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Annual Report 2013/14

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Annual Report 2013/14 Dorset County Pension Fund Annual Report 2013/14 Dorset County Pension Fund Administered by Dorset County Council Dorset County Pension Fund 2013/2014 Contents Page 4 Management Organisation 5 Chairman’s Statement 7 Fund Background 8 Overall Performance 12 Activity 13 Scheme Membership and Benefits 22 Actuary’s Statement 24 Statement of Investment Principles 24 Compliance with the updated Myners Principles 24 Communications Policy Statement 24 Governance Compliance Statement 25 Funding Strategy Statement 25 UK Stewardship Code 25 Voting Issues Policy 25 Pensions Administration Strategy 25 Committee Training Policy 25 Knowledge and Skills Policy Statement 27 Accounts 3 Management Organisation Administering Authority Fund Legal Advisors Dorset County Council, County Hall Osborne Clarke Dorchester, Dorset DT1 1XJ Fund Administrator Paul Kent – Director for Corporate Pension Fund Committee Resources (to September 2014) Representing Borough of Poole Council: Mr N Sorton (Chairman) Richard Bates – Chief Financial Officer, (from October 2014) Representing Bournemouth Borough Council: Nick Buckland – Chief Treasury and Mr J Beesley (Vice-Chairman) Pensions Manager Representing Dorset County Council: Keith Stout and David Wilkes – Pension Mr M Byatt Fund Accountants Mr A Canning Mr R Coatsworth Anne Cheffey – Pensions Benefits Mr C Jamieson Manager Mr M Lovell The Fund is a member of the National Representing the District Councils of Association of Pension funds (NAPF) and Dorset: the Local Authority Pension Fund Forum Capt J Lofts (LAPFF) Scheme Member Representative: Further Information Mr J Stephens For further information on any aspect Independent Adviser: of the fund please call the pensions Mr A Saunders (Senior Adviser) helpline on: (01305) 224845 or Allenbridge Epic Investment Advisers email: [email protected] Actuary Barnett Waddingham LLP Auditors KPMG LLP Bankers National Westminster Bank – Main Bankers Pictet et Cie Banquiers – Overseas Equities HSBC Global Investor Services – UK Equities and Bonds Custodian AVC Providers Prudential 4 Dorset County Pension Fund 2013/2014 Chairman’s Statement Pension Fund Committee Back row (Left to right): Mike Byatt, Alan Saunders, Colin Jamieson, Mike Lovell. Middle row (Left to right): Ronald Coatsworth, Andy Canning, John Lofts. Front row (Left to right): Johnny Stephens, Neil Sorton, John Beesley, Paul Kent It has been another challenging year is a flawed concept. The Dorset Fund has in the world of the Local Government had passively managed investments for Pension Scheme (LGPS). The Government many years and believes that they rightly has continued to review the LGPS with have a place in a diversified portfolio. the introduction of the new 2014 Career We do, however complement the Average scheme on 1 April. In addition passive assets with allocations to active to this a number of consultations have managers where appropriate, and where been issued. It would appear that the we believe that the manager can achieve potential for forced mergers of locally outperformance, net of fees. managed funds has now, very sensibly, been kicked into the long grass, at least The other area of change that the for the time being. Pension Fund Committee has spent some time considering is the requirement from The latest batch of consultations the Public Sector Pension Act 2013 for focussed on ensuring that funds’ assets funds to set up local Boards. The Dorset are managed in the most efficient Fund is currently considering how this manner, which as an aim is very sensible. local board will operate, and what, if any, However, the suggestion that compelling interaction it will have with the Pension funds to invest in an entirely passive Fund Committee. I hope that things will manner, because it is cheap, we believe become clear before the establishment 5 of the local boards in April 2015. As I couldn’t finish my comments this year it stands, their remit, constitution and without recognising the influence that the reporting lines are still unclear. Pension Fund Administrator, the County Council’s Director for Resources, Paul Restructuring of the LGPS aside, it has Kent has had in leading the Fund over been another pleasing year for the the past 8 years. Paul retires at the end Dorset Fund. Performance has continued of September, and I would like to thank to be good, with 1, 3 and 5 year returns him for the work he has undertaken on all being ahead of the Fund’s bespoke behalf of the Fund, and wish him a very benchmark, and also the local authority long and happy retirement. average. Over three and five years the Fund has returned 9.8% and 15.0% per annum, compared to the Local Authority average of 7.5% and 12.7% respectively. This has seen the Dorset Fund retain a position in the top 10% of local authority Neil Sorton funds over both periods. Chairman September 2014 Since its last review of investment strategy in 2012, the Dorset Fund has started a process of hedging some of the inflation risk that is inherent in the Fund’s liabilities. This has placed Dorset at the forefront of local authorities looking at this type of investment, as very few funds have considered attempting to remove some of these risks. The Fund has in place a programme designed to hedge out around one third of its inflation risk by 2019, and will continually review this. This innovative approach, has not gone unnoticed, and combined with the continued good performance saw the Fund nominated for Best Investment Strategy at the annual Financial News awards for excellence in pensions; the only local authority fund to be nominated in any of the 9 categories. The award was ultimately won by the £15 Billion Pensions Protection Fund, who had won for the previous 3 years. I believe that to even be nominated in this category is recognition of the excellent work that the Committee, its advisers and officers have done. 6 Dorset County Pension Fund 2013/2014 Fund Background The Dorset Fund provides the funding Royal London Asset Management for the pensions of mainly government (rlam) were appointed in 2007 and are employees in Dorset. Separate responsible for managing the Fixed arrangements are made for teachers, fire- Interest portfolio. fighters and police officers. Gottex Fund Management and A committee of elected members International Asset Management are the comprising five County Councillors, two two Absolute Return Fund Managers. councillors representing Bournemouth and Poole Councils, one District Standard Life, AXA Framlington and Councillor, and one Scheme Member Schroders are the three External UK representative, are responsible for Equity Managers. overseeing all aspects of the Pension Fund. Independent advice is taken from Intech is the US Equity Manager. an investment management expert who is not involved in the management of the Standard Life and HarbourVest are the Fund’s assets. Private Equity Managers. Fifteeen managers are employed to Baring Asset Management manage a manage the assets: Diversified Growth Fund. Pictet Asset Management manage the Insight manage the Liability Matching overseas assets and have done so since Bond portfolio. their appointment in 1990. JPMorgan are the Emerging Markets CBRE Global Investors are responsible Equity Manager. for the property portfolio. The Corporate Resources Treasury and Investments Team manage the UK Equity portfolio and cash balances. Dorset County Council’s Treasury and Pensions Team 7 Overall Performance By the end of 2013/14 the value of the Diagram one shows the current Fund’s assets had risen by 154.9M to distribution of these assets with £2.1Bn. £44.5M was added to the fund market value and percentage of from new money*, the rise in the value the portfolio as at 31 March 2014. of investments was £110.4M. In 1974 when the Fund was established it was valued at £15M. UK Equities £580.7M (28%) Bonds £396.8M (19%) Private Equity £53.2M (3%) Diversified Growth Fund £92.7M (5%) Absolute Return Funds £90.2M (4%) Cash £154.4M (7%) Property £187.1M (9%) Overseas Equities £526.0M (25%) Diagram 1 - Portfolio Distribution 2014 as at 31 March Diagram two shows the change in value (* New money is the difference between of the Fund over the last six years as at the income received by the Fund from 31 March and highlights the contribution employees, employers and investment earnings and benefits paid out and the made over time by the appreciation of costs of running the scheme.) assets (value less cost). 2,500 Book Cost 2,000 Market Value 1,500 £M 1,000 500 0 Diagram 2 - Fund Growth (Year ended (Year Diagram 2 - Fund Growth 31 March) 2009 2010 2011 2012 2013 2014 8 Dorset County Pension Fund 2013/2014 Overall Performance 50 Dorset 40 Benchmark 30 20 10 % 0 tal Annual Returns -10 -20 -30 -40 Diagram 3 - To Ending 31 March) (Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Diagram three shows the total return of the Diversified Growth Manager, the Fund compared with its benchmark for underperformed against their benchmark each of the last ten years as at 31 March. by 2.6%. Rates of Return One Year Summary Rate of Return Three Year Summary During the year, the Fund outperformed During the three year period, the Fund its bespoke benchmark with a return has marginally outperformed its bespoke of 7.6% compared to a return of 6.5%. benchmark with a return of 9.8% Positives to performance have been compared to a return of 9.7%. Positives attributable to mainly three managers. to performance were attributable to UK Equity managers Standard Life and External UK Equity Active Manager AXA AXA Framlington both outperformed Framlington, who outperformed their their benchmark by 8.7% and 7.6% benchmark by 4.7%, whilst Private Equity respectively, whilst Standard Life Private Managers Standard Life and HarbourVest Equity outperformed its benchmark by also outperformed their benchmarks by 3.6%.
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