What this consultation is about
Stakeholders in the Derbyshire Pension Fund (the fund) are being asked for their comments on the Fund’s revised Investment Strategy Statement (the Statement).
The Fund is part of the national Local Government Pension Scheme (LGPS) which was set up to provide retirement and death benefits for local government employees, and those employed in similar or related bodies, across the whole of the UK. There are approximately 250 employers in the Derbyshire fund, including the County Council which is also the fund’s administering authority. Other employers in the fund include Derby City Council, all the district and borough councils in Derbyshire, Peak District National Park, Derbyshire Police Authority, Derbyshire Fire Authority, Derby College, Chesterfield College, University of Derby, a number of academies within Derbyshire, a host of town and parish councils and a large group of smaller employers via admission agreements.
There are currently just over 101,000 members of Derbyshire Pension Fund: approximately 41,000 active contributing members; 31,000 deferred beneficiaries; and 29,000 members in receipt of pensions. Assets of approximately £5.0bn within the fund are invested across a range of asset classes, including equities, bonds, property, alternatives and cash.
The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016 require the administering authority, after taking proper advice, to formulate and publish an investment strategy which will govern the decisions about the investment of the fund’s money. The administering authority is required to consult such persons as it considers appropriate as to the proposed contents of its investment strategy.
The Fund’s initial Investment Strategy Statement, approved in March 2017, has been revised to reflect a new Strategic Asset Allocation Benchmark; developments with regard to the LGPS Central Pool; and to the fund’s approach to Responsible Investment. The fund’s independent investment adviser has reviewed the revised Investment Strategy Statement which was presented to the Pensions and Investments Committee (the Committee) on 11 September 2018. The Committee approved the revised Statement subject to the outcome of consultation with the fund’s stakeholders. Stakeholders are now invited to provide written comments on the revised Investment Strategy Statement which is attached to this page together with the relevant committee report.
Derbyshire’s Funding Strategy Statement which is referenced in the revised Investment Strategy Statement is also attached to this page.
This consultation is now closed. A report was presented to the Pensions and Investments Committee on 31 October 2018, agenda item 4.