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Pension Fund Annual Report PDF 2 MB Dorset County Pension Fund Annual Report 2016/17 © Cover photo: Wareham River, Andy Harris Contents Contents 3 Management Organisation 5 Chairman’s Statement 7 Fund Background 8 Overall Performance 12 Activity 13 Scheme Membership and Benefits 22 Actuary’s Statement 44 Policy Documents – Summary Full Reports 46 Statement of Investment Principles 57 Compliance with the updated Myners Principles 65 Communications Policy Statement 73 Governance Compliance Statement 82 Funding Strategy Statement 89 UK Stewardship Code 91 Ethical Investments 92 Voting Issues Policy 99 Pensions Administration Strategy Report 108 Custodian 109 Committee Training Policy 110 Accounts Dorset County Pension Fund Annual Report • 2 Management Organisation Management Organisation Administering Authority Employer Representative – Dorset County Council, County Hall Bournemouth Borough Council/ Dorchester, Dorset DT1 1XJ Borough of Poole Mr Adam Richens Pension Fund Committee Scheme Member Representative – Representing Bournemouth Nominated by Unison – Borough Council: Active Scheme Member Mr John Beesley (Chairman) Mr Jeff Morley Representing Borough of Poole: Dorset Police Representative Mrs May Haines Mr John Jones Representing Dorset County Council: Scheme Member Representative Mr Andy Canning Mr James Stevens Mr Tony Ferrari Mr Spencer Flower Dorset Councils Mr Colin Jamieson Mr Jason Vaughan Mr Peter Wharf (Vice Chairman) Actuary Representing the Dorset District Barnett Waddingham LLP Councils: Capt John Lofts Auditors KPMG LLP Scheme Member Representative: Mr Johnny Stephens Bankers National Westminster Bank – Main Bankers Independent Adviser: Pictet et Cie Banquiers – Overseas Equities Mr Alan Saunders (Senior Adviser) HSBC Global Investor Services – Allenbridge Epic Investment Advisers UK Equities and Bonds Custodian Local Pensions Board: AVC Providers With effect from 1 April 2015 Dorset County Prudential Pension Fund created a Local Pension Board. Fund Legal Advisors Current Board Membership: Osborne Clarke Employer Representative – Dorset County Council The Fund is a member of the National Councillor Andrew Cattaway (Chairman) Association of Pension funds (NAPF) and the Local Authority Pension Fund Forum Scheme Member Representative – (LAPFF) Self-Nominated Retired Scheme Member Mr Paul Kent (Vice-Chairman) Dorset County Pension Fund Annual Report • 3 Management Organisation Officers Fund Administrator Mr Richard Bates Chief Treasury and Pensions Manager Mr Nick Buckland (to August 2016) Interim Chief Treasury and Pensions Manager Mr Tom Wilkinson (from August 2016) Treasury and Pensions Finance Manager Mr David Wilkes Pension Fund Accountant Miss Charlotte Peach Pensions Benefits Manager Mrs Anne Weldon Further Information For further information on any aspect of the fund please call the pensions helpline on: (01305) 224845 or email: [email protected] Dorset County Pension Fund Annual Report • 4 Chairman’s Statement Chairman’s Statement Pension Fund Committee Back row (Left to right): Peter Wharf, Tom Wilkinson, Spencer Flower, Andy Canning, Tony Ferrari. Front row (Left to right): Johnny Stephens, Alan Saunders, John Beesley, Richard Bates, John Lofts. For the Local Government Pension Scheme Chairmen and latterly, as Chairmen of the (LGPS) nationally it has again been a year Shadow Oversight Board. A huge amount dominated by the Government’s requirement of work has been completed to date and for funds to pool investments, in order to yet much more is still needed if we are to help reduce costs, whilst maintaining overall implement the changes successfully by the investment returns. As I referred to in my Government’s target date of 1 April 2018. I statement last year, the Dorset County am confident however that we will succeed, Pension Fund has joined with nine other funds particularly given the quality and ability of in the South West to form the Brunel Pension the BPP team. Partnership (BPP), one of eight such proposed pools across England and Wales. As at 31 At a more local level, the value of the Dorset March 2017, the combined investments of Fund’s assets was £2.7 billion as at 31 March the ten BPP funds stood at just over £27 2017, an increase of nearly £0.5 billion over the billion, with Dorset’s assets accounting for year. The annual return of the Fund at 23.6% approximately 10% of that total. was ahead of the benchmark performance of 23.3% by 0.3%. Over the longer term, the These are the largest and most significant Fund returned 11.5% (annualised) over the changes ever made to the management three years to 31 March 2017, ahead of the arrangements of the LGPS. I have been benchmark return of 11.0%, and 11.8% against pleased to take an active part in the the benchmark of 11.1% over the five years to formation of BPP, initially as one of two Vice- the end of March 2017. Dorset County Pension Fund Annual Report • 5 Chairman’s Statement Much of this very strong performance in I would like to welcome Councillors Tony 2016/17 can be attributed to the impact of Ferrari, Spencer Flower and Colin Jamieson the depreciation in sterling following the as new representatives to the Pension Fund result of the referendum on EU membership, Committee from Dorset County Council, and we have no doubt that markets will and I look forward to working with them witness more volatility as Brexit negotiations in the future. On behalf of the Committee, continue. However, I am sure that the Fund’s my thanks go to outgoing County Council investment strategy is well positioned to representatives, Councillors Mike Byatt, cope with the inevitably bumpy ride that lies Ronald Coatsworth and Mike Lovell, for ahead, but I know that we need to ensure we their hard work and support over the years. remain flexible in our approach to continue My thanks also go to Nick Buckland, Chief to be successful. Importantly, we will be Treasury and Pensions Manager, who left reviewing the Fund’s investment and asset Dorset County Council in August 2016, for allocation strategy during the remainder of his advice and guidance and his substantial 2017-18. contribution to the work of the Fund over his 25 years’ service with the Council. In 2016-17 we received the results of the latest triennial valuation of the Fund’s assets and liabilities from our actuaries, Barnett Waddingham. This estimated that at 31 March 2016 the Fund had assets sufficient to cover 83% of its accrued liabilities, a small Cllr John Beesley improvement from 82% at 31 March 2013, with Chairman, Dorset County Pension Fund the deficit recovery period reduced from 25 to 22 years. New contribution rates effective from 1 April 2017 were also agreed for all scheme employers, with the average employer contribution to meet the cost of future benefits rising from 13.3% to 15.6% of payroll. Dorset County Pension Fund Annual Report • 6 Fund Background Fund Background The Dorset Fund provides the funding Standard Life (to April 2016), AXA for the pensions of mainly government Framlington and Schroders are the three employees in Dorset. Separate External UK Equity Managers. arrangements are made for teachers, fire- fighters and police officers. Standard Life and HarbourVest are the Private Equity Managers. A committee of elected members, five County Councillors, two councillors Baring Asset Management manage a representing Bournemouth and Poole Diversified Growth Fund. Councils, one District Councillor, and one non-voting Scheme Member Insight manage the Liability Matching representative, are responsible for Bond portfolio. making investment policy, appointing managers and monitoring performance. JPMorgan Asset Management are the Advice is taken from an investment Emerging Markets Equity Manager. management expert who is not involved in the management of the Fund’s assets. Hermes GPE and IFM Investors are the new Infrastructure Managers. Sixteen managers are employed to manage the assets: Allianz Global Investors, Investec Asset Management and Wellington CBRE Global Investors are responsible Investment Management are the for the property portfolio. Overseas Equity Managers. Royal London Asset Management The Chief Executive’s Treasury and (rlam) were appointed in 2007 and are Pensions Team manage the UK Equity responsible for managing the Fixed portfolio and cash balances. Interest portfolio. Dorset County Council’s Treasury and Pensions Team Dorset County Pension Fund Annual Report • 7 Overall Performance Overall Performance By the end of 2016/17 the value of the Diagram one shows the distribution Fund’s assets had risen by 470M to of the investment assets with £2.736Bn. In 1974 when the Fund was market value and percentage of the established it was valued at £15M. portfolio as at 31 March 2017. Bonds £313.5M (11.5%) UK Equities £737.3M (26.9%) Overseas Equities £720.4M (26.3%) Property £241.1M (8.8%) Cash £29.8M (1.1%) Absolute Return Funds £0.4M (0.0%) Diversified Growth Funds £119.1M (4.4%) Private Equity £77.0M (2.8%) Infrastructure £98.0M (3.6%) Liability Matching Bonds £399.8M (14.6%) Diagram 1 - Portfolio Distribution 2017 as at 31 March Diagram two shows the change in value of the Fund over the last six years as at 31 March and highlights the contribution made over time by the appreciation of assets (value less cost). 3,000 Book Cost 2,500 Market Value 2,000 1,500 £M 1,000 500 0 Diagram 2 - Fund Growth (Year ended (Year Diagram 2 - Fund Growth 31 March) 2012 2013 2014 2015 2016 2017 Dorset County Pension Fund Annual Report • 8 Overall Performance 50 Dorset 40 Benchmark 30 20 10 % 0 tal Annual Returns -10 -20 -30 -40 Diagram 3 - To Ending 31 March) (Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Diagram three shows the total return of Rate of Return Three Year Summary the Fund compared with its benchmark Over the three year period, the Fund for each of the last ten years as at 31 returned 11.5% against its bespoke March. The benchmark was the WM benchmark of 11.0%.
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