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Suffolk Pension Fund Annual Report and Accounts 2018-19

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Suffolk Pension Fund Annual Report and Accounts 2018-19 Suffolk Pension Fund Annual Report and Accounts 2018-19 Pension Fund Annual Report 2018-2019 1 CONTENTS Pension Fund Committee Chairman’s Report Pension Board Chairman’s Report Head of Finance Report Independent Auditor’s Report Actuarial Report Risk Management Report Financial Performance Performance Report Scheme Administration Report Governance Report ACCESS Pool Report Pension Fund Accounts 2018-19 Additional Statements (published on the Pension Fund website www.suffolkpensionfund.org) Governance Policy Statement Governance Compliance Statement Investment Strategy Statement Funding Strategy Statement Actuarial Report Administration Strategy Voting Policy Statement Communications Policy Pension Fund Annual Report 2018-2019 2 Pension Fund Committee Chairman’s Report As Chairman of the Suffolk Pension Fund Committee, I am pleased to introduce the Pension Fund’s Annual Report and Accounts for 2018-19. The value of the Suffolk Pension Fund was £2.931 billion at 31 March 2019, which was an increase of £169m in the year. The Fund administers the local government pension scheme in Suffolk on behalf of 307 active employers and just over 64,000 scheme members. The Fund achieved an investment return of 5.9% in 2018-19, which is greater than the actuary’s assumptions for future investment returns. The estimated funding level is 91.0% as at 31 March 2019. Over three years the annual return has been 9.5% per annum, and over ten years 10.3%. The Pension Fund Committee is responsible for managing the Fund, with the assistance of council officers, external advisors and professional investment managers. The Fund recognises the importance of those who are responsible for financial management and decision making are equipped with the necessary knowledge and skills. Knowledge is gained through focussed training enabling thorough discussion on the key decisions that need to be made. The Committee monitored the investment performance of the Fund and all its managers on a quarterly basis, receiving a combined investment report with collaboration from Hymans Robertson LLP and Mark Stevens, the Fund’s Investment advisers and officers of the Pension Fund. The Committee also reviewed the investment strategy of the Fund and approving minor changes to the strategy to further enhance the portfolio and returns whilst maintaining a lower risk approach to investments. During 2018-19 work commenced on the data submissions required for the March 2019 triennial valuation exercise which will set the contribution rates for the period 1 April 2020 to March 2023. A consultation period will commence in October 2019 with the employers’ in the Fund in relation to the Funding Strategy Statement and their contribution rates for the next three years. The pooling of assets through ACCESS (A Collaboration of Central, Eastern and Southern Shires) with other Pension Funds has continued in its development and there will be a number of appropriate sub-funds for the Suffolk Pension Fund to transfer their liquid assets into during 2019-20. This will be in addition to the passive index tracking investments already held by UBS on an ACCESS pooled governance basis. I would like to extend my appreciation to everyone involved in the Suffolk Pension Fund for their work and commitment throughout the year. Councillor Andrew Reid Chairman of the Pension Fund Committee May 2019 Pension Fund Annual Report 2018-2019 3 Pension Board Chairman’s Report It is a pleasure to introduce the Suffolk Pension Board’s annual report, which is incorporated within the Suffolk Pension Fund annual report and accounts for 2018-19. The Board was established to ensure that the Suffolk Pension Fund is managed and administered effectively, efficiently, and complies with the code of practice on the governance and administration of public service pension schemes issued by the Pension Regulator. This means making sure the Fund is compliant with all relevant legislation with the aim to safeguard the interest of all Pension Fund members and associated employer organisations. There are six members of the Suffolk Pension Board, with half of the Board members representing the employers in the Fund and the other half representing scheme members (active members, pensioners and deferred pensioners). The Board continues to engage with the employers of the Fund organising the annual Employers’ meeting in September in conjunction with the Pension Fund Committee. This year the meeting covered the work of the Pension Board and the Pension Fund Committee. The actuary covered the funding position as at March 2016 and the current conditions and developments which could affect the 2019 triennial valuation and the strategies utilised in calculating the employers’ rates. There was also sessions on the data requirements for year end and how this data is used by the Pension Fund administration team. The next annual employers’ meeting will be held on 9 October 2019 which coincides with the start of the consultation with employers on their contribution rates for the next three years. The Board continues to focus on the monitoring of and holding to account the administration function of the Fund. With growing membership and ever-increasing complexity, scheme administration relies very heavily on the diligence and experience of the Pension Fund officers to ensure that members receive meaningful information and accurate benefits at the appropriate time. The Pension Fund continues to deliver these and to improve communications with members with further developments of the member self-service module which allows members to have instant access to their records, enabling them to update their personal data, run pension projections and access their annual benefit statements. As part of its governance responsibilities the Board also monitors the compliance of the employers in meeting their obligations for returning data and paying over the pension contributions on time, which contributes to the effective administration of the scheme. The Board has received at each meeting, an update on the progress of the ACCESS (A Collaboration of Central, Eastern and Southern Shires) pool which will have a significant impact on resources of the Fund in future years. Richard Smith MVO Chairman of the Suffolk Pension Board May 2019 Pension Fund Annual Report 2018-2019 4 Report from the Head of Finance Foreword to Annual Report and Accounts The Suffolk Pension Fund Annual Report and Accounts sets out the Pension Fund’s income and expenditure and its assets and liabilities for the financial year ended 31 March 2019, the governance arrangements for administering the scheme and the work carried out by the Pension Fund Committee, Pension Fund Board and the Pension Fund officers throughout the year. There are also a number of policy statements and these disclosures which form part of the prescribed content of the Annual Report, are published as separate documents on the website of the Fund (www.suffolkpensionfund.org). Business Plan The Committee approves a business plan at the start of each financial year. This provides a mechanism for the Committee to ensure that its responsibilities for the Fund are carried out effectively. They key actions for 2018-19 are as below: Actuarial Valuation and Funding Strategy Statement The Fund is required to obtain an independent actuarial valuation of its assets and liabilities every three years. The next actuarial valuation will be undertaken as at March 2019 and the results of the valuation will determine the employer contributions that are required for the three years starting April 2020. A timetable has been agreed with the actuary, Hymans Robertson, which will lead to whole Fund results being delivered to the September 2019 Committee meeting. A formal consultation with the individual employers will commence in October regarding their results and the Funding Strategy Statement. The Committee has received reports on the actuarial position of the Fund on a quarterly basis. The estimated funding level at March 2019 was 91.0% and the actuarial deficit at that date was £290 million. Higher investment returns compared with expected asset returns used in the financial assumptions in the valuation have had a positive effect on the current valuation and this has in part offset the increase in deficit as a result of lower gilt yields and higher inflation. Investment Strategy The Fund’s investment objectives are set out in its investment strategy statement to achieve the aims of the funding strategy statement as part of the triennial valuation exercise. There are significant levels of diversification between different asset classes to ensure that the assets of the Pension Fund, when taken in conjunction with future contributions, are sufficient to ensure that all future pension and retirements benefits will be fully covered by the Fund’s assets when they fall due, whilst maintaining the Fund’s relatively low risk approach. These objectives have been translated into an asset allocation plan and as at 31 March 2019, 42% of the Fund is to be invested in equities, with the balance in bonds (26%), property (10%), a number of funds in alternative investments (21.5%) and a small holding in cash and money markets of 0.5%. Pension Fund Annual Report 2018-2019 5 Investment Performance of the Pension Fund The Suffolk Pension Fund had an investment return of 5.9% in 2018-19, with the asset value increasing by £169 million. The Local Authority average based on 64 funds (out of the 89 Funds in England and Wales) was 6.6% with the lowest returning 3.4% and the highest 11.7% (each fund will have a different asset mix dependent on its appetite for risk and funding level). The Suffolk Fund’s investment strategy is diversified across a number of asset classes and regions which provides the Fund with diversification benefits and limits the Fund’s exposure to the volatility of the markets and improves its risk return characteristics. The Pension Fund Committee assesses its own investment performance and the performance of its managers by making a comparison between the Fund’s return and its benchmark return, based on the returns of the markets that the Fund is invested in, or a mandate specific absolute return.
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