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  | 
