Friday 05 June 2020

The Wales Pension Partnership’s first annual update

The Wales Pension Partnership (‘WPP’) Is pleased to present its first annual update. The progress made over the past twelve months reflects the ability of the eight Welsh Constituent Authorities to work together to deliver their shared set of objectives. Some significant milestones have been achieved during the year and it is extremely pleasing to see that these milestones have been extended across a variety of fields, including, Investments, Governance, Communications and Training. The annual update can be found under the Publications section, please click here.

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Wednesday 08 April 2020

Wales Pension Partnership appoints Hymans Robertson as its Oversight Advisor

We are delighted to let you know that the Wales Pension Partnership (‘WPP’) has formally appointed Hymans Robertson LLP to act as WPP’s Oversight Advisor. Hymans Robertson’s role spans oversight and advice on governance arrangements, operator services, strategic investment aspects and project management support. 

Following an in depth procurement exercise WPP appointed Hymans Robertson on the 1 January 2020, the contact is for 3 years with the potential for a 2-year extension. WPP were impressed by Hymans Robertson’s track record of providing LGPS focused investment strategy advise as well as their knowledge and experience of the ACS Operator market, they were also able to evidence their strength in investment governance services and project management.

The WPP is excited about the next phase of its journey which will see it focus on delivering the benefits of pooling to its key stakeholders, this appointment reflects WPP’s confidence in Hymans Robertson’s ability to support WPP in the next phase of this journey.

Please stay tuned to the website for the soon to be released WPP Business Plan, which outlines the exciting and ambitious work that the WPP will carry out over the next three years. The Business Plan has been formulated with assistance from Hymans Robertson and represents the united priorities and objectives of Wales’ eight Constituent Authorities.

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Wednesday 08 April 2020

Wales Pension Partnership appoints Robeco UK as its Voting and Engagement provider.

The Wales Pension Partnership (‘WPP’) is pleased to announce the appointment of Robeco UK, a branch of Robeco Institutional Asset Management B.V (‘Robeco’) as the WPP’s Voting and Engagement provider. Robeco were appointed following the completion of a comprehensive procurement exercise. Robeco’s contract will commence on 1 April 2020 and will run for an initial period of 3 years with the potential for a 2-year extension.

Robeco will assist the WPP in formulating and maintaining a Voting Policy and Engagement Principles that are in keeping with the Welsh Constituent Authorities’ membership of the Local Authority Pension Fund Forum (‘LAPFF’)

Robeco will be tasked with helping WPP formulate its Voting Policy, this work will be carried out in collaboration with the eight Welsh Constituent Authorities over the course of the next six months. Following this, Robeco will take responsibility for implementing the Voting Policy across WPP’s £5bn active equity portfolio and reporting to WPP and the underlying Funds.

Additionally, Robeco will assist the WPP in framing its Engagement Principles and will undertake engagement activity on behalf of the WPP in accordance with the agreed principles. As part of its remit Robeco, will embrace WPP’s track record of collaborating with likeminded partners, policy makers and regulators to ensure that WPP achieves the most effective engagement outcomes.  Robeco will also provide reporting and training on the WPP’s engagement activities at both a Pool and Constituent Authority level.

WPP will publish its Voting Policy and Engagement Principles on this website once they have been finalised.

The WPP believes that Responsible Investment alongside consideration and evidential management of Environmental, Social and Governance issues should result in better outcomes for WPP’s stakeholders. The appointment of Robeco evidences the WPP’s continued delivery of the commitments made in its Responsible Investment Policy and its vow to exercise its voting rights in line with the interest of its stakeholders and engaging with investee companies to enhance the long-term value of the Constituent Authorities’ investments within WPP.

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Monday 25 November 2019

Wales Pension Partnership announces RI policy

The Wales Pension Partnership (WPP), the pooling entity for the eight Welsh LGPS Funds, has announced a new Responsible Investment (RI) policy, highlighting its commitment to responsible investment and desire to be a leader in this area.

The new overarching policy was developed collaboratively by the WPP and its eight Constituent Authorities* and will be adopted by them all. At the same time, it will allow individual Constituent Authorities to maintain and develop their own RI policies.

Commenting on the development of the new RI policy, Chris Moore, Director of Corporate Services from the WPP Host Authority, says: “Responsible investment policies are vitally important not only to the administration of our funds but to the future of Wales. We recognised how crucial it was for the WPP to establish its own responsible investment policy and aimed to ensure that all stakeholders of the WPP were represented in the policy’s development. Building support and gaining consensus among the Constituent Authorities was imperative. We needed to be sure that the policy was representative of the broad range of investment beliefs within the Pool. We are thrilled to have agreement on a policy that can now be implemented on behalf of the underlying Constituent Authorities. We are all highly committed to seeing this new ambitious RI Policy succeed.”

In its new RI policy, the WPP has agreed to prioritise a number of actions over the next 12 months, including developing a specific climate risk policy and engaging with its investment managers to develop an appropriate set of RI monitoring metrics.

The full RI policy can be found on the Wales Pension Partnership website.

 

* List of Constituent Authorities

  • Cardiff & Vale of Glamorgan Pension Fund
  • Clwyd Pension Fund
  • Dyfed Pension Fund
  • Torfaen Pension Fund
  • Gwynedd Pension Fund
  • Powys Pension Fund
  • Rhondda Cynon Taf Pension Fund
  • City and County of Swansea Pension Fund

 

About WPP

The Wales Pension Partnership (WPP) was established in 2017. The WPP is a collaboration of the eight LGPS funds (Constituent Authorities) covering the whole of Wales and is one of eight national Local Government Pension pools.

It has a long, successful history of collaboration, including examples that pre-date the Government’s pooling initiative. It is proud of its unique identity as a Pool – its Constituent Authorities represent and span the entirety of Wales. Being democratically accountable means it provide the best of strong public sector governance and transparency.

WPP’s operating model is designed to be flexible and deliver value for money. It appointed an external Operator and makes use of external advisers to bring best of breed expertise to support the running of the Pool. The Operator is Link Fund Solutions and they have partnered with Russell Investments to manage the investments and assist in the reduction of investment management costs for all the Constituent Authorities.

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