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Annual Report 2019-2020

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Annual Report 2019-2020 Annual Report 2019-2020 Cover photos © Andy Harris - Main image Bournemouth pier Bottom, right, Portland © Shutterstock - Bottom, left, Maiden Newton 2 Contents Introduction and Overview 3 Participating Employers of the Fund 33 Asset Pools 93 Contents | Chairman’s Statement 4 Other Scheme Administration Brunel Costs and Savings 93 Introduction 6 Information 44 Key Financial Information 7 Dorset County Pension Fund Other Material 97 Developments to the Fund in 2019-20 7 new website 52 Knowledge and Skills 98 The Annual Report 8 McCloud Judgement 52 Training 98 Responsible Investing 8 Government response to consultation Glossary of Terms 100 on restricting exit payments 53 Overall Fund Management 9 Cohabiting partners and the LGPS 53 Appendices 103 The Fund’s Managers 10 My Pension 54 Appendix 1 - Governance Policy and Other Organisations/Individuals 11 Compliance Statement 104 Contact and Further information 13 Actuarial Information 55 Appendix 2 - Investment Strategy Statement of the Actuary IAS26 Report 56 Statement 114 Financial Performance 14 Appendix 3 - Pension Administration Governance 64 Strategy Report 120 Investment Performance 16 Pension Fund Committee 65 Appendix 4 - Funding Strategy The Local Pension Board for the Statement 135 Scheme Administration 23 Dorset County Pension Fund 68 Appendix 5 - Communication Policy The Local Government Pension Statement 151 Scheme (LGPS) 24 Pension Fund Accounts 71 Appendix 6 - UK Stewardship Code Scheme Administration and Independent Auditor's Report 72 Principles 159 Governance – 2019-20 25 Fund Account s 73 Appendix 7 - Climate Change Policy 161 Performance Information 27 Net Assets Statement 74 Appendix 8 - Voting Issues Policy 177 Scheme Membership 30 Notes to the Accounts 75 Appendix 9 - Risk Management 180 Scheme Benefits 31 Introduction and Overview 4 Chairman’s Statement | member of the Committee and is our coronavirus pandemic saw severe falls in representative on the Brunel Pension all markets leaving the value of the fund’s Partnership oversight board. assets at £2.7bn at the end of March 2020. This is also the first annual report since Dorset Council became the The pension fund’s return on investments Introduction and Overview administering authority for the pension for the year was -9.7%, below the fund in April 2019 following the combined benchmark of -8.0%. Over the reorganisation of local government longer term, the pension fund returned an in Dorset, and this also resulted in a annualised -0.4% over the three years to number of changes to the membership March 2020, compared to the benchmark of the Committee. I would like to thank of 0.8%, and an annualised 4.1% against Andrew Turner and Councillors Spencer a benchmark of 4.6% over five years. Flower, May Haines, Colin Jamieson and John Lofts for their hard work and I am pleased to report that since April contribution, and to welcome Adrian 2020 we have seen a significant recovery Felgate and Councillors Ray Bryan, David from these lows and as at the end of Introduction Brown, Howard Legg and Felicity Rice to September the value of the fund’s assets This is the first annual report of the the Committee. had recovered to levels at the start of Dorset County Pension Fund since my the 2019/20 financial year at just over election as chairman by the Pension Investment Performance £3.0bn. Whilst we still anticipate more Fund Committee in September 2019. I The value of the pension fund’s assets volatility over the remainder of this want to begin by thanking the previous had risen from £3.0 billion at the end financial year and beyond, the recent chairman, Councillor John Beesley, for of March 2019 to £3.2bn at the end of encouraging news about the development all his hard work over the last five years December 2019. However, in the last of vaccines for the virus in particular as well as the four years previously as quarter of the financial year growing means that the outlook is now looking vice-chairman. He remains a valued concerns about the impact of the more positive. 5 Investment Pooling were also agreed for all scheme employers, | In response to the government’s with the average employer contributions to requirement for Local Government meet the cost of future benefits rising from Pension Scheme (LGPS) funds to 15.6% to 17.7% of payroll. pool investments, in order to improve efficiency and to reduce costs, Dorset Annual Employer Meeting is one of the ten pension funds which The Annual Employers’ Conference was held formed the Brunel Pension Partnership, at Kingston Maurward in November 2019. which itself is one of eight such pools The event was well attended and featured across England and Wales. speakers from the pension fund’s actuary, Introduction and Overview the Pensions Regulator and officers. As at 31 March 2020 approximately 40% of the pension fund’s total assets had Thank You transitioned to Brunel’s management. The success of the pension fund depends Fee savings in a full year from the on the combined efforts of all those assets transferred to date are estimated involved in its administration. I would like at approximately £1.5m, compared to to thank the Vice-Chairman, Councillor Dorset’s share of Brunel’s annual running Peter Wharf, my fellow Committee costs of £1m. As more assets transition members, local pension board members to Brunel’s management, fee savings are and external advisers for all their support expected to increase. over the past year. My thanks extend also to the staff who support the pension fund Actuarial Valuation for all their hard work throughout the year. In 2019-20 we received the results of the latest triennial valuation of the pension Yours sincerely, fund’s assets and liabilities from our actuary, Barnett Waddingham. This estimated that at 31 March 2019 the fund had assets sufficient to cover 92% of its accrued liabilities, an improvement from 83% at Cllr Andy Canning 31 March 2016, with the deficit recovery Chairman period reduced from 22 to 19 years. New contribution rates effective from 1 April 2020 6 Introduction | Dorset Council (DC, the Council) is the set every three years by the Fund’s separate reporting strands into one statutory administering authority for Actuary, Barnett Waddingham LLP. comprehensive document that enables the Dorset County Pension Fund (DCPF, These contributions are supplemented both the public and employees to see the Fund), which is part of the Local by earnings on the Fund’s investments in how the Fund is managed and how well it Government Pension Scheme (LGPS). order to pay retirement benefits. is performing. All aspects of the Fund’s management and administration, including investment The day to day running of the Fund is It is in the interest of both employees and Introduction and Overview matters, are overseen by the Pension delegated to the Fund Administrator the public that the Fund is well managed Fund Committee (PFC), which is who is the Executive Director (Corporate and continues to provide high returns a committee of the Council. It is a Development S151) of the Council and and excellent value for money. contributory defined benefit pension is responsible for implementing the scheme established under statute, which decisions made by the PFC. Supporting provides for the payment of benefits to him is a team of staff split into two employees of DC and former employees sections. The Pension Administration of Dorset County Council and the Team administers all aspects of member admitted and scheduled bodies in the records, pension benefits etc. and the Fund. Separate arrangements are made Treasury and Investments team looks for teachers, fire-fighters and police after the accounting and management officers. information requirements of the Fund. All aspects of the day to day management The purpose of the Fund is to provide of investment funds are undertaken by retirement benefits specified by the external fund managers with the exception LGPS regulations for staff working for of the Treasury Management function. local authority employers, and other employers admitted by agreement, in Publication of this report gives the the Dorset area. The regulations also Council the opportunity to demonstrate specify the member contribution rates the high standard of governance and as a percentage of pensionable pay, financial management applied to the with employer contribution rates being Fund. It brings together a number of 7 | Key Financial Information • The market value of the Fund's • At the most recent actuarial valuation, partial disinvestment from the Fund’s Investments fell by £327.5 million as at 31 March 2019, the funding level assets under the management of its (10.8%) over the year with a valuation was 92%, an increase from 83% as at two global equities’ managers, Investec of £2.7 billion as at 31 March 2020, 31 March 2016, with the deficit recovery (£60M) and Wellington (£65M). compared to the previous year end period of no more than 19 years • In January 2020, the pension fund’s valuation of £3.0 billion. Over the last (22 years at the 2016 valuation). remaining assets of £179.1M under the Introduction and Overview five years the value of the fund has • Income from contributions has been management of Investec transitioned to increased by £0.5 million (21.7%). gradually increasing over the past five Brunel’s Global Passive Equity portfolio. • The Fund achieved a return on years from £111.4M in 2015-16 to • In January 2020 CBRE, the Fund investments for the 2019-20 financial £136.7M as at 31 March 2020, a rise of Property manager part sold the vacant year of -9.7%, 1.7% below the benchmark 22.7%. The pension benefit payments office 270-279 Cambridge Science return of -8.0% and below the discount have been steadily rising over the same Park in Cambridgeshire to South rate (or target rate of return) used by the period from £104.1M in 2015-16 to Cambridgeshire District Council for a actuary at the last valuation of 5.4%.
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