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 |