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London Pensions Fund Authority Pension Fund Annual Report 2019-20 About Us

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London Pensions Fund Authority Pension Fund Annual Report 2019-20 About Us London Pensions Fund Authority Pension Fund Annual Report 2019-20 About us The London Pensions Fund Authority (LPFA) is the largest Local Government Pension Scheme (LGPS) provider in London. Our pension fund had a balance sheet value of £5.88bn as at 31 March 2020 (of which £5.73bn were investment assets) and we are responsible for the pension provision of 92,340 members. Of these, 20,574 are employees working for not-for-profit, charity, private sector and local government employers, 36,095 are pensioners and dependants, 6,551 are undecided leavers and frozen refunds, and 29,120 are deferred beneficiaries. We formed a pensions partnership with the Lancashire County Council (LCC) in April 2016. The resulting entity, Local Pensions Partnership Ltd (LPP) now manages the pension fund assets and pension administration on our behalf. This is done through LPP Investments (LPPI) and LPP Administration (LPPA). We retain strategic oversight of the pension fund but the implementation of its strategy is outsourced to LPP. Contents 1. Overview 1 5. Pension fund accounts 54 Key facts and highlights of 2019-20 1 5.1 Auditor’s statement 54 1.1 Chair’s welcome 2 5.2 Pension fund accounts 55 1.2 Report from our Chief Executive Officer (CEO) 4 5.3 Notes to the pension fund accounts 59 1.3 Financial performance of our Fund 7 5.4 Actuary’s statement 90 5.5 Employers participating in the Fund 91 2. Fund administration 8 2.1 At a glance 8 6. Annexes 93 2.2 Workloads, targets and administration 8 i Reporting and controls 93 2.3 Membership 11 ii Employers active and ceased in the Fund by 2.4 Employer risk 13 scheduled and active bodies (as at 31 March 2020) 95 2.5 Pension payments 14 Public policy statements 99 3. Investment review 15 iii Funding Strategy Statement 99 3.1 At a glance 15 iv Investment Strategy Statement 105 3.2 Investment performance 15 v LGPS Governance Compliance Statement 109 3.3 Responsible investment 30 vi Communications Policy Statement 112 Further information and contacts 115 4. Governing the Fund 35 Glossary 116 4.1 Governance highlights 35 4.2 Board, Committees and Executive team 36 4.3 The LPFA’s strategy 44 4.4 Risk management 47 4.5 LPFA advisors and service providers 50 4.6 Statement from the Local Pension Board 51 Key facts and highlights of 2019-20 Overview As at 31 March 2020 Members – increase since 2017 Active employers in the Fund* 31.9% 135 administration Fund 2017 70,000 2018 75,000 2019 92,340 Breakdown of our members Balance sheet value* review Investment 92,340 £5.88bn Governing the Fund Governing ■ 36,095 Pensioners and dependants Strategic asset allocation % ■ 29,120 Deferred beneficiaries ■ 45 Public equity ■ 9.0 Credit ■ 20,574 Employees working for not-for-profit, charity, ■ 2.5 Fixed income ■ 10.0 Real estate private sector and local government employers ■ 7.5 Private equity ■ 15.0 Diversifying strategies ■ 6,551 Undecided leavers and frozen refunds ■ 10.0 Infrastructure ■ 1.0 Cash Pension fund accounts Pension Being a responsible investor** In the 12 months from April 2019 to March 2020 LPPI: Voted at 50 Voted against 19% Supported 85% Supported 83% Voted against Supported 77% company of management of shareholder of shareholder management in 25 of shareholder meetings on proposals on resolutions related resolutions instances where resolutions 6,981 separate remuneration and to improving relating to board nominations related to resolutions supported 57% corporate action diversity failed to address an climate change of shareholder on human rights inadequacy in resolutions relating issues board diversity Annexes to remuneration * As at 31 March 2020 ** Actions were undertaken on our behalf by LPPI London Pensions Fund Authority | Pension Fund Annual Report 2019-20 1 1. Overview 1.1 Chair’s welcome I was delighted to be appointed LPFA Another key issue for us is to ensure Chair on 1 January 2020 and am that our administration is well-handled honoured to be a part of the next and that our members experience a chapter in the evolution of such a high-quality and efficient service. prestigious organisation with such an I am therefore pleased to note that important purpose. While the world the service levels on administration has undergone a profound change in were at a high level last year and the months since I joined, I am very performance was broadly maintained pleased to say that the Fund remains in the immediate aftermath of the in robust health. government-imposed national lockdown. Further details are outlined Our primary responsibility is to ensure later in this report. Welcome to the LPFA’s we have the resources (including access to cash) we need to be able Investment highlights annual report for the year to pay the pensions to which our The Fund’s investments are well to 31 March 2020. I hope members are entitled both now and diversified across regions, asset that you and your loved in the future. The Board remains classes and sectors. Our investment confident that we are able to do this, performance is set out below and ones are staying safe and we are also pleased to note that covered in more detail in the Investment and well during these employer contributions overall remain review section of this report. challenging times. stable. The formal triennial valuation of our assets and liabilities conducted by 1 year 3 years** 5 years** our external actuaries took place as at Total return -0.5% 3.2% 5.8% 31 March 2019 and was completed (including LDI)* While the world has during this year. It confirmed our undergone a profound * Liability-driven investment strategy strong financial position overall and **Annualised returns change in the months since we continue to see improvements in I joined, I am very pleased the Fund’s administration. We continue with our strategy to be a to say that the Fund remains recognised responsible investor and The LPFA’s assets, like those of most in robust health. this year published our ‘Policy on other pension funds, were impacted by Climate Change – Review of 2019’ coronavirus (COVID-19) related market as part of our commitment to movements in the period since the end transparency and continuous of the financial year. However, we are improvement. The detail provided later a long-term investor and are well in this report shows that we have positioned to weather the worst of further reduced our exposure to this storm over time. In fact, at the time extractive fossil fuels during the year of writing, (October 2020), we have and that our Listed Equities Portfolio recovered well given the circumstances is aligned with the 1.5˚C target set out but further volatility in asset prices is in the Paris Agreement. There is more expected in the short term. to do of course, but we are on the right path. 2 London Pensions Fund Authority | Pension Fund Annual Report 2019-20 Overview Infrastructure also remains a strategic On behalf of the Board, I would like to focus. The LPFA, Local Pensions thank my predecessor, Sir Merrick We continue with our Partnership Investments Ltd (LPPI) Cockell, for his stewardship of the strategy to be a recognised and London Collective Investment LPFA. Having served on the LPFA responsible investor and Vehicle Ltd (LCIV) are collaborating to Board since 2010, Sir Merrick guided this year published our administration Fund develop a London Fund to invest in the LPFA skilfully through many of the ‘Policy on Climate Change residential property, affordable recent significant changes that – Review of 2019’ as part housing, community regeneration occurred within the LGPS sector. of our commitment to projects and infrastructure, including transparency and We were also sad to see the departure clean energy and digital services. continuous improvement. of Nigel Topping as a Board Member in These investments will create a double early 2020 following his appointment bottom line by diversifying our fund as the UK Government’s High-Level and providing appropriate returns, Climate Champion ahead of COP26. whilst also making a positive I am delighted that his considerable contribution to social and review Investment skills, experience and knowledge will environmental issues in the city. be used helping the UK tackle climate Local Pension Partnership’s change. We continue our search to (LPP’s) evolution appoint his replacement. At the time of writing, LPP has been I am proud of the progress that we restructured into an Administration have made so far, and I thank you for subsidiary, Local Pensions Partnership your continued support. Administration Ltd (LPPA) an Investments subsidiary (LPPI) to create a more efficient operation and Governing the Fund Governing improve client service. As joint owners of LPP Group, both the LPFA and LCC John Preston have a shared interest in the success LPFA Chair of the company, so I would like to thank my LCC colleagues for their continued support and partnership. LPFA team changes At the LPFA, we have recruited a small management team to work with LPPA Pension fund accounts Pension and LPPI to strengthen their services, improve governance and help the Fund implement our new ambitions and priorities. With this team now largely in place, Robert Branagh’s title has been changed to Chief Executive Officer (CEO) of the LPFA to reflect the evolution and expansion of his role. Annexes London Pensions Fund Authority | Pension Fund Annual Report 2019-20 3 1. Overview continued 1.2 Report from our Chief Executive Officer (CEO) Despite all that has occurred over the Evolving investment and past year, our priority remains focused liability management on ensuring that our members have – Financial sustainability financial security in their retirement.
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