Fund Strategies, Policies and Statements
Administration Strategy Statement
The aim of the Funds Administration Strategy Statement is to ensure that both the administering authority (Shropshire Council) and its employers are fully aware of their responsibilities under the Local Government Pension Scheme regulations and to identify acceptable levels of performance.
The Administration Strategy Statement has been updated for 2016 following a period of consultation.
Communications Policy Statement
The aim of the Communication Policy Statement is to set out the communications strategy for the Shropshire County Pension Fund in accordance with Regulation 61 of the Local Government Pension Scheme Regulations.
Funding Strategy Statement
The Shropshire County Pension Fund is required by The Local Government Pension Scheme (England and Wales) (Amendment) Regulations 2004 to prepare and publish a Funding Strategy Statement (FSS). The FSS is prepared in accordance with guidance issued by CIPFA’s Pensions Panel and a draft is circulated to all the Fund’s employing bodies for comment prior to approval by the Shropshire County Pension Fund Committee.
The significance of the FSS is that the Fund’s actuary regards it as a part of the funds valuation process. The FSS must be revised whenever there is a material change in the Fund’s investment policy.
Governance Compliance Statement
The Shropshire County Pension Fund has adopted a Governance Compliance Statement in respect of the companies in which it invests. The Fund Investment Managers actively vote at Annual and Special Meetings on the Funds behalf.
The Fund believes that good governance is an important element in reducing the risk of corporate failures in the future. It also believes that the long term commitment to corporate best practice will enhance investment returns.
Reporting Breaches Policy
Shropshire County Pension Fund has developed a Reporting Breaches Policy and procedure for ensuring those responsible for reporting and whistle blowing can identify, assess and report (or record if not reported) a breach of law relating to the Fund.
Statement of Investment Principles
Local Government Pension Funds have been required by law to keep an up-to-date Statement of Investment Principles since 1999. A Statement of Investment Principles details the policy which controls how a pension fund invests, and covers the following:
- Types of Investment held
- Asset Allocation and Expected Long Term Returns on Investment
- Investment Management Structure
- Risk Control and Diversification
- Regulatory Investment Limits
- Realisation of Investments
- Social, Environmental and Ethical Considerations
- Exercise of Voting Rights
The Statement of Investment Principles has been updated to reflect the changes made to the investment management structure.
Termination Funding Policy
The Fund has a termination policy which covers the methodology for assessment of a termination payment on the cessation of an admission body’s participation in the Fund.
The Training Policy is established to aid all to whom this Policy applies in having sufficient knowledge and understanding to ensure that all decisions, actions and other activities are carried out in an informed and appropriate way.
LGPS National Insurances Database
Shropshire County Pension Fund is participating in a data sharing project with other LGPS pension funds across England, Scotland and Wales. As LGPS Funds are all locally administered, the database will allow Shropshire County Pension Fund to check if members have LGPS pensions records in other pension funds.
For further information please click here.
Shropshire County Pension Fund’s Actuary Mercer has also released information on how member’s details are viewed and protected. Please click here to be directed to their website.