Annex 1 - Responses cleared for public viewing by authors - more will appear as confirmation of clearance is received
Organisation |
Sector |
Response
|
Annexes |
|
330 Consulting Limited |
P |
||
| Aberdeen Asset Management |
P |
content confidential |
|
|
AllenbridgeEpic |
P |
||
| Aon Hewitt Ltd |
P |
content confidential |
|
|
Association of School and College Leaders |
TU |
||
| Aviva Investors |
P |
||
|
Avon Pension Fund |
FA |
||
| AXA Investment Managers |
P |
content confidential |
|
|
Baillie Gifford and Co |
P |
||
| Bedfordshire Pension Fund |
FA |
||
|
bfinance UK Ltd |
P |
||
| Blackrock |
P |
||
|
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 |
||
| CEM Benchmarking Inc |
P |
||
|
Chartered Financial Analyst Society of the United Kingdom (CFA UK) |
PB |
||
| Chartered Institute for Payroll Professionals (CIPP) on behalf of one member |
I |
||
|
Chartered Institute of Public Finance and Accountancy (CIPFA) |
PB |
||
| Cheshire and Merseyside Directors of Public Health |
L |
content confidential |
|
|
Cheshire and Merseyside Tobacco Alliance (CMTA) |
L |
||
| Cheshire East Council |
LA |
||
|
Chris Sier Stonefish Consulting |
I |
content confidential |
|
| City of London |
FA |
||
|
Clwyd Pension Fund (Flintshire) |
FA |
||
| Cornwall Pension Fund |
FA |
tbc |
|
|
Cumbria LGPS |
FA |
||
| Deloitte LLP |
P |
content confidential |
|
|
Derbyshire Local Government Pension Fund |
FA |
content confidential |
|
| Devon Pension Fund |
FA |
||
|
DLA Piper UK LLP |
P |
content confidential |
|
| Dorset Council Pension Fund |
FA |
||
|
Durham County Council Pension Fund |
FA |
content confidential |
|
| Dyfed Pension Fund |
FA |
tbc |
Annex PDF, 53 pages, 624 kb |
|
East Riding Pension Fund |
FA |
||
| East Sussex Pension Fund |
FA |
||
|
Environment Agency Pension Fund |
FA |
||
| Essex Pension Fund |
FA |
||
|
Fidelity Worldwide Investment |
P |
||
| Gloucestershire LGPS Fund |
FA |
||
|
Goldman Sachs Asset Management |
P |
||
| Greater Gwent (Torfaen) Pension Fund |
FA |
||
|
Greater Manchester Pension Fund |
FA |
||
| Hampshire Pension Fund |
FA |
content confidential |
|
|
Heart of Mersey |
L |
||
| Henderson Global Investors |
P |
content confidential |
|
|
Hertfordshire Pension Fund |
FA |
||
| Heywood |
P |
content confidential |
|
|
Hymans Robertson LLP |
P |
||
| IF (Intergenerational Foundation) |
TT |
||
|
IMA (Investment Management Association) |
RB |
||
| Investec Asset Management |
P |
content confidential |
|
|
Islington Council Pension Fund |
FA |
||
| JLT Employee Benefits |
P |
||
|
Johnson, Michael; LGPS: Opportunity Knocks |
I |
||
| Johnson, Michael; Full data tables |
I |
||
|
Kent Pension Fund |
FA |
||
| KPMG |
P |
||
|
Lancashire County Pension Fund |
FA |
||
| Legal and General |
P |
||
|
Leicestershire County Council Pension Fund |
FA |
||
| LGA |
RB |
||
|
LGSS Pensions Service (Cambridgeshire and Northamptonshire Pension Funds) |
FA |
||
| Lincolnshire Pension Fund |
FA |
||
|
London Borough of Bexley Pension Fund |
FA |
||
| London Borough of Bromley Pension Fund |
FA |
||
|
London Borough of Camden Pension Fund |
FA |
||
| London Borough of Croydon Pension Fund |
FA |
||
|
London Borough of Ealing Pension Fund |
FA |
content confidential |
|
| London Borough of Enfield Pension Fund |
FA |
||
|
London Borough of Hackney Pension Fund |
FA |
||
| London Borough of Haringey Local Government Pension Fund |
FA |
||
|
London Borough of Lambeth Pension Fund |
FA |
content confidential |
|
| London Borough of Merton Pension Fund |
FA |
||
|
London Borough of Newham LGPS Pension Fund |
FA |
||
| London Borough of Richmond upon Thames Pension Fund |
FA |
||
|
London Councils |
RB |
||
| London Pensions Fund Authority |
FA |
||
|
Longview Partners |
P |
content confidential |
|
| M and G Investments |
P |
||
|
Majedie Asset Management Ltd |
P |
content confidential |
|
| Mercer |
P |
||
|
Merseyside Pension Fund |
FA |
||
| MFS Investment Management |
P |
content confidential |
|
|
MyCSP |
M |
content confidential |
|
| NAPF |
RB |
||
|
National Housing Federation |
RB |
||
| National LGPS Frameworks |
RB |
||
|
Norfolk Pension Fund |
FA |
||
| North Yorkshire Pension Fund |
FA |
||
|
Northern Trust |
P |
content confidential |
|
| Northumberland County Council Pension Fund |
FA |
||
|
Nottinghamshire County Council Pension Fund |
FA |
||
| Office of the Police and Crime Commissioner for Northamptonshire |
PCC |
||
|
Oxfordshire Pension Fund |
FA |
||
| Pension Fund Service |
P |
||
|
Powys County Council Pension Fund |
FA |
content confidential |
Annex PDF, 53 pages, 624 kb |
| Rhondda Cynon Taf Fund (RCT Fund) |
FA |
||
|
Royal Borough of Kingston upon Thames Pension Fund |
FA |
||
| Russell Investments |
P |
||
|
Shropshire County Pension Fund |
FA |
content confidential |
|
| Society of County Treasurers |
RB |
||
|
Society of London Treasurers |
RB |
||
| Society of Welsh Treasurers Pensions Sub Group |
RB |
tbc |
Annex PDF, 53 pages, 624 kb |
|
Somerset County Council Pension Fund |
FA |
||
| South Yorkshire Integrated Transport Authority |
FA |
||
|
Staffordshire Pension Fund |
FA |
||
| Standard Life Investments |
P |
content confidential |
|
|
State Street Corporation |
P |
||
| Suffolk County Council Pension Fund |
FA |
||
|
Surrey Pension Fund |
FA |
||
| Swansea Pension Fund |
FA |
content confidential |
Annex PDF, 53 pages, 624 kb |
|
Teesside Pension Fund |
FA |
||
| The Pensions Institute |
RB |
||
|
Tri-borough (LBHF, RBKC, WCC) |
FA |
||
| Tyne and Wear Pension Fund |
FA |
||
|
UBS Global Asset Management |
P |
||
| UNISON |
TU |
||
|
UNISON Devon Branch |
TU |
||
| UNISON Norfolk Branch |
TU |
content confidential |
Annex PDF, 5 pages, 730 kb |
|
Universities and Colleges Employers Association |
RB |
||
| Value for Money and Collaboration Sub Committee |
RB |
||
|
VFM and Collaboration Sub Committee (appendix data) |
RB |
content confidential |
Annex PDF, 25 pages, 731 kb |
| Waltham Forest Pension Fund |
FA |
||
|
Wandsworth Council Pension Fund |
FA |
||
| Warwickshire County Council Pension Fund |
FA |
||
|
West Midlands Pension Fund |
FA |
||
| West Sussex Pension Fund |
FA |
||
|
West Sussex Pension Fund (Officer only) |
FA |
||
| West Yorkshire Pension Fund |
FA |
||
|
Wiltshire Pension Fund |
FA |
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 |
21 |
4 |
2 |
0 |
1 |
28 |
| State Street Investment Analytics (WM Company) |
Lessons from Internally Managed Funds, March 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 |
