rhondda Cynon Taf Fund (RCT Fund)

FA

Response PDF, 6 pages, 139 kb

 

Royal Borough of Kingston upon Thames Pension Fund

FA

Response PDF, 5 pages, 860 kb

 
Russell Investments

P

Response PDF, 6 pages, 278 kb

 

Shropshire County Pension Fund

FA

content confidential

 
Society of County Treasurers

RB

Response PDF, 8 pages, 207 kb

 

Society of London Treasurers

RB

Response PDF, 6 pages, 408 kb

 
Society of Welsh Treasurers Pensions Sub Group

RB

tbc

Annex PDF, 53 pages, 624 kb

Somerset County Council Pension Fund

FA

Response PDF, 11 pages, 37 kb

 
South Yorkshire Integrated Transport Authority

FA

Response PDF, 4 pages, 451 kb

Annex PDF, 55 pages, 364 kb

Staffordshire Pension Fund

FA

Response PDF, 8 pages, 276 kb

Annex PDF, 6 pages, 175 kb

Annex PDF, 7 pages, 3346 kb

Annex PDF, 1 page, 14 kb

Standard Life Investments

P

content confidential

 

State Street Corporation

P

Response PDF, 13 pages, 624 kb

Annex PDF, 16 pages, 1365 kb

Annex PDF, 16 pages, 1357 kb

Annex PDF, 20 pages, 968 kb

Annex PDF, 20 pages, 71 kb

Annex PDF, 20 pages, 246 kb

Annex PDF, 20 pages, 238 kb

Annex PDF, 28 pages, 4356 kb

Suffolk County Council Pension Fund

FA

Response PDF, 16 pages, 34 kb

Annex PDF, 16 pages, 251 kb

Surrey Pension Fund

FA

Response PDF, 5 pages, 3495 kb

 
Swansea Pension Fund

FA

content confidential

Annex PDF, 53 pages, 624 kb

Teesside Pension Fund

FA

Response PDF, 8 pages, 277 kb

 
The Pensions Institute

RB

Response PDF, 42 pages, 475 kb

 

Tri-borough (LBHF, RBKC, WCC)

FA

Response PDF, 6 pages, 124 kb

 
Tyne and Wear Pension Fund

FA

Response PDF, 8 pages, 228 kb

 

UBS Global Asset Management

P

Response PDF, 6 pages, 208 kb

 
UNISON

TU

Response PDF, 20 pages, 771 kb

Annex PDF, 5 pages, 730 kb

Annex PDF, 28 pages, 1278 kb

Annex PDF, 59 pages, 501 kb

Annex PDF, 36 pages, 530 kb

UNISON Devon Branch

TU

Response PDF, 8 pages, 179 kb

 
UNISON Norfolk Branch

TU

content confidential

Annex PDF, 5 pages, 730 kb

Universities and Colleges Employers Association

RB

Response PDF, 3 pages, 162 kb

 
Value for Money and Collaboration Sub Committee

RB

Response PDF, 3 pages, 289 kb

 

VFM and Collaboration Sub Committee (appendix data)

RB

content confidential

Annex PDF, 25 pages, 731 kb

Waltham Forest Pension Fund

FA

Response PDF, 8 pages, 108 kb

 

Wandsworth Council Pension Fund

FA

Response PDF, 20 pages, 4519 kb

Annex PDF, 28 pages, 2090 kb

Warwickshire County Council Pension Fund

FA

Response PDF, 4 pages, 170 kb

 

West Midlands Pension Fund

FA

Response PDF, 16 pages, 4662 kb

 
West Sussex Pension Fund

FA

Response PDF, 6 pages, 98 kb

 

West Sussex Pension Fund (Officer only)

FA

Response PDF, 4 pages, 153 kb

 
West Yorkshire Pension Fund

FA

Response PDF, 6 pages, 223 kb

Annex PDF, 16 pages, 1365 kb

Wiltshire Pension Fund

FA

Response PDF, 9 pages, 822 kb

 

Key

 

Total

Fund authority FA 69
Private sector (bank, investment firm) P 35
Representative Body RB 12
Trade Union TU 4
Individual I 4
Lobby Group L 3
Professional Body PB 2
Local Authority (not fund authority) LA 1
Mutual M 1
Police and Crime Commissioner PCC 1
Think Tank TT 1
Total   133



Annex 2 - Most popular views expressed on which reforms would best meet the objectives and issues for implementation and transition

View expressed

Description

           

Sector

 

FA

P

RB

TU

Others

Grand Total

   

69

35

12

4

13

133

Data availability/transparency

the lack of accurate and directly comparable data available on the current LGPS (ie assumptions and reported investment and administration costs)

58

22

7

3

4

94

Assumptions/data

revise assumptions to increase consistency between funds/revise data collected to increase transparency

7

3

2

1

1

14

Frameworks/joint procurement

increase and encourage frameworks and joint procurement betweeen funds

25

5

4

0

0

34

Collaboration

increase and encourage (general) collaboration betweeen funds

35

13

3

0

3

54

Collective Investment Vehicle (CIV)

establish a collective investment vehicle for fund assets

20

8

3

0

1

32

Infrastructure

the investment in infrastructure should not fit into the fund's overall investment strategy as an objective

35

8

1

0

3

47

Scheme Administration

review scheme administration arrangements, focus on reducing cost while maintaining quality

7

2

2

0

1

12

Governance

improve governance of the scheme

11

15

2

0

1

29

Local accountability

the perceived loss of local accountability (to shareholders, including taxpayers) if funds were to merge

53

11

4

1

1

70

Staff salary constraints

the current public service salary constraints prevent funds from attracting the highest quality investment staff

4

4

1

0

1

10

In-house management

increase the level of in-house management

6

2

0

0

1

9

Super pools

establish a Super pool for fund assets (central control over asset allocation)

3

1

0

0

0

4

Asset pooling

establish/allow general asset pooling between funds

6

5

0

0

0

11

Merger

merge funds, resulting in fewer than 89

5

8

0

2

3

18

Capacity constraints

the opportunities for mandates in constrained capacity asset classes or funds may be reduced

8

12

1

1

1

23

Cost of merging

the cost of merging is unknown, but expected to be quite considerable compared with benefits

42

17

5

0

2

66



Annex 3 - Supporting evidence submitted; list of externally referenced papers and count of respondents’ own supporting analysis, statistics and/or case studies (not-exhaustive)

Evidence source

Description

FA

P

RB

TU

Others

Grand Total

Hymans Robertson reports

Managing deficits in the LGPS, August 2013
Investment management costs in the LGPS: global benchmarking study, September 2013
Fund Performance within the LGPS, September 2013

21

4

2

0

1

28

State Street Investment Analytics
(WM Company)

Lessons from Internally Managed Funds, March 2013
Do Larger Funds Perform Better? September 2013

21

5

1

0

1

28

DCLG

SF3 Statistical Release, October 2012

11

3

1

0

1

16

PriceWaterhouse Coopers

Reconfiguring the London LGPS funds: Evaluation of options, October 2012

10

1

3

0

0

14

CEM Benchmarking Inc

Internal management does better after costs, October 2010

10

0

1

0

0

11

CIPFA

Pensions Administration Benchmarking Club

9

1

0

1

0

11

PriceWaterhouse Coopers

Welsh LGPS: Working Together (Interim Report), March 2013

6

2

2

0

0

10

Alexander Dyck and Lukasz Pomorski, Rotman School

Is Bigger Better? Size and performance in pension plan management, July 2011 (NB Canada)

3

1

1

1

0

6

East Riding Pension Fund

Analysis of the UK Local Government Pension Scheme, June 2013

4

0

0

0

0

4

Own analysis

Own analysis, survey, case studies

15

11

3

2

4

35