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Annual Report and Accounts 2014

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Annual Report and Accounts 2014 Report & Accounts 2014 1 2 Contents Chair’s Introduction 4 Management structure 6 Top 20 equity holdings 9 Investment report 10 Myners principles 20 Statement of accounts 21 Actuarial statement 55 Scheme administration 57 Employer contributions 63 The LGPS at a glance 77 Policy Statements 79 - Funding Strategy 80 - Governance Policy 97 - Governance Compliance Statement 100 - Core Belief Statement 105 - Statement of Investment Principles 107 - Communications Policy 114 - Pension Administration Strategy 118 Useful contacts 124 3 Chair’s introduction The Fund has had a very successful last 12 months, it: reducing employee membership and increasing maturity of liabilities set in the context of the current economic l has achieved solid investment returns in absolute environment, together with the need to manage the and relative terms of 7.0% with the value of the Fund Fund’s deficit continues to be the biggest challenge that increasing to £13.3 billion; we face. l has maintained its position amongst the best funded of The Panel and I continue to focus on factors that will help LGPS funds at the 2013 actuarial valuation which means deliver our long term aim, “to provide secure pensions employer contribution rates are, on average, at the effectively and efficiently administered at an affordable lower end of the range; and stable cost to employers.” l was successful in being selected by the Ministry of Justice to be the one Fund to administer LGPS for Funding Issues probation staff. This will increase the membership of GMPF remains amongst the best funded of LGPS funds the Fund by around 40,000 and increase assets by £3 with relatively low employer contributions. billion following the regulatory changes that took effect from 1 June 2014. The 2013 Actuarial Valuation process concluded in March 2014. Whilst the Fund is maintaining its successful track record, the challenges of running a pension fund in the current Investment returns exceeded the Actuary’s assumption environment continue. This is driven by two main factors, made in the 2010 valuation, but the impact of the fall in yields on Government bonds more than offset the l the impact of austerity measures on employees and investment gains through the adverse impact this has on employers. This has resulted in workforces shrinking the valuation of pension promises earned. and a potential weakening of the covenant strength of some of the Fund’s employers; and The funding level has reduced to 90.5% based on the Actuary’s assumptions. Actuaries to LGPS funds l the measures that the Bank of England has taken to have adopted a range of assumptions and this makes support the economy and in particular base rates comparisons more difficult. On a like for like basis, GMPF is being maintained at 0.5% for a fifth year and the expected to be the 2nd or 3rd best funded nationally out impact of quantitative easing (QE) that has resulted of the 89 regional funds. in exceptionally low long term interest rates. This has resulted in a higher value being placed on the value of The Fund’s average employer contribution rates continue pension promises earned that is only partially offset by to be at the lower end of the range. investment returns and means deficits have increased The consequence of changes in membership is to between the 2010 and 2013 valuations. increase potential volatility of cost and affordability to the Looking forward, there continues to be a number of employer. Key to long term success in managing volatility significant economic challenges and the expected and affordability will be ensuring that the Fund is ready to increase in interest rates and unwinding of QE makes take advantage of the opportunities that arise to reduce it a challenging return environment in the medium investment risk at an affordable cost to employers. term. From my perspective these structural changes of 4 Investment Performance stability of arrangements, economies of scale in terms of value for money and the ability to buy in expertise A solid year with returns of 7.0%. and broad governance arrangements. We also flag that The Fund’s return of 7.0% compares favourably with the the ever increasing complexity of managing an LGPS local authority average of 6.4%. fund necessitates having as many tools in the kit bag as possible including active management of assets where GMPF has an excellent long term track record and appropriate and recognising the benefits of collaboration. this is detailed on page 13. It is this long term strong Copies of our responses are published on the Fund’s performance that has underpinned the funding level. website. The impact of investment returns on contributions is growing as illustrated by the fact that a 1% investment The introduction of the single tier State pension and the return equates to 8% of pay and this ratio will continue to end of “contracting out” in 2016 is potentially a very costly increase in the future. matter for employers. This cost is estimated at 2% of the pay bill per annum and it is important that Government Membership Changes brings in measures that mitigate the impact on LGPS employers. The recent announcements by the Chancellor flagging further local authority budget reductions through to Local Investment 2017, makes an exceptionally testing period for employers and employees. Most fund employers will continue to We continue to progress local investment opportunities reduce their workforce during this period and a reduction with the twin aims of commercial returns and supporting in excess of 30% is expected from the peak in 2008 and the area. further pay restraint can be expected. These reductions Some examples include our flagship office development will in part be offset by more employers needing to “auto- at 1 St Peter’s Square in Manchester, which is nearing enrol.” There will also be the boost to membership from completion; we have started to build 240 homes in a the Probation Service consolidating in the Fund. joint venture with Manchester City Council; and we are Last year, we welcomed 42 new employers to the Fund a partner in the Airport City development. All these which means we now have 364 contributing employers. investments are expected to deliver good returns for the Much of this increase relates to employers created out of Fund and have economic and/or regenerative benefits for transfers from existing employers, such as new academy the North West. schools. Conclusion Regulation and Legislative Change This is an exceptional time to be managing a pension 2014 Scheme up and running and further wide ranging fund. The issues I have commented on together with changes being considered. a continued expectation of improving life expectancy flag the complexity and challenge of offering a good, We now have LGPS 2014 operational. This has career affordable pension scheme to employees and employers. averaging of pay as the basis of determining members’ benefits and the introduction of a 50/50 scheme whereby We have long recognised the need to keep members 50% of the benefits are accrued for half the cost by the informed and work closely with employers and be able employee. Those members with relatively stable earnings to respond to the changes that the future brings. We will generally gain from the change. The administration of also need to balance the short and long term needs of the scheme has been difficult to implement because there employers in a prudent way from a Fund perspective. were delays in finalising the transitional regulations with GMPF has a long term successful track record reflected knock on system implications. These teething problems in its funding level and reputation. This year the Fund are being gradually overcome and services to members won the Large Scheme of the Year and Best Member and employers are returning to normal levels. Communications Awards from Professional Pensions In an ideal world we now need stability in the LGPS to Magazine. The Panel and I will continue to take decisions encourage and support pension saving. The big challenge from a long term perspective to help maintain our will be affordability and in particular if investment returns success. do not help reduce deficits across LGPS funds. I thank the members of the Panel, the Advisors, The Government has been undertaking a consultation Investment Managers and not least our staff for their work on affordability and managing deficits through the “Call over the last 12 months. for Evidence” process. On a closely related matter it is also consulting on governance matters that includes a national Scheme Advisory Board and Local Boards. In our response to these consultations we have focussed on the key requirements for effective governance, which includes Councillor Kieran Quinn Chair, Pension Fund Management Panel 5 Management structure Tameside MBC became GMPF’s administering authority in 1987, and established a management structure which is still the backbone of the operation today. Councillor Kieran Quinn chairing the panel meeting, supported by Tameside officers Steven Taylor, Peter Morris, Steven Pleasant, Sandra Stewart and Carolyn Eaton. Pension Fund Management External advisors Panel Three external advisors assist the Advisory Panel, in particular The Management Panel carries out a similar regarding investment related issues. A key element is helping them to role to the trustees of a pension scheme. They question the portfolio managers on their activities. The advisors are : are the key decision makers for: l Investment management l Monitoring investment activity and performance l Overseeing administrative activities l Guidanc e to officers in exercising delegated powers Pension Fund Advisory Panel The Pension Fund Advisory Panel works closely with the Management Panel, and RS Bowie, P Moizer, J Hemingway, advises them in all areas.
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