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Dorset County Pension Fund Annual Report 2014/15

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Dorset County Pension Fund Annual Report 2014/15 Dorset County Pension Fund Annual Report 2014/15 Contents Contents 3 Management Organisation 5 Chairman’s Statement 7 Fund Background 8 Overall Performance 12 Activity 13 Scheme Membership and Benefits 21 Actuary’s Statement 51 Policy Documents – Summary 53 Appendix A – Full Reports 53 Statement of Investment Principles 64 Compliance with the updated Myners Principles 72 Communications Policy Statement 80 Governance Policy Compliance and Statement 89 Funding Strategy Statement 97 UK Stewardship Code 99 Ethical Investments 100 Voting Issues Policy 110 Pensions Administration Strategy 118 Custodian 119 Committee Training Policy 120 Accounts Dorset County Pension Fund Annual Report • 2 Management Organisation Management Organisation Administering Authority Current Board Membership Dorset County Council, County Hall Employer Representative – Dorchester, Dorset DT1 1XJ Dorset County Council Councillor Andrew Cattaway (Chairman) Pension Fund Committee Scheme Member Representative – Representing Borough of Poole Council: Self-Nominated Retired Scheme Member Mr N Sorton (Chairman to March 2015) Mr Paul Kent (Vice-Chairman) Mrs M Haines (from March 2015) Employer Representative – Representing Bournemouth Borough Bournemouth Borough Council, Council: Mr Robin Ingleton Mr J Beesley (Vice-Chairman to March 2015), Chairman from March 2015 Employer Representative – Borough of Poole, Representing Dorset County Council: Mr Adam Richens Mr M Byatt Mr C Jamieson Mr A Canning Mr M Lovell Scheme Member Representative – Mr R Coatsworth Nominated by Unison – Active Scheme Member Representing the District Councils of Mr Robert Roriston Dorset: Capt J Lofts Scheme Member Representative – Nominated by Unison – Active Scheme Member Scheme Member Representative: Mr Jeff Morley Mr J Stephens Actuary Independent Adviser: Barnett Waddingham LLP Mr A Saunders (Senior Adviser) Allenbridge Epic Investment Advisers Auditors Local Pensions Board KPMG LLP With effect from 1 April 2015 Dorset Bankers County Pension Fund has created a Local Pension Board. National Westminster Bank – Main Bankers Pictet et Cie Banquiers – Global Custodians HSBC Global Investor Services – UK Equities and Bonds Custodian Dorset County Pension Fund Annual Report • 3 Management Organisation AVC Providers Prudential Fund Legal Advisors Osborne Clarke Richard Bates – Fund Administrator Nick Buckland – Chief Treasury and Pensions Manager Keith Stout and David Wilkes – Pension Fund Accountants Anne Cheffey – Pensions Benefits Manager The Fund is a member of the National Association of Pension funds (NAPF) and the Local Authority Pension Fund Forum (LAPFF) 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): Mike Lovell, Ronald Coatsworth, Alan Saunders, Andy Canning, Mike Byatt, Johnny Stephens. Front row (Left to right): John Lofts, Nick Buckland, John Beesley, Richard Bates, May Haines. In this, my first statement as Chairman of the My predecessor started his comments last Dorset County Pension Fund Committee, I year by referring to the on-going process would like to begin by paying tribute to my of structural reform within the LGPS, and predecessor Neil Sorton who chaired the it is appropriate for me to continue along Committee for nearly six years, prior to his those lines. It might have appeared to an retirement as a Councillor in May this year. onlooker that the issue of reform had fallen Neil led the Fund through the aftermath of off the agenda of central government, the 2008-09 financial crisis, and leaves the as the Scottish independence vote and Fund in a very strong position. I am grateful the general election had taken centre to my fellow Committee members for the stage. However, this only proved to be support and confidence they have placed in a temporary reprieve for those running me as his successor. LGPS funds, as the Chancellor announced in his budget statement in July that he In addition to thanking Neil for his work, I intends to work with the LGPS to ensure would like to take this opportunity to thank that all investments are pooled in order the Dorset Fund Officers for their sterling to reduce costs, whilst maintaining overall work during the past year. I should also like investment returns. He went on to say that to welcome Councillor May Haines who is the government will invite local authorities now representing the Borough of Poole on to come forward with proposals that meet the Committee. the common criteria. The Dorset Fund will Dorset County Pension Fund Annual Report • 5 Chairman’s Statement be responding to the government, and Awards ceremony in London as the Fund we are in the process of working up our had been nominated as LGPS Fund of proposals to work with colleagues in the the year. I was joined by the Fund’s Chief South West. This will be a significant piece Treasury and Pensions Manager, Nick of work for the Officers and the Committee Buckland who had also been nominated in to undertake, but I am confident that, managed properly, we can meet the government’s criteria and achieve a positive outcome. The other significant issue that was referred to in last year’s statement was the creation of the Local Pension Boards. I am pleased to say that, despite the lateness of the regulations, the Dorset Fund has created its Local Pension Board, and the Board met for the first time in June. I look forward to establishing a close working relationship between the Committee and the Board the Pension Manager of the year category. over the coming years. When the winners were announced I was delighted to collect ‘the Fund of the We have had another year of positive Year Award’ on behalf of the all of those performance for the Dorset Fund. For involved in the management of the Dorset the year to 31 March 2015 the Fund Fund and see it as direct recognition of returned 11.9% compared to our own the excellent work that goes on within the benchmark return of 11.7%. Due to our team. Although Nick was not successful in long term strategic decision to hedge a his category, I would like to congratulate proportion of the Fund’s inflation exposure, him on being the only LGPS nominee, an relatively unusual in the LGPS, we have achievement in itself. underperformed the return of the average local authority fund which achieved 13.2%. Undoubtedly we face another very The longer term performance of the Fund challenging year ahead, but the Dorset continues to be strong, returning 12.2% Fund Committee have every confidence and 10.1% per annum over three and five that together with the Fund’s team of years respectively, which places us well professionals, we shall successfully continue ahead of our strategic benchmark. This to make every endeavour to maintain and performance also puts us well ahead of the develop the performance of the Fund. average local authority fund which returned 11.0% and 8.7% over three and five years respectively. To conclude my comments on a positive John Beesley note, it is pleasing that the Dorset Fund’s Chairman innovative approach has achieved national September 2015 recognition. In July I was delighted to attend the Engaged Investor Trustee Dorset County Pension Fund Annual Report • 6 Fund Background Fund Background The Dorset Fund provides the funding Standard Life, AXA Framlington and for the pensions of mainly government Schroders are the three External UK employees in Dorset. Separate Equity Managers. arrangements are made for teachers, fire- fighters and police officers. Intech is the US Equity Manager. A committee of elected members, five Standard Life and HarbourVest are the County Councillors, two councillors Private Equity Managers. representing Bournemouth and Poole Councils, one District Councillor, and Baring Asset Management manage a one non-voting Scheme Member Diversified Growth Fund. representative, are responsible for making investment policy, appointing Insight manage the Liability Matching managers and monitoring performance. Bond portfolio. Advice is taken from an investment management expert who is not involved JPMorgan are the Emerging Markets in the management of the Fund’s assets. Equity Manager. Fifteen managers are employed to Hermes GPE and IFM Investors are the manage the assets: new Infrastructure Managers. Pictet Asset Management manage the The Chief Executive’s Treasury and overseas assets and have done so since Investments Team manage the UK their appointment in 1990. Equity portfolio and cash balances. CBRE Global Investors are responsible for the property portfolio. Royal London Asset Management (rlam) were appointed in 2007 and are responsible for managing the Fixed 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 2014/15 the value of the Diagram one shows the current Fund’s assets had risen by 209.3M to distribution of these assets with £2.301.1Bn. £40.4M was added to the market value and percentage of fund from new money*, the rise in the the portfolio as at 31 March 2015. value of investments was £168.9M. In 1974 when the Fund was established it was valued at £15M. Bonds £562.6M (24.2%) UK Equities £623.5M (26.8%) Overseas Equities £628.8M (27.0%) Property £228.8M (9.8%) Cash £75.5M (3.2%) Absolute Return Funds £8.3M (0.4%) Diversified Growth Funds £111.6M (4.8%) Private Equity £59.2M (2.6%) Infrastructure £26.8M (1.2%) Diagram 1 - Portfolio Distribution 2015 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).
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