Bedfordshire Pension Fund Business Plan

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1 Bedfordshire Pension Fund Business Plan

2 Introduction Bedford Borough Council is the Administering Authority of the Bedfordshire Local Government Pension Scheme (LGPS). Management of the Pension Fund is delegated to the Pensions Committee acting in the role of trustees of the Pension Fund. The day to day running of the Fund has been delegated to the Assistant Chief Executive & Chief Finance Officer and the Head of Pensions. The Pensions Team has responsibility for all aspects of the Fund including administration, investments and accounting. The purpose of this document is to set out a business plan for the Pension Fund for the period and to outline the Fund s goals and objectives over the longer term and commitments to the Pooling of Investments. Objectives The primary objectives of the Fund are: Deliver a high quality and friendly information service to all beneficiaries, potential beneficiaries and employers; Clear, appropriate and timely communication with all Stakeholders; To act with integrity and be accountable to stakeholders for decisions, ensuring that they are robust, well based and undertaken by people who have the appropriate knowledge and expertise; To help employers recognise and manage Pension liabilities as they accrue (addressing the different characteristics of disparate employers to the extent that is practical and cost effective); Optimising the return on investment consistent with a prudent level of risk over the long term.

3 Pension Fund Statistics The Bedfordshire Pension Fund was valued at 1,688.2 million as at the 31 December Valuations are carried out every three years. The last valuation was as at , with the next one due These Valuations put value on the liabilities of the Fund and compare them with the market value of assets as part of the determination of employer contribution rates. Chart 1: Assets and Liabilities 2007 to ,500 3,000 2,500 2,000 1,500 1, Progression of funding position Pensioner Liabilities Deferred Liabilities Active Liabilities Deficit Funding level 31-Mar Mar Est 31 Dec F/L 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Chart 1 is based on Valuation reports. Chart 2: Membership Analysis 2001 to 2015 Active Deferred Pensioners No. 70,000 60,000 50,000 40,000 30,000 20,000 10, Year

4 Chart 3: Cash Flow (excluding Investment Income) Expenditure Income Net income m st (2016 estimated) The Pension Fund invests in a wide range of asset classes and regularly reviews its asset allocation policy to ensure that it remains appropriate for the Fund. Chart 4: Asset Allocation as at 31st December 2015 Fund total is 1,622 million and all amounts shown are million. Multi Asset % Cash & other 45 3% UK Equities % Property % Index Linked 87 5% Fixed Interest % Overseas Equities %

5 Pension Fund Budget 2016/ /2017* 2015/2016* Change % Investment Management Investment management basic fees 3,954 4,667 Fees restated following CIPFA guidance 2,016 1,763 Performance related fees Total Investment Management 6,470 7, Overview and Governance Administration Net Running Costs Computer costs In-house: 0 Fund Administration Administering Authority Recharge 1,127 1,000 Total Administration 1,310 1, Grand Total 8,372 8,

6 Business Plan In order to meet the objectives of the Pension Fund, the Business Plan has to be put into the context of a period of significant uncertainty for the Fund. This incorporates not only the volatile investment markets, but also Scheme changes which came into effect in 2014, along with wider changes to the pension scene which include auto-enrolment and workplace pensions and investment pooling. Set out in the table below is the 4 year business plan for the Pension Fund: Pension Administration 2016/ / / /20 Valuation collection of data July Auto-Enrolment 2014 Scheme Changes (Employer Awareness on-going) Pension Administration system January to Guaranteed Minimum Pension Review Quarterly Pension Administration Performance Review Quarterly Quarterly Quarterly Quarterly Communications Member Self-Service August to October Annual Benefit Statements August August August August Communication Policy review January to Valuation Results to Employers September to

7 2016/ / / /20 Governance Pension Fund Accounts July July July July Approve Final Pension Fund Annual Report September September September September Employer Annual Meeting December October October December Review Risk Register June June June June Governance Review June June June June Settling and Reviewing Member's Training Programme June June June June Review Performance, funding, budget Quarterly Quarterly Quarterly Quarterly Review AVC provider September September Market Test Independent Investment Adviser Market Test Investment Adviser June June Investments Asset allocation review supported by stochastic modelling to to Investment Strategy Statement September On-going On-going On-going Qualitative review of asset allocation Manager meetings by Rotation with clear agendas Quarterly Quarterly Quarterly Quarterly Investment Performance Review Quarterly Quarterly Quarterly Quarterly Investment Pooling

8 2016/ / / /20 Funding Triennial valuation - Calculations December December Triennial valuation Funding Strategy June to June to Triennial valuation - Assessment of Employers to April Triennial valuation Formal review of Funding Strategy Statement and consultation October to December October to December Fundamental Review of Manager Risk Employer Risk Monitoring Fund Policies Review (Cessation, ill-health and bulk transfer) Fund maturity and liabilities profiling and monitoring September to June June June June Consider Employer Funding Strategies Attached at the Appendix to this report is an indicative work plan for the Pensions Committee for the financial year 2016/17. The work plan provides a more detailed indication of the short term priorities, that link to the longer term business plan.

9 Forward Plan 2016/17 Committee meetings Appendix Meeting Agenda Item June 2016 Investment Operations Report for Q Pensions Administration Performance Update Closure of Accounts Risk Register Review Pension Fund Training Plan Governance Policy Review Update on Pension Reform LGPS Pooling Market Test Investment Consultant and Independent Investment Adviser Review of Fund performance and liabilities Review against Business Plan objectives and consideration of risk register September 2016 External Governance Report Investment Operations Report for Q Pensions Administration Performance Update Internal Audit Review Cash Flow Monitoring to June 2016 Annual Report New Investment strategy statement Review against Business Plan objectives and consideration of risk register Update on Pension Reform LGPS Pooling Review of Fund performance and liabilities Guaranteed Minimum Pension Review 2016 Investment Operations Report for Q Pensions Administration Performance Update (including Replacement Administration System) Cash Flow Monitoring to September 2016 Asset Allocation Annual Review (including Benchmark review) Pension Fund 2016 Valuation Review Myners Principles Review against Business Plan objectives and consideration of risk register Review of Funding Strategy Statement Update on Pension Reform LGPS Pooling Review of Fund performance and liabilities

10 Meeting Agenda Item 2017 Investment Operations Report for Q External Audit Plan Pensions Administration Performance Update Cash Flow Monitoring to December 2016 Cash Flow estimate and Proposed Budget for 2017/18 Communication Policy Review Business Plan Pension Fund 2016 Valuation Finalisation of Funding Strategy Statement Review against Business Plan objectives and consideration of risk register Update on Pension Reform LGPS Pooling Consider Employer Funding Strategies Review of Fund performance and liabilities

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