top 100 pension schemes 2010

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Contents

www.professionalpensions.com Top 100 pension schemes 2010 �

Sponsored article 4Lucida

Top 100 at a glance 6

Sponsored article 7Sackers

Results I 8

Sponsored article 9PPM

Results II 10

Analysis 18The Professional Pensions Top 100 Pension Schemes survey has produced some interesting results, as Helen Morrissey reports

Charts 20

Analysis 22Sebastian Cheek looks at the results of the top 100 pension schemes survey and finds there have been several significant changes since last year’s study

Results III 24

Welcome to this year’s Top 100 Pension Schemes survey. UK pension schemes have undergone difficult times during the past 12 months and I think that this has been demonstrated in the results of this year’s survey.

In addition to answering questions regarding capital values, asset allocation etc. we also asked pension schemes a number of questions regarding the measures they have taken to deal with market volatility, increasing scheme deficits etc.

While we asked for a lot of information from pension schemes we were not left disappointed by the response. Pretty much all the schemes we contacted were happy to help and provided us with all that we needed

to put together the survey. I would like to take this opportunity to thank all of the participating pension schemes for their support this year and I hope that this will continue into the future.

Helen Morrissey, Supplement editor For subscription enquiries and to make sure you get your copy of Professional Pensions please ring +44 (0)845 155 1846, fax +44 (0)208 606 7302, or email [email protected]

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A Professional Pensions supplement

Surviving a difficult year

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� Top 100 pensions schemes 2010 www.professionalpensions.com

The last few years have seen all in Britain suffer that famous Chinese curse – “May you live in interesting times”. An unprecedented global banking crisis causing widespread economic turmoil, falling markets, plummeting interest rates and a deep and lengthy recession. The stuff of disaster movies really; expect the Hollywood version soon.

The good news of course is that the dust is settling, mar-kets have bounced back to an extent, stability is returning – slowly but surely. And finally and officially, the UK is out of recession and is starting its recovery.

For those running defined benefit pensions, recent times have pushed in two different directions. On the one hand, the turmoil has highlighted just how hard it is becoming to cope with the risks faced by these schemes, with struggling spon-sors, volatile markets and falling interest rates adding to the challenges of increasing longevity and evolving regulation. Never has the desire to de-risk been so heightened. However on the other hand, that same economic upheaval has made it harder for schemes and their sponsors to take the steps to reduce risk they want to.

But now that the economic dust is settling and stability and growth is returning, trustees and sponsors have a renewed opportunity to get to grips with the risks they face and to explore the practical measures they can take to reduce it. Indeed, a number of schemes have already taken advan-tage of this opening window as evidenced by the significant upturn recently in de-risking market activity.

So what are the risks that trustees and sponsoring employers need to consider? They are in fact many, varied and often interlinked, making

John Smitherman-Cairns of Lucida looks at how the pensions industry is reassessing the landscape in the aftermath of the global financial crisis

Running pension schemes as Britain bounces back

the first essential step one of risk assessment and analysis. Perhaps the most fundamental risk is that of the

employer sponsoring the scheme no longer being able to support it. As the impact of the recent financial crises and recession takes its toll, sadly this is a risk that increasing numbers of trustees must face.

The more common risks – faced by all trustees to one degree or another and very much in the spotlight recently – include the risks that market and investment volatility leave a ‘black hole’ in the scheme, and that falling interest rates, higher than expected inflation or ongoing improvement in longevity push up the costs the scheme has to meet.

While these are the high profile risks hitting newspaper headlines, there are additional risks that must be taken just as seriously. These include the operational risks associated with running the scheme, the legal risk that the regulatory environment changes to the detriment of the scheme, and finally ‘counterparty risk’ – the risk that one or more of the partners in the management of the scheme fails.

It is crucial that trustees allocate the right amount of time and energy to a full and proper assessment of the risks the scheme faces. Once they understand the risks that they are faced with running, then they can start to develop a risk management plan to address them.

Given the technically challenging nature of these issues and the state of flux in which most of them exist, it is not at all surprising that developing such a plan may feel daunting. The good news is that organisations like The Pensions Regulator and the Association of British Insurers have pro-duced very helpful education material to assist trustees, and of course pension scheme advisers and buyout companies are also more than happy to provide support.

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Running pension schemes as Britain bounces back Turning to the actions that can be taken to reduce risk,

there is a wide and growing range of options available to trustees now – a highly useful and continually improving ‘tool kit’ to turn to when seeking to address the risks inherent in running a defined benefit pension scheme. From universally useful data cleansing exercises, to more bespoke liability driven investment strategies, from insuring against longevity risk, to taking the first steps towards a full buy out of the scheme.

The latest tool to be added to the de-risking kit is the lon-gevity swap. Although these have been carried out for years in the insurer to reinsurer world, last year saw the first use of a longevity swap to reduce risk in a pension scheme.

The recent upturn in de-risking activity across defined benefit pensions has seen a number of schemes follow this first arrangement to embrace this ‘latest fashion’ in risk reduction. Under a longevity swap, in exchange for a known series of payments, the counterparty will pay the actual pension payments.

This approach has the advantage of requiring no major outlay up front, but instead the payment of an ongoing pre-mium over time for the swap. These cost advantages clearly have appeal, especially when memories of the recent finan-cial crises and its effects are so fresh in people’s minds.

These arrangements are currently one of the most talked-about de-risking solutions and while longevity swaps do offer a useful additional tool in the pensions de-risking kit, they need to be approached and evaluated with caution as they may not represent the risk reduction panacea some of the hype might suggest. Trustees and sponsors need to be careful to recognise the important limitations of using lon-gevity swaps.

The fundamental limitation should be obvious; a lon-gevity swap can only only address one of the risks faced by a pension scheme, that of increasing longevity. This is rarely the only or even the most significant risk faced by a scheme, as the essential initial step of a thorough review of all risks faced by the scheme will confirm. The other key risks – interest rate, inflation, market and operational risk – are left largely untouched by a longevity swap. In fact, use of a longevity swap can actually increase operational risk, through added complexity and the interaction between benefits that will occur.

In contrast to the narrow risk reduction achievable through a longevity swap, a ‘buy-in’ provides a significantly more holistic approach to risk reduction – covering interest rate, inflation, longevity, market and operational risk for the mem-bers or portion of members covered by the buy-in policy.

It is true that the cost of a full buy-in or buyout may seem prohibitive in the current climate for many schemes, but there is an excellent first step available through a partial buy-in. This offers a lower cost option, but with far wider and more comprehensive benefits than can be delivered through a longevity swap.

The accompanying diagram provides a useful visual explanation of the relative risk reduction delivered through longevity swaps and partial buy-ins.

A good example of a partial buy-in was the arrangement Lucida wrote with the Merchant Navy Officers Pension Fund last year. This was a partial buy-in, securing approximately half of the benefits of all pensioners. The partial buy-in made communication with members easier – this was an investment decision for the scheme and not a decision to insure specific individuals. It gave the scheme added secu-rity by protecting against the longevity of every pensioner, thereby reducing the risk of the ‘wrong members dying’.

Without careful thought, a partial buy-in, like a longevity swap, could potentially restrict future opportunities for fur-ther risk reduction activity. However with careful structuring there are a number of alternative ‘next steps’ that a scheme can take on the path to full de-risking:

The partial buy-in could be left in place and the unpro-tected liabilities could be covered with a further partial buy-in with the same or a different provider. The providers could then work together to share administration functions.

The partial buy-in could be converted to a reinsurance policy to be transferred to a different provider as part of measures to de-risk more of the scheme.

And finally, the existing buy-in could be restructured, for example by moving from covering say half of the benefits of all members to all of the benefits of half of the members.

So there is no reason to fear that opting for a partial buy-in as a first step in risk reduction will restrict the avail-ability of the full range of potential solutions for further de-risking measures in the future and every reason to think that a partial buy-in will significantly reduce risk across all risk categories.

The “interesting times” of the last two years have added considerably to the already extensive challenges involved in running a defined benefit pension scheme. Sadly, many schemes are underfunded, facing deficits of varying extent.

But despite the Chinese curse, there is an impressive array of effective and flexible solutions on offer to help trustees and sponsoring employers deal with the need to reduce the risks they face. As economic conditions stabilise and the country continues its climb out of recession, the time is right to look hard now at what can be done to reduce the risks involved in providing these schemes going forward.

While a longevity swap can be visualised as removing one layer of the risk ‘cake’, a partial buy-in can actually cut through all the layers and remove part of each risk completely and permanently.

Chart 1:The risk cake

John Smitherman-Cairns is corporate development director at Lucida

Top 100 pension schemes at a glance


1 NHS&ScottishTeachersSuperannuationSchemes £37.72bn

2 BTPensionScheme £32.60bn

3 UniversitiesSuperannuationScheme £28.00bn

4 RoyalMailPensionPlan £23.67bn

5 ElectricitySupplyPensionScheme £19.30bn

6 TheMineworkersPensionScheme £19.22bn

7 TheRBSGroupPensionFund £17.50bn

8 RailwaysPensionScheme £16.83bn

9 BarclaysBankUKRetirementFund £16.00bn

10 BPPensionFund £14.7bn

11 NationalGridUKPensionScheme £11.05bn

12 BritishCoalStaffSuperannuationScheme £11.05bn

13 TheShellContributoryPensionFund £10.59bn

14 GreaterManchesterPensionFund £9.90bn

15 StrathclydePensionFund £9.60bn

16 BritishSteelPensionScheme £8.70bn

17 LloydsTSBGroupPensionSchemeNumberOne £7.93bn

18 BBCPensionTrustLtd. £7.90bn

19 WestMidlandsPensionFund £7.40bn

20 HBOSFinalSalaryPensionScheme £6.80bn

21 GSKPensionSchemes £6.70bn

22 ImperialChemicalIndustries £6.66bn

23 Rolls-RoycePensionFund £6.60bn

24 BANewAirwaysPensionScheme £6.09bn

25 BAESystemsPensionScheme £5.97bn

26 WestYorkshirePensionScheme £5.93bn

27 BritishAirwaysPensionScheme £5.92bn

28 HSBCBankUKPensionScheme £5.85bn

29 AvivaStaffPensionScheme £5.80bn

30 Co-operativeGroupPensionScheme £5.40bn

31 UnileverUKPensionFund £5.06bn

32 GroupoftheElectricitySupplyPensionScheme £4.93bn

33 PrudentialPlcDefinedBenefitScheme £4.90bn

34 TfLPensionFund £4.61bn

35 IBMPensionPlan/IBMITSolutionsPensionScheme £4.30bn

36 MerseysidePensionFund £4.30bn

37 CivilAviationAuthorityPensionScheme £4.25bn

38 Marks&SpencerDefinedBenefitScheme £3.98bn

39 LloydsTSBGroupPensionSchemeNo.2 £3.89bn

40 BMW(UK)HoldingsOperationsPensionScheme £3.86bn

41 SouthYorkshirePensionFund £3.72bn

42 InvensysPensionScheme £3.57bn

43 TheTescoPlcPensionScheme £3.45bn

44 ThePensionsTrust £3.44bn

45 ZurichFinancialServicesUKPensionScheme £3.40bn

46 BootsPensionScheme £3.30bn

47 LondonPensionFundAuthorityPensionFund £3.24bn

48 MmcUKPensionFund £3.21bn

49 DiageoPensionScheme £3.13bn

50 Tyne&WearPensionFund £3.10bn

51 AstraZenecaUKPensionFund £3.10bn

52 TRWPensionScheme £3.00bn

53 RWEnpowerGroupDefinedBenefitScheme £2.92bn

54 TheLancashireCountyPensionFund £2.90bn

55 SALPensionScheme £2.83bn

56 NetworkRailSectionOfTheRailwaysPensionScheme £2.80bn

57 BritishEnergyGenerationGroupofESPS £2.80bn

58 MerchantNavyOfficersPensionFundorMNOPFforshort £2.70bn

59 J.SainsburyPension&DeathBenefitScheme £2.61bn

60 KentCountyCouncilSuperannuationFund £2.48bn

61 NottinghamshireCountyCouncilPensionFund £2.47bn

62 NorthernIrelandLocalGovernmentOfficersSuperannuationFund £2.47bn

63 FirstgroupPensionSchemes £2.40bn

64 HampshireCountyCouncilPensionFund £2.40bn

65 CheshirePensionFund £2.36bn

66 LothianPensionFund £2.31bn

67 ExelRetirementPlanDHLRetirementPlan £2.31bn

68 AXAUKplcGroupPensionScheme £2.30bn

69 AvonPensionFund £2.30bn

70 FordMotorCoLtdSalariedPensionFund £2.20bn

71 TeessidePensionFund £2.20bn

72 LeicestershireCountyCouncilPensionFund £2.18bn

73 NestleUKLtd. £2.17bn

74 ITVPensionScheme £2.15bn

75 BAAPensionScheme £2.14bn

76 G.E.C1972Plan £2.10bn

77 BankofEnglandPensionFund £2.10bn

78 ScottishandNewcastlePensionFund £2.09bn

79 ImperialTobaccoPensionFund £2.05bn

80 FordMotorCoHourlyPaidContributaryPensionFund £2.05bn

81 ScottishPowerPensionScheme £2.00bn

82 TheBocPensionScheme £2.00bn

83 JohnLewisPartnershipTrustForPensions £1.96bn

84 HertfordshireLocalGovernmentPensionFund £1.94bn

85 GKNGroupPensionScheme £1.92bn

86 EDFEnergyGroupOfTheElectricitySupplyPensionScheme £1.90bn

87 Cable&WirelessSuperannuationFund £1.90bn

88 PhilipsPensionFund £1.90bn

89 NorfolkPensionFund £1.90bn

90 LafargeUKPensionPlan £1.88bn

91 NorfolkPensionFund £1.85bn

92 TotalUKPensionPlan £1.85bn

93 JaguarLandroverJaguarPensionPlan £1.84bn

94 Royal&SunAllianceGroupPensionScheme £1.80bn

95 AssociatedBritishFoodsDBSections £1.80bn

96 DevonCountyCouncilPensionFund £1.78bn

97 DerbyshireCountyCouncilPensionScheme £1.76bn

98 ReedElsevierpensionScheme £1.74bn

99 ESPSPensionScheme £1.70bn

100 StaffordshirePensionFund(LGPS) £1.68bn

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Passengers on the Tube are repeatedly warned to “mind the gap” when travel-ling. In the world of pensions, where the destination is satisfactory income in retire-ment, members of work place contract-based pension schemes need to beware of the potential governance “gap” related to their own investment vehicle.

The dynamics of a defined contribution (DC) scheme are such that it is the indi-vidual member (rather than the employer) who bears the investment, inflation and longevity risks associated with pension provision. It is a financial journey of ups and downs requiring active engagement in order to make the right decisions along the way. Whilst members of a trust-based DC scheme have dedicated trustees to look after their interests, in a contract-based scheme no-one has to take respon-sibility for monitoring its performance or management. The Pensions Regulator (the “Regulator”) is hoping that employers will volunteer to help fill the void.

Why should the employer care?From the employers’ perspective, it could be argued that a contract-based DC arrangement is the best way to avoid any future obligation to oversee or become involved in the running of the scheme. In such a scheme, the employer generally has no contractual relationship with the pension provider. Its role is usually lim-ited to selecting a provider, providing the mechanism for employees to contribute and, if it wishes to do so, making con-tributions on their behalf. At present, employers are not required to look after their employees’ financial interests.

However, this lack of engagement can be damaging for both the scheme members’ finances and the employer itself. If the scheme performs badly it does not reflect well on the employer. The employer could face criticism from employees for choosing a poor provider or have problems recruiting or retaining employees. In addition, increased engage-ment can prevent logistical problems which could be both time-consuming and costly to rectify.

What does the Regulator think?The Regulator’s powers extend to all work-based pensions, including con-

Chirag Ghelani considers the issues surrounding contract-based DC arrangements and the role employers can play

Please mind the governance gap

tract-based schemes. Given the rise in popularity of such arrangements, the Regulator has produced guidance1 to encourage voluntary employer engagement. It believes such engage-ment “improves the protection of members’ benefits and promotes good administration”.

Research by the Regulator suggests that around half of contract-based schemes already have some form of governance in place. As every scheme is different and “no one size fits all”, it suggests a variety of governance structures. For example, a management committee (involving employee repre-sentatives and even the trustees of any existing occupational scheme), or the use of an independent financial adviser to monitor the scheme’s operation and appropriateness. It also recommends some form of employee involvement, either through a staff forum or a union, to enable employees to ask questions regarding the scheme and provide a focal point for raising issues.

Should employers bridge the “gap”?The decision will depend on the indi-vidual employer. The Regulator’s guid-ance is purely voluntary and there is no penalty for opting not to follow it. However, it appears there are a number of tangible benefits in doing so.

It is suggested that improved gov-ernance arrangements can enhance member understanding and apprecia-tion of the pension scheme offered. For example, a management committee could review employees’ education and information requirements and ensure that they are being met by the pen-sion provider. As poor member under-

standing is perceived by many to be the most serious risk of such arrange-ments, acting to mitigate it is surely worthwhile. Furthermore, the employer is free to choose its preferred route and can therefore determine what – if any – cost it incurs in putting a governance arrangement in place.

Dangers of building a faulty bridge?It is also worth considering whether there are any risks in actively choosing to follow the voluntary guidance. The guidance itself explains employers are protected from any legal claim by employees regarding the choice of provider and monitoring of their per-formance. As with passengers on the underground, it is ultimately the mem-bers’ responsibility to proceed with diligence. The warning announcements and increased engagement simply flag up the dangers. However there is the slight risk that by becoming more involved members may feel that the employer owes a greater duty of care in respect of their pension provision.

The fact that employers have chosen to set up a contract-based pen-sion scheme in the first place, perhaps suggests that, until they are forced to close it, the governance “gap” is one they are willing to leave open. In a recent statement2 the Regulator explained that “good governance mat-ters because pension scheme members entrust their savings into the hands of others.” Given the Regulator’s increasing focus on contract-based schemes, governance arrangements may eventually become obligatory. At the moment, employers have the chance to get ahead of the game.

Chirag Ghelani is a Solicitor at Sackers

1TPR guidance – Voluntary employer engagement in work place contract based pension schemes dated January 2008.

2TPR statement – Good Governance – keeping pensions safe dated November 2009.

Top 100 pension schemes


1 Scottish Public Pensions Agency£37.72bnScheme name: Nhs & Scottish Teachers Superannuation SchemesHow many schemes do you have? 1Address: Tweedside Park, Tweedbank, Galashiels, Selkirkshire TD1 3TEEmail address: [email protected]: 01896893200Switchboard: 01896893000Fax: 01896893214Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhat year was this scheme established?: 1948Pension fund manager: Chief Executive: Neville Mackay; Director Of Policy: Chad DawtryPension scheme administrator: Director Of Operations: Ian Clapperton (Email: [email protected])Which actuary(ies) do you use: Government Actuary’s departmentWhich auditor(s) do you use: Audit ScotlandWhich legal advisers do you use?: Scottish Government, Office of the Solicitor to the Scottish GovernmentAVC provider: Prudential, The Equitable Life Assurance Society, The Standard Life Assurance Co.How many members do you have that are: Employee members: 238,210 Pensioners:129,375 Deferred pensioners: 73,678Total members: 441263Annual contributions: £1,319,500,000Annual expenditure: £1,652,600,000What are the current employer contribution rates to your scheme?: Nhs 13.5% From 1/4/09 Stss 14.9% From 1/4/09, Stss- 6.4% Nhs-Tiered Between 5% & 8.5%What are the current member contribution rates to your scheme?: Stss- 6.4% Nhs-Tiered Between 5% & 8.5%

2. British Telecommunications Plc£32.60bnScheme name: BT Pension ShemeHow many schemes do you have? 1Address: Hermes Fund Managers Ltd, Lloyds Chambers, 1 Portsoken Street, London E1 8HZEmail address: [email protected]: 02076808080Switchboard: 02077020888Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Closed to New MembersWhat year was this scheme established?: 1983Which associations is the scheme a member of?: NAPF Pension fund manager: Chief Pensions Officer: Colin Hartridge-Price (Email: [email protected])Pension fund secretary: Agnes Lynch (Email [email protected])Chairman of trustees: Rod KentTrustee: David Barford, Donald Macdonald, Bill Mcclory, Howard Marcha, John Wroe, Andrew Parker, Beryl Shepherd, Paul SpencerTrustee Company: BT Pension Scheme Trustees Ltd.Please name the Investment Managers and detail the % involved?: Baring Asset Management Ltd. (Pacific Basin Equities £150m), Blackrock Investment (UK) Ltd. (UK Equities £575m), Hermes Fund Managers Ltd. (Equities Bonds Real Estate Alternatives £22,747m), Schroder Investment Management Ltd. (Japanese Equities £384m), Legal And General Investment Management (Global

Equities £7,765m)Please name all of your investment advisers: Hermes Fund Managers Ltd, Investment Advisers: Hermes Fund Managers LtdWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: Deloitte Which pension fund administrator do you use?: Accenture HR Services Which legal advisers do you use?: Lovells Llp Which custodian firm do you use?: The Northern Trust Company Performance measurement: The Wm CompanyAVC provider: Abbey Plc, The Equitable Life Assurance Society, Legal & General Investment Management Ltd., The Standard Life Assurance Co.Pension related software: Aquila AdministratorHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 6 to 10How many members do you have that are: Employee members: 58974 Pensioners:182293 Deferred pensioners: 94213Total members: 335480Annual contributions: £511000000Annual investment income: £1534000000Annual expenditure: £2287000000Domestic equities: £3631000000Overseas equities: £6942000000Domestic fixed interest: £3631000000Domestic real estate: £3631000000What are the current employer contribution rates to your scheme?: 16 to 20% What are the current member contribution rates to your scheme?: 6 to 10% Employer contribution: IncreaseMember contribution: IncreaseHow many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 2How many of your scheme trustees are INDEPENDENT?: 3

3. Universities Superannuation Scheme Ltd. £28.00bnScheme name: Universities Superannuation SchemeHow many schemes do you have? 1Address: 2nd Floor, Royal Liver Building, Pier Head, Liverpool L3 1PYPhone: 02077864823Switchboard: 01512274711Fax: 01512363173Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersTotal assets DB: £28bnWhat year was this scheme established?: 1975Which associations is the scheme a member of?: NAPFChief Financial Officer: Colin Hunter Bsc Ca, Chief Executive: Tom Merchant Mba Bsc (Eng) Ceng Mice, Chief Investment Officer: Peter G.Moon Bsc(Econ)Pensions Policy Manager: Brendan Mulkern (Email: [email protected])Pensions Operations Manager: Bernadine Steventon Ba (Hons) FpmiUK Equities Portfolio Manager: Ben LevinsteinCo-Head Of Responsible Investment: David Russell, David SummerfieldHead Of IT: Iain HallCommunications Manager: Colin BusbyPension scheme administrator: Mrs Bernie SteventonPension fund secretary: Pension Fund Secretary: Ian SherlockContact: Colin Busby 0151 478 7179

Chairman of trustees: Deputy Chairman: Professor John Bull, Professor Sir Martin B.HarrisTrustee: Trustee Director: David McdonnellJoseph Devlin, Professor David Eastwood, Sir Muir Russell, Baroness Diana Warwick, Howard Jacobs, Michael G.Butcher, David Guppy, Virginia HolmesTrustee Company: Universities Superannuation Scheme LtdPlease name the Investment Managers and detail the % involved?: Capital International Please name all of your investment advisers: MercerWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: In house AdministrationWhich legal advisers do you use?: DLA Piper Which custodian firm do you use?: JPMorgan Worldwide Securites Services, BNY Mellon Insured with: AIG, Axa, Zurich, Norwich Union, AllianzPerformance measurement: HSBCAVC provider: PrudentialPension related software: CivicaHow many total employees does the sponsoring employer have in the UK?: 51 to 250How many total pension employees do you have?: 51 to 100How many members do you have that are: Employee members: 133,353 Pensioners: 51,983 Deferred pensioners: 78,751Total members: 264,087Annual contributions: £119010000Annual investment income: £866100000Domestic equities: 40%Avcs: £286mCash and deposits: £1491000000Overseas equities: 47%Domestic fixed interest: 40%Overseas fixed interest: 7.7%Domestic real estate: 40%What are the current employer contribution rates to your scheme?: 16 to 20%What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: IncreaseMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 3How many of your scheme trustees are EMPLOYER nominated?: 4How many of your scheme trustees are INDEPENDENT?: 4Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: A move into alternative assets from equities

4. Royal Mail£23.67bnScheme name: Royal Mail Pension PlanHow many schemes do you have? 4 Phone: 020 7560 1071Type of scheme: Royal Mail Pension Plan(closed to new members), Royal Mail Defined Contribution (open), Royal Mail Retirement Savings Plan (closed), Royal Mail Senior Executive Pension Plan (closed to new members)

5. Electricity Pension Services Limited£19.30bnScheme name: Electricity Supply Pension Scheme

Continued on page 10

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As a pension scheme trustee or senior company representa-tive what do you really feel about your pension advisers, whether it is your consultants, actuary, lawyers or adminis-trators to name but a few.

It would be interesting to see what the results of such a survey revealed if questions about this were answered frankly.

What would best describe your view of your advisers:l “I feel they are doing a really good job, working with us as trusted advisers at reasonable cost.”Orl “They are expensive, slow and don’t seem to value us as a client and we should be replacing them.”Orl Somewhere between the two extremes.

Would your views be different if you took fees out of the equation? Not that you should, but I suspect that in many situations advisers are doing a good job but they are perceived to be expensive and therefore not necessarily good value for money. The issue then becomes what level of fees can be toler-ated before the situation has to be addressed.

It is highly likely that many trustee groups probably are not really aware of what they should be expecting from their advisers and even if dissatisfied in some way, are not sure who else is out there in the market and if any of the other firms are going to do a better job.

The Pensions Regulator does provide some guidance in this area through its latest Trustee Knowledge and Understanding code of practice which is designed to enable trustees to:l Understand the advice they are given, enter into discussion with their advisers and participate fully in decision making.l To be able to question or even challenge advice when the need arises.l Recognise when they need to consult their own or other advisers for particular specialist advice or when they need to consider reselection.

Trustees are therefore expected nowadays to be suffi-ciently aware of their relationship with their advisers to be able to fully engage and challenge them rather than simply to accept what they are told and also to be aware of when their advisers should be reviewed, either because of relation-ship issues or simply as part of good governance.

For existing relationships trustees should have arrange-ments in place with their advisers covering at least:l Services to be providedl Feesl Service level standards

Services to be providedThis should be a detailed specification of all the services to be provided and should contain sufficient levels of detail so that both sides of the relationship understand the scope of services. The is particularly important if the fee basis is directly linked, e.g. fixed fee or annual budget.

FeesThe basis for charging fees should be set down and agreed.

Paul Couchman looks at the role of pension fund advisers and what trustees should be doing to ensure they have a successful relationship

Can you manage your advisers?

This will confirm the basis of the fees, i.e. time cost, fixed, etc and how work outside the scope of the service specifi-cation is charged for. The frequency of billing, timing of any reviews and the period of the contract should all be confirmed. The basis for charging VAT and how additional expenses are dealt with should also be included.

Service standardsThe standards should be specified and agreed. They are par-ticularly important for administration services and progress against them should be reported and reviewed at least quarterly.

Depending on whether services are all being provided by different firms or a “full service” approach is used for some of the services, the information mentioned above can be included in an agreement for each service or combined for “the full service” approach. This agreement will also provide more information about other aspects of the relationship, e.g. professional indemnity cover, period of agreement, disaster recovery plans, etc.

These documents should provide the trustees with suf-ficient information to manage the relationship with their advisers and monitor performance on an ongoing basis. If services are not being provided as agreed, whether it is a failure of delivery to service standards, additional fees con-tinually being charged after a budget is agreed or difficulties in the personal aspects of the relationship, trustees should move to review the advisers.

The review process can be carried out by the trustees themselves or a sub-group thereof, the procurement team within the parent company organisation or an independent firm can be commissioned.The process can typically include the following:l Draw up a long list of potential providers.l A request for proposal issued covering services required.l Completed proposals received and evaluated.l Short list of say three or four firms agreed.l The short listed firms present their proposals to the trus-tees or sub-group.l The presentations are reviewed and an appropriate firm appointed (or retained) to provide the services.

Service specifications, fee agreements and service level standards can then be agreed with the new provider and the position monitored and reviewed regularly.

The hope is that the issues which created the review in the first place are rectified by the new provider with the trustees confident that they are working with a firm who can provide high quality services at reasonable cost and they are valued as a client. A critical part of the success of the relationship is the team providing the services, particularly the lead or senior consultant who should ensure that services are being provided in accordance with the governance documents. This individual will hopefully be somebody who also makes the relationship work and makes it easy for the trustees to do business with the firm. The trustees can hopefully then feel confident that they are being given the appropriate advice and that are genuinely being supported by their advisers.

Paul Couchman is managing director of Premier Pensions Management Limited


10 Top 100 pensions schemes 2010 www.professionalpensions.com

How many schemes do you have? 1Address: 52-54 Southwark Street, LondonSE1 1UNEmail address: [email protected]: 02078033106Total assets DB: 19301000000What year was this scheme established?: 1983Which associations is the scheme a member of?: NAPFPension fund manager: Steve Bott (Managing Director)Pension fund secretary: Julie MillerContact: Julie MillerTrustee Company: Electricity Pension Trustees LimitedPlease name the Investment Managers and detail the % involved?: 51 Managers, Aberdeen Asset Management Please name all of your investment advisers: Hewitt Associates Which auditor(s) do you use: PricewaterhouseCoopers Which legal advisers do you use?: Freshfields Bruckhaus Deringer, Field Fisher Waterhouse Which custodian firm do you use?: BNY Mellon Asset Servicing Property advisers: DTZ Debenham Tie leungAVC provider: Aviva plc, Prudential, Bristol & West, London Life, Equitable Life, Wintherthur Life UK LtdHow many members do you have that are: Employee members: 44,572 Pensioners: 119,952 Deferred pensioners: 61,647Total members: 226,171Annual contributions: 904000000Annual investment income: 536000Annual expenditure: 1460000000Domestic equities: 1062000000.00 Avcs: 50000000.00Cash and deposits: 477000000.00Other: 11897000000.00Overseas equities: 1512000000.00Domestic fixed interest: 1062000000.00Overseas fixed interest: 798000000.00Domestic real estate: 1062000000.00Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: Yes

6. The Mineworkers Pension Scheme£19.22bnScheme name: The Mineworkers Pension SchemeHow many schemes do you have? 2Email address: [email protected]: 08456064444Mobile: 01142854601Pension fund secretary: Dawn Shirley FpmiChairman of trustees: Nigel Stapleton / Philip ReadTrustee: Chris Cheetham, Olivia Dickson, Bobby Clelland, Vivien Cockerill, Alan Gascoyne, Allen Young, John Stones, Joe Wills, Michael WoodmoreTrustee Company: Chris Cheetham, Olivia Dickson, Bobby Clelland, Vivien Cockerill, Alan Gascoyne, Allen Young, John Stones, Joe Wills, Michael Woodmore, Dick Barfield, Dr Robert S Chappell, Allen Clark, Bleddyn Hancock, Stuart Jukes, Heather Mcguire, Ray ProctorTrustee training provider: Chris Cheetham, Olivia Dickson, Bobby Clelland, Vivien Cockerill, Alan Gascoyne, Allen Young, John Stones, Joe Wills, Michael Woodmore, Dick Barfield,Dr Robert S

Chappell, Allen Clark, Bleddyn Hancock, Stuart Jukes, Heather Mcguire, Ray Proctor

7. Royal Bank Of Scotland£17.50bnScheme name: The RBS Group Pension FundHow many schemes do you have? More Than 5Address: Group Pension Services, Citylink House, 4 Addiscombe Road, CroydonCR9 5PBEmail address: [email protected]: 02082563005Switchboard: 01315568555Mobile: 07753928387Type of scheme: Defined Benefit, Defined Contribution If you have a DC scheme is it contract or trust based?: Trust-BasedTotal assets DB: £17.5bnContact: Lesley DavieWhich actuary(ies) do you use: Hewitt Associates, MercerWhich auditor(s) do you use: DeloitteWhich pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: Linklaters, Denton Wilde Sapte How many total employees does the sponsoring employer have in the UK?: More than 100,000How many total pension employees do you have?: More than 100How many members do you have that are: Employee members: 100,000 Pensioners: 55,000 Deferred pensioners: 120,000Total members: 275,000

8. Railways Pensions Trustee Company£16.83bnScheme name: Railways Pension SchemeHow many schemes do you have? 1Address: Sixth Floor, Broad Street House, 55 Old Broad Street, London EC2M 1LJEmail address: [email protected]: 02072568003Switchboard: 02072568003Mobile: 01325342901Type of scheme: Defined Benefit, Defined Contribution, Defined Benefit (Final Salary) – Open to New Members, Defined Contribution (Money Purchase) – Open to New MembersWhat year was this scheme established?: 1994Which associations is the scheme a member of?: NAPF Pension fund manager: Chief Executive: Chris Hitchen (Email: [email protected]), Acting Managing Director: Frank JohnsonPension scheme administrator: Pensions Policy Director: Bruce MarsdenContact: Phone: 020 7256 8003Switchboard: 020 7256 8003Mobile: 013 2534 2882Chairman of trustees: Derek ScottTrustee: Trustee Director: Richard Goldson, John Chilman, John Mayfield, Stephen Richards, John Hamilton, David Tyson, James Jerram, John Wilson, Dave Gott, Gary Towse, Michael Cash, Tony Cotgreave, Chris Hannon Fpmi, Fred Maroudas, Charles HardingTrustee Company: Railways Pension Trustee Co. Ltd.Please name the Investment Managers and detail the % involved?: Insight Investment Management, Railpen Investments, Alinda, Babcock And Brown, Goldman Sachs, Hendersons, Innisfree Pfi, Lazard

Asset Management, Blackrock, M&G Investment, Wellington Bonds, Western, Neuberger Berman Europe Ltd, Bgi, Bridgewater, Aberforth Partners, Blakeney General Partners, Brandes, Edinburgh Partners LtdWhich actuary(ies) do you use: Government Actuary’s Department (Joint Actuary For The 1994 Pensioners Section And Brsf Section, Watson WyattWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: RPMI, ‘Berwin Leighton PaisnerWhich legal advisers do you use?: CMS Cameron McKenna, Freshfields Bruckhaus Deringer, McGrigors, Nabarro Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: The Wm CompanyAVC provider: In HousePension related software: ProfundHow many total employees does the sponsoring employer have in the UK?: More Than 100,000How many members do you have that are: Employee members: 88,292 Pensioners: 154,411 Deferred pensioners: 108,616Total members: 351,319Annual contributions: £606,000,000Annual investment income: £451,000,000Annual expenditure: £107,000,000Domestic equities: £2,535,820,000Corporate bonds: £200,360,000Hedge funds: £1,045,760,000Avcs: £1,170,800,000Cash and deposits: £1533300000Other: £987,780,000Overseas equities: £5,916,910,000Domestic fixed interest: £2,535,820,000Overseas fixed interest: £1,502,700,000Domestic real estate: £2,535,820,000Private equity: £1,203,130,000Index linked gilts: £273,970,000Overseas index linked gilts: £410,950,000

9. Barclays Bank Plc£16.00bnScheme name: Barclays Bank UK Retirement FundAddress: Barclays House, 1 Wimborne Road, Poole, Dorset BH15 2BBEmail address: [email protected]: 01202402060Fax: 01202402403

10. BP Plc£14.7bnScheme name: BP pension fundHow many schemes do you have? 2Address: BP Pension Trustees Ltd., 1 St. James’s Square, London SW1Y 4PDEmail address: [email protected]: 02074965626Switchboard: 02074962797Type of scheme: Defined Benefit, Defined Contribution, Defined Benefit (Final Salary) - Open to New Members, Defined Contribution (Money Purchase) - Open to New MembersWhat year was this scheme established?: 1948Which associations is the scheme a member of?: NAPF Pension fund manager: Head of Investments: Tony PikeChief Executive Officer: Sally BridgelandPension scheme administrator: Pensions Administration Manager: Ronnie MurrayPension fund secretary: Secretary: Bruce Garner (Email: [email protected])Chairman of trustees: Michael Miles OBE

This advertisement is for Professional Clients only and is not for consumer use. †Source: Invesco Perpetual, as at 30 November 2009. *Source: Financial TimesFTfm annual survey 2008, as at 8 June 2009. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations)and investors may not get back the full amount invested. Telephone calls may be recorded. Where Invesco Perpetual has expressed views and opinions, these maychange. Invesco Perpetual is a business name of Invesco Asset Management Limited. Authorised and regulated by the Financial Services Authority. PP.02.10

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Trustee: David Jackson, David Cureton, Martin Bradshaw, James Richards, Sally Bridgeland, David Felder Fsi (Law Debenture), Peter Mather, Iain Macdonald, Mark StagemanTrustee Company: BP Pension Trustees Ltd.Please name the Investment Managers and detail the % involved?: BP Investment Management Ltd. Please name all of your investment advisers: Hewitt AssociatesWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: Ernst & YoungWhich pension fund administrator do you use?: BP PensionsWhich legal advisers do you use?: Linklaters, Sackers Which custodian firm do you use?: State Street Bank & Trust Company Performance measurement: The Wm CompanyAVC provider: Barclays Global Investors Ltd.Fidelity InternationalLegal & General Assurance Society Ltd., Prudential, Standard Life, Assurance, Equitable Life AssurancePension related software: In-House AdministratorHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 51 to 100How many members do you have that are: Employee members: 10,805 Pensioners: 39,253 Deferred pensioners: 17,094Total members: 67,152Annual contributions: £271700000Annual investment income: £445700000Annual expenditure: £497200000Domestic equities: £5132200000Unit trusts: £1033100000Avcs: £61000000Cash and deposits: £336800000Other: £43000000Overseas equities: £5332400000Domestic fixed interest: £5132200000Domestic real estate: £5132200000Index linked gilts: £12000000What is the FRS17/IAS19 surplus/deficit of your pension scheme sponsor company?: 1.34What are the current employer contribution rates to your scheme?: 0% With Option For Additional ContributionsWhat are the current member contribution rates to your scheme?: 0 With Option For Additional Contributions How has this changed in the last 12 months? Employer contribution: NAMember contribution: NAHow many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 4How many of your scheme trustees are INDEPENDENT?: 2Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

11. National Grid Plc£11.05bnScheme name: National Grid UK Pension SchemeHow many schemes do you have? 2Address: National Grid House, Warwick Technology Park, Gallows Hill, WarwickCV34 6DAEmail address: [email protected]: 01926653000Fax: 01926653072Type of scheme: Defined Benefit, Defined Contribution If you have a DC scheme is it contract or trust based?: Trust- Based

Total assetsDB: £11,050.5mDC: £24.4mWhat year was this scheme established?: 1 April 1982 DC Section Added 1 April 2002Which associations is the scheme a member of?: NAPF Pension fund manager: UK Pensions Manager: Jim RobsonChairman of trustees: Alan FosterTrustee: Mike Calviou, Dennis Duffy, Darren Hudson, Claire |Jenkins, Andrew Kluth, Neil Martin, Terry Merrin, Jonathan Munsey, Goldie Murray, John Whitehouse, Adam Wiltshire.Trustee Company: National Grid UK Pensions Scheme Trustee LtdPlease name the Investment Managers and detail the % involved?: Aerion Fund Management Ltd. (DB Section), Aegon (DC Section Platform Provider), Blackrock/Bgi And Schroders (DC Section-Investment Managers) Please name all of your investment advisers: Towers Watson Which actuary(ies) do you use: Towers Watson Which auditor(s) do you use: Pricewaterhousecoopers Which pension fund administrator do you use?: National Grid UK Pensions Services Ltd (DB Section, DC Section-Front Office) JLT Benefit Solutions Ltd (DC Section-Back Office) Which legal advisers do you use?: Sackers Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: Hsbc Securities ServicesAVC provider: DC Section Inline With Investment Options, DB Section InternalPension related software: AltairHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 8,080 Pensioners: 69,585 Deferred pensioners: 28,183Total members: 105,848Annual contributions: £410.2mAnnual investment income: £459.6mAnnual expenditure: £626.4mDomestic equities: 11.4%Cash and deposits: 4.8%Overseas equities: 19.5%Domestic fixed interest: 11.4%Domestic real estate: 11.4%Private equity: 3.2%Index linked gilts: 19.7%Overseas index linked gilts: 3.6%What are the current employer contribution rates to your scheme?: DB Section-29.4% (+3.2%) DC Section -4-10% Default Rate 6% (Twice Member’s Contribution Up to 5%) DB Section-3% DC Section-2-5% Default Rate 3%What are the current member contribution rates to your scheme?: DB Section-3% DC Section-2-5% Default Rate 3% How has this changed in the last 12 months? Employer contribution: IncreaseMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 50%How many of your scheme trustees are EMPLOYER nominated?: 50%How many of your scheme trustees are INDEPENDENT?: 0%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: The trustee’s have been undertaking a review of the schemes investment strategy and this remains

ongoing. With regards to the DC section of the scheme, new investment options were introduced from 1 April 2009.

12. Coal Pension Trustees£11.05bnScheme name: British Coal Staff Superannuation Scheme (Bcsss)Address: Hussar Court, Hillsborough Barracks, Sheffield S6 2GZEmail address: [email protected]: 01142854604Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Closed to New MembersWhich associations is the scheme a member of?: NAPF Pension fund manager: Chief Executive: Geoff Mellor (Email: [email protected])Pension fund secretary: Secretary: Dawn Shirley ApmiChairman of trustees: Philip ReadTrustee: Allen Clarke, Bleddyn Hancock, Heather Mcguire, Ray Proctor, Dr.Robert S.Chappell, Stuart Jukes, Nick WattsTrustee Company: Coal Staff Superannuation Scheme Trustees Ltd.

13. Shell Pensions Management Services£10.59bnScheme name: The Shell Contributory Pension FundHow many schemes do you have? 1Address: Shell Centre, York Road, LondonSE1 7NAEmail address: [email protected]: 02079341234Fax: 02079347653Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhat year was this scheme established?: 1948Which associations is the scheme a member of?: NAPFPension fund manager: Pension Fund Manager: Linda Severn (Email: [email protected])Pension scheme administrator: Contact: Ian Chisolm, [email protected] of trustees: Chairman Of The Board Of Shell Pensions Trust Ltd.: Clive MatherTrustee: Ordinary Director: Rupert Cox, Tim Faithfull, Andrew Longden, P.Milliken, Hugh Mitchell, James SmiSelected Director: Graham Ferris Ian Gorst Trevor Walters Tony Patterson Paddy Briggs David Fortune Keith JamesTrustee Company: Shell Pensions Trust Ltd.Please name the Investment Managers and detail the % involved?: Shell Asset Management Please name all of your investment advisers: Hewitt Associates Which actuary(ies) do you use: Hewitt Associates Which auditor(s) do you use: Pricewaterhousecoopers Which pension fund administrator do you use?: Shell International Ltd Which legal advisers do you use?: Lovells Which custodian firm do you use?: JPMorgan Worldwide Securities Services Performance measurement: The Wm CompanyAVC provider: Legal & General Assurance SocietyHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 21 to 50How many members do you have that are:

Global Pension Risk Services

There has never been a more uncertain or riskier time for pensions. The changes we are likely to see in the yearsahead will dramatically alter the routes that pension funds, sponsors and trustees will have to take to reach theirfinal destinations.

To navigate this uncharted territory the industry is having to consider options which were unthinkable a few yearsago – options that apply to both liabilities and assets. As a result, pensions risk management has moved to newlevels of complexity.

At Hewitt our latest Global Pension Risk Survey shows the emerging trends and the routes being considered to dealwith this increasing complexity. Armed with this knowledge, our experienced Pension Risk consultants will work withyou to identify where you need to go and then help you to choose the best way to get there.

If you would like a copy of the Global Pension Risk Survey, or would like to speak to oneof our consultants, please contact the Global Pension Risk Services team on 020 7939 4370or email [email protected]

Hewitt Associates Limited is registered in England &Wales. Registered No: 4396810. Registered Office: 6 More London Place, London SE1 2DA.

If your road ahead is not clear...We see solutions



Employeemembers:6,719 Pensioners:29,314 Deferredpensioners:9,250Totalmembers:45,283Annualcontributions:£50,900,000Annualinvestmentincome:£252,800,000Annualexpenditure:£435,100,000

14. Greater Manchester Pension Fund£9.90bnSchemename:GreaterManchesterpensionfundAddress:InvestmentsGroup,TamesideMbc,WellingtonRoad,Ashton-Under-Lyne,Lancs.OL66DLEmailaddress:[email protected]:01613427275Mobile:01613428355Typeofscheme:DefinedBenefit,DefinedBenefit(FinalSalary)-OpentoNewMembersTotalassets DB:£9.9bnWhichassociationsistheschemeamemberof?:NAPFPensionfundmanager:DirectorOfPensions:PeterMorrisCpfaHeadOfPensionsInvestments:StevenJ.TaylorPleasenametheInvestmentManagersanddetailthe%involved?:CapitalInternationalLtd.(£1,378m),CharlesLofstedtMaArics(£1,837m),Legal&GeneralInvestmentManagementLtd.(£1,853m),UBSGlobalAssetManagement(£4,454m)Whichactuary(ies)doyouuse:HymansRobertsonWhichauditor(s)doyouuse:AuditCommissionWhichcustodianfirmdoyouuse?:JpmorganWorldwideSecuritiesServicesPerformancemeasurement:TheWmCompanyPensionrelatedsoftware:Axise

15. Strathclyde Pension Fund£9.60bnSchemename:StrathclydePensionFundHowmanyschemesdoyouhave?2Address:CharlotteHouse,78QueenStreet,GlasgowG13DNEmailaddress:[email protected]:01412877383Fax:01412877358Typeofscheme:DefinedBenefit,DefinedBenefit(FinalSalary)–OpentonewmembersTotalassets DB:£9.6bnWhatyearwasthisschemeestablished?:1975Whichassociationsistheschemeamemberof?:NAPFPensionfundmanager:Headofpensions:RichardMcindoe(Email:[email protected])ChiefPensionOfficer(Investments):JacquelineGilliesPensionschemeadministrator:ChiefPensionsOfficer(Operations):AndyKnoxContact:NhairiMcadam,PaChairmanoftrustees:CouncillorJamesMcnallyTrustee:MemberOfThePensionFundCommittee:JohnMckenzie,JamesMcnalyPaulColeshill,StephenCurran,RuthSimpson,KhalilMalik,GordonMathieson,TomMgkeown.TrusteeCompany:StrathclydePensionFundCommittee,GlasgowCityCouncilPleasenametheInvestmentManagersanddetailthe%involved?:AlliancebernsteinInstitutionalInvestments,BaillieGifford&Co.(GlobalEquity),CapitalInternationalLtd.(GlobalEquity),Grimley(£41m),GartmoreInvestmentManagementLtd.(Equities–UKSmallCompanies),Genesis

InvestmentManagementLlp(Specialist-EmergingMarkets),AberdeenPropertyInvestors(Gpi)(Specialist-Property),HendersonGlobalInvestors(Specialist–Bonds),InvescoPerpetual,JpmorganAssetManagement(Equities–OverseasSmallCompanies),LazardAssetManagementLtd.,Legal&GeneralInvestmentManagementLtd.(MultiAsset-Passive),MillenniumGlobalInvestments,PantheonVenturesLtd.(Specialist),MellonCapital‘T-PrivateEquity),PartnersGroup(Specialist-PrivateEquity),RecordCurrencyManagementLtd.,SchroderInvestmentManagementLtd.,WesternAssetManagementCo.Ltd.(Specialist-Bonds)Pleasenameallofyourinvestmentadvisers:HymansRobertsonWhichactuary(ies)doyouuse:HymansRobertsonLlpWhichauditor(s)doyouuse:AuditScotlandWhichpensionfundadministratordoyouuse?:InhouseAdministrationWhichlegaladvisersdoyouuse?:GlasgowCityCouncil,DirectorOfLegalServices,GlasgowCityCouncil,PinsentMasons,Nabarro,PinsentMasonsWhichcustodianfirmdoyouuse?:TheNorthernTrustCompanyPerformancemeasurement:NorthernTrustTheWmCompanyInvestmentPropertyDatabankLtd.AVCprovider:PrudentialPensionrelatedsoftware:AxiseHowmanytotalemployeesdoesthesponsoringemployerhaveintheUK?:10,000to100,000Howmanytotalpensionemployeesdoyouhave?:Morethan100Howmanymembersdoyouhavethatare: Employeemembers:91,000 Pensioners:61,000 Deferredpensioners:42,000Totalmembers:194,000Annualcontributions:£397000000Annualinvestmentincome:£232000000Annualexpenditure:£18000000Whatarethecurrentemployercontributionratestoyourscheme?:16to20%Whatarethecurrentmembercontributionratestoyourscheme?:6to10%Howhasthischangedinthelast12months?Employercontribution:IncreaseMembercontribution:IncreaseHaveyouseenanydemonstrableshiftintheassetallocationoftheschemeoverthepast12months?:Yes

16. Corus UK Ltd.£8.70bnSchemename:BritishSteelPensionSchemeHowmanyschemesdoyouhave?1Address:DouglasHouse,116WaterlooStreet,GlasgowG27NLEmailaddress:[email protected]:01412742221Switchboard:01412742204Fax:01412265270Typeofscheme:DefinedBenefit,DefinedBenefit(FinalSalary)-OpentoNewMembersTotalassets DB:£8.7bnWhatyearwasthisschemeestablished?:1969Whichassociationsistheschemeamemberof?:NAPFPensionfundmanager:Director,GroupPensions:JimCummingPensionfundsecretary:Secretary:MikeDonohueChiefInvestmentOfficer:HughSmartContact:MartinRoss,01412742221Chairmanoftrustees:AlanJohnstonTrusteeCompany:BsPensionFundTrusteeLimitedTrusteetrainingprovider:TowersWatsonPleasenametheInvestmentManagersanddetailthe%involved?:PensionServicesLtd

Whichactuary(ies)doyouuse:TowersWatsonWhichauditor(s)doyouuse:KPMGWhichpensionfundadministratordoyouuse?:BSPensionFundLtdWhichlegaladvisersdoyouuse?:TraversSmithWhichcustodianfirmdoyouuse?:JPMorganWorldwideSecuritiesServicesPerformancemeasurement:MellonAnalyticalSolutions(Mas),TheWmCompanyPensionrelatedsoftware:ProfundHowmanytotalemployeesdoesthesponsoringemployerhaveintheUK?:10,000to100,000Howmanytotalpensionemployeesdoyouhave?:21to50Howmanymembersdoyouhavethatare: Employeemembers:23,843 Pensioners:92,850 Deferredpensioners:39,950Totalmembers:156,643Annualcontributions:18%Whatarethecurrentemployercontributionratestoyourscheme?:11to15%Whatarethecurrentmembercontributionratestoyourscheme?:6to10%Howhasthischangedinthelast12months?Employercontribution:SameMembercontribution:SameHowmanyofyourschemetrusteesareMEMBERnominated?:7HowmanyofyourschemetrusteesareEMPLOYERnominated?:7HowmanyofyourschemetrusteesareINDEPENDENT?:0

17. Lloyds TSB Group£7.93bnSchemename:LloydsTSBGroupPensionSchemeNumberOne

18. British Broadcasting Corporation£7.90bnSchemename:BBCPensionTrustLtd.Howmanyschemesdoyouhave?1Address:BroadcastingHouse,PortlandPlace,LondonW1A1AAEmailaddress:[email protected]:02077654092Switchboard:02077654000Fax:02077654997Typeofscheme:DefinedBenefit,DefinedBenefit(FinalSalary)-OpentoNewMembersWhichassociationsistheschemeamemberof?:NAPFPensionfundmanager:HeadofPensions:JanKillick(Email:[email protected])HeadOfPensionsInvestments:PeterW.Dunscombe(Email:[email protected])Manager-PensionsInvestments:DavidShaw(Email:[email protected])Pensionfundsecretary:SandraPhillipsTrusteeCompany:BBCPensionTrustLtd.PleasenametheInvestmentManagersanddetailthe%involved?:AlliancebernsteinInstitutionalInvestments,ArtemisInvestmentManagementLtd.,BaillieGifford&Co.,BarclaysGlobalInvestorsLtd.,CapitalInternationalLtd.,GoldmanSachsAssetManagementInternational,HendersonGlobalInvestors,HermesPensionsManagementLtd.,Hgcapital,InvescoPerpetual,Marvin&PalmerAssociates,MorleyFundManagementLtd.,NewsmithAssetManagementLlp,PantheonVenturesLtd.,StateStreetGlobalAdvisorsUnitedKingdomLtd.,SunCapitalAdvisersTrilogy,WesternAssetManagementCo.Ltd.


www.professionalpensions.com Top 100 pension schemes 2010 15

Pleasenameallofyourinvestmentadvisers:TowersWatsonWhichactuary(ies)doyouuse:TowersWatsonWhichauditor(s)doyouuse:PricewaterhousecoopersWhichlegaladvisersdoyouuse?:Sacker&PartnersWhichcustodianfirmdoyouuse?:HSBCSecuritiesServicesPerformancemeasurement:HSBCSecuritiesServicesPensionrelatedsoftware:AdministratorHowmanytotalemployeesdoesthesponsoringemployerhaveintheUK?:10,000to100,000Howmanymembersdoyouhavethatare: Employeemembers:19,974 Pensioners:21,116 Deferredpensioners:17,723Totalmembers:58,813Annualcontributions:£149600000Annualinvestmentincome:£206400000Annualexpenditure:£277500000Domesticequities:£2281900000Avcs:£76900000Cashanddeposits:£257400000Other:£11500000Overseasequities:£2820300000Domesticfixedinterest:£2281900000Overseasfixedinterest:£88700000Domesticrealestate:£2281900000Overseasrealestate:£242900000Indexlinkedgilts:£528700000

19. West Midlands Pension Fund£7.40bnSchemename:WestMidlandsPensionFundHowmanyschemesdoyouhave?1Address:POBOX3948,WolverhamptonWV11XPEmailaddress:[email protected]:03001111665Website:www.wmpfonline.comTypeofscheme:DefinedBenefitsTotalassets DB:£7.4bnWhatyearwasthisschemeestablished?:1974Whichassociationsistheschemeamemberof?:NAPF,PRAG,LIPFF,CII,IIGCPensionfundmanager:Directorofpensions–BrianBailey,chiefinvestmentofficer–JudySaunders,Pensionservicesmanager–NadinePerrinsPensionschemeadministrator:Chairmanoftrustees:CouncillorMichaelHeapPleasenametheInvestmentManagersanddetailthe%involved?:Numerous–managedpartlyin-houseandpartlyexternalPleasenameallofyourinvestmentadvisers:Mercer,GartmoreInvestmentManagementWhichactuary(ies)doyouuse:MercerWhichauditor(s)doyouuse:PricewaterhouseCoopersWhichpensionfundadministratordoyouuse?:Whichlegaladvisersdoyouuse?:Hammonds,WolverhamptonCityCouncilWhichcustodianfirmdoyouuse?:HSBCSecuritiesServicesPerformancemeasurement:HSBCPropertyadvisers:INGRealEstateInvesmentManagement(UK),JohnFenderAVCprovider:PrudentialPensionrelatedsoftware:UPMHowmanytotalpensionemployeesdoyouhave?:Morethan100Howmanymembersdoyouhavethatare: Employeemembers:45 Pensioners:29 Deferredpensioners:26Totalmembers:100Annualcontributions:£396220000

Annualinvestmentincome:£139500000Annualexpenditure:£353498000Domesticequities:14.00Corporatebonds:4.00Hedgefunds:8.00Cashanddeposits:1.00Other:8.00Overseasequities:36.00Domesticfixedinterest:14.00Domesticrealestate:14.00Privateequity:3.00Indexlinkedgilts:10.00Whatarethecurrentemployercontributionratestoyourscheme?:16-20%Whatarethecurrentmembercontributionratestoyourscheme?:6-10%Howhasthischangedinthelast12months?Employercontribution:IncreasedMembercontribution:StayedthesameHowmanyofyourschemetrusteesareMEMBERnominated?:0%HowmanyofyourschemetrusteesareEMPLOYERnominated?:100%HowmanyofyourschemetrusteesareINDEPENDENT?:0%Haveyouseenanydemonstrableshiftintheassetallocationoftheschemeoverthepast12months?:YesIfyes,wherehavethesechangesoccurred?:Lessequitiesmorealternatives

20. HBOS Plc£6.80bnSchemename:HBOSFinalSalaryPensionSchemeHowmanyschemesdoyouhave?2Address:TrinityRoad,Halifax,W.YorkshireHX12RGEmailaddress:[email protected]:01422391917Fax:01422391373Typeofscheme:DefinedBenefit,DefinedContributionIfyouhaveaDCschemeisitcontractortrustbased?:Trust-BasedTotalassets DB:£6.8bn DC:£230.3mWhatyearwasthisschemeestablished?:2006Whichassociationsistheschemeamemberof?:NAPFPensionfundmanager:AlisonCooperPensionschemeadministrator:GroupPensions,HbosPlc,TrinityRoad,Halifax,HX12RGPensionfundsecretary:CompanySecretary,MikeHatcher,LloydsBankingGroup,25GreshamStreet,LondonEC2V7HNContact:01422326041Chairmanoftrustees:HarryBainesTrustee:TomAbraham,JohnHope,GeoffAskew,PaulMciver,GlenMiller,RogerBoyes,MichaelDeakinAndMikeProvanTrusteeCompany:HBOSFinalSalaryTrustLtdTrusteetrainingprovider:GroupPensions(Inhouse)PleasenametheInvestmentManagersanddetailthe%involved?:AlliancebernsteinLp(1.1%),InsightInvestmentManagement(Global)Limited(69.5%),InvistaRealEstateInvestmentManagementLtd(3.1%),KineticsAssetManagementLtd(2.7%),LegalAndGeneralAssurance(PensionsManagement)Ltd(10.3%),SoutheasternAssetManagement(2.1%)Whichactuary(ies)doyouuse:TowersWatsonWhichauditor(s)doyouuse:PricewaterhousecoopersWhichlegaladvisersdoyouuse?:Allen&OveryWhichcustodianfirmdoyouuse?:TheNorthernTrustCompanyPerformancemeasurement:NorthernTrustAVCprovider:ClericalMedicalAndBankOfScotland

Pensionrelatedsoftware:ProfundAndOpenHowmanytotalemployeesdoesthesponsoringemployerhaveintheUK?:MoreThan100,000Howmanytotalpensionemployeesdoyouhave?:51to100Howmanymembersdoyouhavethatare: Employeemembers:25,365 Pensioners:16,159 Deferredpensioners:37,645Totalmembers:79,169Annualcontributions:£274,205mAnnualinvestmentincome:£162.2mAnnualexpenditure:£18.676mDomesticequities:12.8%Hedgefunds:13.9%Cashanddeposits:9.4%Other:Derivatives9.5%Property2.6%Overseasequities:13.7%Domesticfixedinterest:12.8%Overseasfixedinterest:0.9%Domesticrealestate:12.8%Whatarethecurrentemployercontributionratestoyourscheme?:22.5%4to5%Whatarethecurrentmembercontributionratestoyourscheme?:4to5%HowmanyofyourschemetrusteesareMEMBERnominated?:33.3%HowmanyofyourschemetrusteesareEMPLOYERnominated?:33.3%HowmanyofyourschemetrusteesareINDEPENDENT?:33.3%

21. Glaxosmithkline Plc£6.70bnSchemename:GSKPensionSchemesHowmanyschemesdoyouhave?5Address:GSKHouse,980GreatWestRoad,BrentfordTW89GSEmailaddress:[email protected]:02080475000Typeofscheme:HybridIfyouhaveaDCschemeisitcontractortrustbased?:Trust-BasedTotalassetsDB:£6.7bnDC:£778mWhichassociationsistheschemeamemberof?:NAPFPensionfundmanager:SteveMac’KrellPensionschemeadministrator:Hewitt/XafinityPaymasterPensionfundsecretary:SteveMac’KrellContact:02080475773Chairmanoftrustees:ChristopherPearce/TomHoustonTrustee:BerkeleySquarePensionTrusteeCompanyLimited/SmithklineBeechamPensionPlanTrusteeLimited/SmithklineBeechamSeniorExecutivePensionPlanTrusteeLimitedTrusteeCompany:BerkeleySquarePensionTrusteeCompanyLimited/SmithklineBeechamPensionPlanTrusteeLimited/SmithklineBeechamSeniorExecutivePensionPlanTrusteeLimitedTrusteetrainingprovider:InHousePleasenameallofyourinvestmentadvisers:HewittAssociatesWhichactuary(ies)doyouuse:HewittAssociates,TowersWatsonWhichauditor(s)doyouuse:PricewaterhousecoopersWhichpensionfundadministratordoyouuse?:HewittAssociates,XafinityHRServicesLtdWhichlegaladvisersdoyouuse?:Sackers,Simmons&SimmonsWhichcustodianfirmdoyouuse?:BNYMellonAssetServicingInsuredwith:SelfInsuredPerformancemeasurement:MellonAnalytical



SolutionsLimitedAVCprovider:Legal&GeneralHowmanytotalpensionemployeesdoyouhave?:6to10Howmanymembersdoyouhavethatare: Employeemembers:15,229 Pensioners:27,160 Deferredpensioners:36,450Totalmembers:78,839Annualcontributions:£36,450Annualinvestmentincome:£361mAnnualexpenditure:£304mDomesticequities:18.15%Corporatebonds:20%Hedgefunds:NilUnittrusts:NilAvcs:NilCashanddeposits:NilOther:NilOverseasequities:36.85%Domesticfixedinterest:18.15%Domesticrealestate:18.15%Overseasrealestate:2.5%Privateequity:NilIndexlinkedgilts:18%Overseasindexlinkedgilts:NilVenturecapital:NilWhatistheFRS17/IAS19surplus/deficitofyourpensionschemesponsorcompany?:£947mDeficitHaveyouseenanydemonstrableshiftintheassetallocationoftheschemeoverthepast12months?:No

22. Imperial Chemical Industries Ltd.£6.66bnSchemename:ImperialChemicalIndustriesPensionFundAddress:20ManchesterSquare,LondonW1U3ANEmailaddress:[email protected]:01707607500TrusteeCompany:ICIPensionsTrusteeLimitedPleasenametheInvestmentManagersanddetailthe%involved?:AlindaCapitalPartners,AshmoreManagementCompanyLtd,BarclaysGlobalInvestorsLtd,IntermediateCapitalManagersLtd,M&GInvestmentManagementLtd,andothersWhichactuary(ies)doyouuse:TowersWatsonWhichauditor(s)doyouuse:KpmgWhichlegaladvisersdoyouuse?:Hammonds,Allen&Overy,DLAPiperWhichcustodianfirmdoyouuse?:JPMorganEuropeLtdHowmanymembersdoyouhavethatare: Employeemembers:579 Pensioners:54,191 Deferredpensioners:12,642Totalmembers:67,412

23. Rolls-Royce Plc£6.60bnSchemename:Rolls-RoycePensionFundHowmanyschemesdoyouhave?4Address:65BuckinghamGate,LondonSW1E6ATEmailaddress:[email protected]:02072279353Fax:02072279370Typeofscheme:DefinedBenefit,DefinedContribution,DefinedBenefit(FinalSalary)-ClosedtoNewMembersIfyouhaveaDCschemeisitcontractortrustbased?:Trust-BasedWhatyearwasthisschemeestablished?:1971Whichassociationsistheschemeamemberof?:NAPFPensionfundmanager:NickFoxton

Pensionschemeadministrator:InHousePensionfundsecretary:InvestmentManager:DavidColcloughSecretary:NickFoxtonContact:NickFoxton,[email protected]:PaulSpencerTrustee:PaulSpencerAnd13OthersTrusteetrainingprovider:InHouse,VariousPleasenametheInvestmentManagersanddetailthe%involved?:AxaRosenbergInvestmentManagerLtd,CapitalDyanamicsLtd,GmoUkLtd,GoldmanSachsInternational,HgPooledManagementLtd,JfAssetManagementLtd,Legal&GeneralInvestmentManagementLtd,LsvAssetManagement,MarvinAndPalmerAssociatesInc,MirSingaporePteLtd,NewsmithAssetManagementLlp,OriginAssetManagementLlp,SchroderInvestmentManagementLtd,StateStreetGlobalAdvisorsLtd,UbsGlobalAssetManagementLtd,WedgeCapitalManagementLlp,WestfieldCapitalManagementCompanyLlcPleasenameallofyourinvestmentadvisers:MercerWhichactuary(ies)doyouuse:HewittAssociatesWhichauditor(s)doyouuse:KPMGWhichpensionfundadministratordoyouuse?:InhouseadministrationWhichlegaladvisersdoyouuse?:LinklatersWhichcustodianfirmdoyouuse?:StateStreetBank&TrustCompanyPerformancemeasurement:TheWmCompanyAVCprovider:PrudentialPensionrelatedsoftware:Proventia,IntellipennHowmanytotalemployeesdoesthesponsoringemployerhaveintheUK?:10,000to100,000Howmanymembersdoyouhavethatare: Employeemembers:13,195 Pensioners:38,079 Deferredpensioners:16,782Totalmembers:68,056Annualcontributions:£182.7mAnnualinvestmentincome:£27mAnnualexpenditure:£248.9mDomesticequities:2.2%Corporatebonds:0Hedgefunds:0Unittrusts:0Avcs:1.9%Cashanddeposits:0.7%Other:LDIAsset=84.5%Overseasequities:10.8%Domesticfixedinterest:2.2%Overseasfixedinterest:0Domesticrealestate:2.2%Overseasrealestate:0Privateequity:1.8%Indexlinkedgilts:0Overseasindexlinkedgilts:0Venturecapital:0Whatarethecurrentemployercontributionratestoyourscheme?:11to15%Whatarethecurrentmembercontributionratestoyourscheme?:6to10%Howhasthischangedinthelast12months?Employercontribution:SameMembercontribution:SameHowmanyofyourschemetrusteesareMEMBERnominated?:47%HowmanyofyourschemetrusteesareEMPLOYERnominated?:53%HowmanyofyourschemetrusteesareINDEPENDENT?:0Haveyouseenanydemonstrableshiftintheassetallocationoftheschemeoverthepast12months?:No

24. British Airways£6.09bnSchemename:BANewAirwaysPensionScheme;AirwaysPensionScheme

25. BAE Systems£5.97bnSchemename:BAESystemsPensionSchemeHowmanyschemesdoyouhave?Morethan5Address:POBox87,FarnboroughAerospaceCentre,Farnborough,HampshireGU146YUEmailaddress:[email protected]:01252383010Website:www.baesystemspensions.comTypeofscheme:Definedbenefits,HybridTotalassets DB:£5978m DC:£26mWhatyearwasthisschemeestablished?:1979Whichassociationsistheschemeamemberof?:NAPFPensionfundmanager:NigelTinsleyPensionschemeadministrator:XchangingPensionfundsecretary:GeorgeBayerContact:CarolynRayChairmanoftrustees:GuyGriffithsTrusteeCompany:BAESystemsPensionFundsTrusteesLimitedPleasenametheInvestmentManagersanddetailthe%involved?:BAESystemsPensionFundsInvestmentManagementLtd(BAPFIM),PrudentialAssetManagementLtd,FidelityInternationalLtd,AxaInvestmentManagersUKLtd,LaSalleInvestmentManagementLtdPleasenameallofyourinvestmentadvisers:BAESystemsPensionFundsInvestmentManagementLtd(BAPFIM)Whichactuary(ies)doyouuse:AonConsultingWhichauditor(s)doyouuse:KpmgWhichpensionfundadministratordoyouuse?:XchangingHrServicesLtdWhichlegaladvisersdoyouuse?:TraversSmithWhichcustodianfirmdoyouuse?:TheNorthernTrustCompanyPerformancemeasurement:HSBCSecurityServicesAVCprovider:StandardLifePensionrelatedsoftware:ClaygateHowmanytotalemployeesdoesthesponsoringemployerhaveintheUK?:Morethan100,000Howmanytotalpensionemployeesdoyouhave?:11-20Howmanymembersdoyouhavethatare: Employeemembers:36,959 Pensioners:53,662 Deferredpensioners:41,351Totalmembers:131,972Annualcontributions:447500000Annualinvestmentincome:36400000Annualexpenditure:402200000Domesticequities:36.00Corporatebonds:10.00Cashanddeposits:3.00Overseasequities:25.00Domesticfixedinterest:36.00Domesticrealestate:36.00Indexlinkedgilts:7.00Venturecapital:3.00WhatistheFRS17/IAS19surplus/deficitofyourpensionschemesponsorcompany?:deficitof£3,539,430Whatarethecurrentemployercontributionratestoyourscheme?:16-20%Whatarethecurrentmembercontributionratestoyourscheme?:6-10%Howhasthischangedinthelast12months?Employercontribution:StayedthesameMembercontribution:StayedthesameHowmanyofyourschemetrusteesareMEMBERnominated?:26-50%HowmanyofyourschemetrusteesareEMPLOYERnominated?:26-50%HowmanyofyourschemetrusteesareINDEPENDENT?:0%Haveyouseenanydemonstrableshiftintheasset



allocationoftheschemeoverthepast12months?:No

26. West Yorkshire Pension Fund£5.93bnSchemename:WestYorkshirePensionSchemeHowmanyschemesdoyouhave?1Address:InvestmentSection,4thFloor,BritanniaHouse,BradfordBD11HXEmailaddress:[email protected]:01274432115Switchboard:01274432317Mobile:01274432315Fax:01274308016Typeofscheme:DefinedBenefit,DefinedBenefit(FinalSalary)-OpentoNewMembersTotalassetsDB:£5.931bnWhatyearwasthisschemeestablished?:1974Whichassociationsistheschemeamemberof?:NAPFPensionfundmanager:RodneyBartonDirectorContact:DavidHoyleBusinessManager.01274432115Chairmanoftrustees:Cllr.IanGreenwoodTrusteeCompany:CityOfBradfordMetropolitanDistrictCouncilTrusteetrainingprovider:HewittAssociatesPleasenameallofyourinvestmentadvisers:NMills,RPrance,MStevensWhichactuary(ies)doyouuse:HewittAssociatesWhichauditor(s)doyouuse:AuditCommissionWhichpensionfundadministratordoyouuse?:WestYorkshirePensionFundWhichlegaladvisersdoyouuse?:CityofBradfordMetropolitanDistrictCouncilWhichcustodianfirmdoyouuse?:HSBCSecuritiesServices,DLAPiperUk,JpmorganChase&Co,NorthernTrustCorporation,StateStreetBankInsuredwith:CityOfBradfordMetropolitanDistrictCouncilPerformancemeasurement:TheWmCompanyAVCprovider:ScottishWidowsTheEquitableLifeAssuranceSociety,PrudentialPensionrelatedsoftware:AxiseHowmanytotalemployeesdoesthesponsoringemployerhaveintheUK?:MoreThan100000Howmanytotalpensionemployeesdoyouhave?:MoreThan100Howmanymembersdoyouhavethatare: Employeemembers:95,100 Pensioners:60,200 Deferredpensioners:60,600Totalmembers:215,900Annualcontributions:£327.82mAnnualinvestmentincome:£226.365mAnnualexpenditure:£302.964mDomesticequities:£2.772bnCorporatebonds:£168mHedgefunds:£335mAvcs:£19000000Cashanddeposits:£239mOverseasequities:£2.235bnDomesticfixedinterest:£2.772bnOverseasfixedinterest:£195mDomesticrealestate:£2.772bnOverseasrealestate:£113mPrivateequity:£275mIndexlinkedgilts:£416mOverseasindexlinkedgilts:£58mVenturecapital:0Whatarethecurrentemployercontributionratestoyourscheme?:OtherWhatarethecurrentmembercontributionratestoyourscheme?:6to10%Employercontribution:Increase

Membercontribution:SameHowmanyofyourschemetrusteesareMEMBERnominated?:4HowmanyofyourschemetrusteesareEMPLOYERnominated?:10HowmanyofyourschemetrusteesareINDEPENDENT?:3Haveyouseenanydemonstrableshiftintheassetallocationoftheschemeoverthepast12months?:No

27. British Airways£5.92bnSchemename:BritishAirwaysPensionScheme

28. HSBC £5.85bn

29. Aviva£5.80bnSchemename:AvivaStaffPensionSchemeHowmanyschemesdoyouhave?5Address:StaffPensions,Pitheavlis,PerthPH20NHEmailaddress:[email protected]:01738896345Switchboard:01738895329Fax:01738638185Typeofscheme:HybridIfyouhaveaDCschemeisitcontractortrustbased?:Trust-BasedTotalassets DB:£581400000 DC:£249100000Whatyearwasthisschemeestablished?:1980Whichassociationsistheschemeamemberof?:NonePensionfundmanager:DirectorofStaffPensions:KarenJonesPensionschemeadministrator:AvivaStaffPensionsDepartmentPensionfundsecretary:KarenJonesContact:01738895329Chairmanoftrustees:DerekStevensTrustee:AvivaStaffPensionTrusteeLtdTrusteeCompany:AvivaStaffPensionTrusteeLtd.PleasenametheInvestmentManagersanddetailthe%involved?:FirstStateInvestments(EmergingMarkets2.1%),JpmorganAssetManagement(AsiaPacific(ExJapan)2.0%),LeggMasonInvestments(USEquities1.5%),AvivaInvestors(Multi-Asset88.3%),SlaterInvestmentsLtd.(UKEquities1.6%),KineticsAssetManagement(USEquities1.8%),IntrinsicValueAssetManagement(EuropeanEquities1.4%),OptimalAssetManagement(JapaneseEquities0.6%),BlackhorseAssetManagement(AsiaPacific0.6%),Pleasenameallofyourinvestmentadvisers:TowersWatson,Other,RedingtonLtdWhichactuary(ies)doyouuse:HymansRobertsonLlpWhichauditor(s)doyouuse:PricewaterhousecoopersWhichpensionfundadministratordoyouuse?:AvivaInsuranceLtdWhichlegaladvisersdoyouuse?:LinklatersWhichcustodianfirmdoyouuse?:HSBCSecuritiesServices,Other,JPMorganChaseBankPerformancemeasurement:TheWmCompanyAVCprovider:AvivaLife&PensionsLtdPensionrelatedsoftware:NorthgateArinsoUKLtd,PsPensionsHowmanytotalemployeesdoesthesponsoring

employerhaveintheUK?:10,000to100,000Howmanytotalpensionemployeesdoyouhave?:21to50Howmanymembersdoyouhavethatare: Employeemembers:22,738 Pensioners:20,186 Deferredpensioners:54,264Totalmembers:97,188Annualcontributions:£227400000Annualinvestmentincome:£198600000Annualexpenditure:£264500000Domesticequities:£382600000Corporatebonds:£241200000Avcs:£22800000Cashanddeposits:£253400000Overseasequities:£519700000Domesticfixedinterest:£382600000Overseasfixedinterest:£398100000Domesticrealestate:£382600000Indexlinkedgilts:£1292200000Overseasindexlinkedgilts:£41200000Whatarethecurrentemployercontributionratestoyourscheme?:43%forfinalsalary&starts@8%ofpensionablesalary.6-7.5%forfinalsalarymembersbasedonrateofaccrual.Formoneypurchasestartat1%Whatarethecurrentmembercontributionratestoyourscheme?:6-7.5%forfinalsalarymembersbasedonrateofaccrual.Formoneypurchasestartat1%Howhasthischangedinthelast12months?Employercontribution:IncreaseMembercontribution:IncreaseHowmanyofyourschemetrusteesareMEMBERnominated?:45%HowmanyofyourschemetrusteesareEMPLOYERnominated?:45%HowmanyofyourschemetrusteesareINDEPENDENT?:10%Haveyouseenanydemonstrableshiftintheassetallocationoftheschemeoverthepast12months?:No

30. Co-Operative£5.40bnSchemename:Co-operativeGroupPension(AverageCareerEarnings)Scheme(‘Pace’)Howmanyschemesdoyouhave?1Address:PoBox53,NewCenturyHouse,ManchesterM604ESEmailaddress:[email protected]:08456023665Mobile:01618341212Fax:01618275244Typeofscheme:DefinedBenefit,DefinedBenefit(Care)-OpentoNewMembersWhatyearwasthisschemeestablished?:2006Whichassociationsistheschemeamemberof?:NAPFPensionfundmanager:HeadofPensions:GaryDewinAcii(Email:[email protected]),TechnicalServicesController:HelenWhitworth(Email:[email protected])Pensionfundsecretary:GaryDewinAcii(Email:[email protected])Contact:Phone:01618341212,Fax:01618275244,E-Mail:[email protected]:14Directors,7SocietyAppointedDirectors,4MemberElectedDirectors,2PensionerElected,1IndependentTrusteeCompany:14Directors,7SocietyAppointedDirectors,4MemberElectedDirectors,2PensionerElected,1IndependentPleasenametheInvestmentManagersanddetailthe%involved?:BarclaysGlobalInvestorsLtd.,Cantillon,Comguest,Co-OperativeAssetManagement(FormerleyCisInvestmentManagement)FidelityPensionsManagement,

Continued on page 24

Analysis


The past 12 months have proved to be another tumultuous year for pen-sion schemes as they battled volatile markets as well as demographic and funding pressures. While defined ben-efit schemes will always have to keep an eye on the size of their plan deficit the last year has proved particularly difficult.

This can best be demonstrated in BT’s recent announcement that it had agreed a 17-year recovery plan to tackle its massive £9bn pension scheme shortfall.

Considering the deficit previously stood at £3.4bn at the last valuation in December 2005 we can see that deficit issues will remain a major area of discussion for many schemes going forward.

As part of the survey we did ask our Top 100 schemes whether they had a deficit or a surplus and the results were perhaps unsurprising with the majority of schemes who provided an answer to the question reporting that their scheme had a funding deficit.

Dealing with scheme deficits?So what can schemes do to address their plan deficits? There are of course many issues that contribute to these black holes.

Changes in accounting practise can have a massive effect on the funding levels of a scheme as well as the increasing longevity of the scheme members.

Of course the performance of the markets will always be a major factor too and all of these issues need to be taken into consideration when tackling a funding deficit.

Of course many employers choose to plough more money into their schemes. For instance as part of their recovery plan BT announced it will make pay-ments of £525m to its scheme for the first three years with a payment of £583bn in the fourth year.

After that these payments will increase by 3% per annum. Other employers are also looking to increase the amount of contributions they pay

The Professional Pensions Top 100 Pension Schemes survey has produced some interesting results, as Helen Morrissey reports

The road ahead

into the scheme and are often asking their employees to make a similar effort.

We asked our Top 100 schemes whether they had increased employer and employee pension contributions to their schemes over the past 12 months. Of the 35 pension schemes who pro-vided a response 19 said they had looked to keep employer contributions at the same levels throughout 2009. Only three said they had decreased the level of employer contributions while 13 said they had increased the level of their contributions.

However, when you look at the employee contribution levels it looks like schemes have demonstrated a real degree of paternalism towards their

scheme members. Of the 34 schemes who provided a

response to the question only 7 had asked their employees to increase their levels of contributions while

one scheme had even decreased the level of contributions members were

These schemes have undergone intense pressure over the past 12 months and

many have had to take decisive action in order to safeguard the long-term health of

their schemes

Analysis


expected to pay. The remaining 26 had kept their member contribution levels at the same level as previous.

Asset allocationAnother area we looked to cover in the data was the issue of asset allocation. The difficult economic conditions have caused many schemes to reassess their investment outlook and have prompted many schemes to make changes to how their fund is invested. As a result we asked the Top 100 schemes whether they had seen any demonstrable shift in the asset allocation of their scheme over the past 12 months.

Of the 36 schemes who answered the question a total of 25 decided

to hold firm with their asset alloca-tion and said they had not seen any demonstrable changes to their asset allocation.

However, the remaining 11 said that they had taken the opportunity to review their scheme’s asset allocation over the past 12 months and had looked to make a variety of changes.

One scheme said they had looked to move away from equities and towards alternative assets while another scheme said it had looked to introduce new investment options in its DC scheme during 2009.

Another schemes said they had looked to decrease their equity alloca-tion in favour of a move into bonds while another scheme said they

had increased their private equity holding. It will be interesting to look at whether these strategies bear fruit for the schemes when we look at next year’s data.

So, as we bring another Top 100 pension scheme survey to a close we can see that the UK pensions industry stands at a crossroads. These schemes have undergone intense pressure over the past 12 months and many have had to take decisive action in order to safeguard the long-term health of their schemes. Whether these actions prove successful or not is something that won’t become apparent for some time but I look forward to assessing this when we research our next Top 100 supplement.

Analysis


Chart 1: Actuaries

Aon

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Chart 2: Auditors

Audi

t Com

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sion

Audi

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Del

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Aud

it Se

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Chart 3: Custodians

Nor

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Mel

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Asse

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JP M

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orld

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curit

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Serv

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bank

Bank

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Chart 4: Pension Fund Administrator

In-h

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JLT

Bene

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Hew

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AON

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35

Analysis


This data is gathered from the responses received from the pension schemes. Please note that not all of the pension schemes involved in the survey chose to answer these questions.

Chart 5: Investment Advisers

Mer

cer

Tow

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Wat

son

Hew

itt

Hym

ans

Rob

erts

on

Oth

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Chart 6: AVC Providers

Prud

entia

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Stan

dard

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Equi

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Cle

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Med

ical

Lega

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0

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Chart 7: Software

Axis

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Prof

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Civ

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Pens

erve

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Analysis


Once again Professional Pensions has undertaken its compre-hensive study into the make up and behaviour of the UK’s pension schemes and compiled a list of top 100. The research was carried out by Incisive Media’s research department who quizzed schemes across the UK on their vital statistics.

The research team sent an e-mail to the schemes asking for specific details – including capital value, type of scheme, membership, service providers, and investment managers.

The team then followed up with a phone call to those schemes who did not complete the questionnaire, or who had key pieces of data missing from their responses.

Professional Pensions must stress that the results in this sup-plement are based purely on the information schemes were willing to divulge. Despite the best efforts of the research team here at Incisive Media, some schemes were not willing to answer certain questions so certain data is therefore not recorded.

This year, PP asked schemes a new set of questions aimed at determining changing trends in pension provision and how schemes have responded to this. The areas cov-ered included:l The split between DB and DC assets; l Whether their DC scheme is trust or contract-based; l Who their DC provider is;l If they have considered any de-risking activity over the past year; l If they are planning any changes to the structure of their pension scheme over the next 12 months; l The challenges facing their scheme; l Whether they had increased or decreased contribution levels to their scheme.

The big playersAs before, the top three schemes in the UK were the Scottish Public Pensions Agency (SPPA), BT, and Universities Superannuation Scheme (USS), respectively.

However, it is interesting to note both SPPA and USS saw their capital values fall since last year, from £40.35bn to £37.7bn and £30.1bn to £28bn, respectively.

Meanwhile, the second placed BT scheme’s assets cur-rently stand at an increased £32.6bn – compared to £31.18bn last year. This comes despite the reported record breaking deficit of £9bn recently announced by BT.

Elsewhere however, the top 10 has undergone a few changes from the previous year.

One of the notable shifts is the Mineworkers Scheme, which has moved up to sixth position from ninth last year. Its capital value has increased to £19.2bn from £13.01bn last year.

Additionally, the Barclays UK Retirement Fund has edged its way into the top 10, occupying ninth position with a cap-ital value of £16bn – up from £9.55bn last year when it was in fifteenth position.

As a consequence of this, the National Grid scheme was nudged back to 12th position from 10th last year. The scheme’s assets under management also dipped to £11.05bn from £12.76bn in 2009.

Sebastian Cheek looks at the results of the top 100 pension schemes survey and finds there have been several significant changes since last year’s study

After the global storm

The combined capital value of the top 10 schemes this year was about £225bn compared with £221bn last year. This increase could be reflective of a number of things, namely the resurgence in markets over the latter half of 2009, or a shift in asset allocation which has yielded more growth for schemes.

DB and DCIt is no revelation that DC is slowly but surely stepping into DB’s well-worn shoes. This is evident in the number of high profile DB schemes that either closed or threatened closure last year because their balance sheets could no longer handle mounting deficits.

Fujitsu, Barclays and ITN, were just a few of the high profile companies hitting the headlines in 2009 because of changes to their DB schemes.

Analysis


But has this been reflected in the top 100? Well, a quick glance at the data reveals the vast majority of companies still run a defined benefit scheme. This is hardly surprising, but of these schemes, 15 were final salary schemes closed to new members, and 21 respondents also offer a DC arrange-ment for employees. Ten schemes offer a hybrid pension scheme to members.

Of those who responded to the survey with a DC scheme, 21 had a trust-based scheme and 10 offered a contract-based scheme. If current trends continue then the contract-based tally is likely to increase.

Administration PP also asked schemes about their administration habits – whether they administer in-house or outsource. Of those who divulged this information, 35 carried out their adminis-

tration in-house compared with 29 who outsourced.Although this split is reasonably balanced, it goes to show

the majority of schemes still choose to keep their adminis-tration in-house. This trend is usually driven by a number of factors, such as cost issues, familiarity with member data, and size of scheme.

On the flip side of the coin, schemes that choose to out-source do so because of the expertise they get from a third party. Cost and time saving issues also play a part in the decision to outsource administration.

The BP scheme was a forerunner when it outsourced its admin in the mid-1990s, but decided to bring it back in-house in 2004.

As a general rule, larger schemes have the resources to outsource, although of the top 10 schemes in this year’s top 100, four administer their schemes in-house, two outsource, and the others did not disclose their admin provider.



Fortress Partners Offshore Fund L.P., Ironbridge, J.O Hambro, LaSalle Investment Management, Lazard, Legal & General Investment Management, Marathon, Nomura, Western Asset Management Co. Please name all of your investment advisers: MercerWhich actuary(ies) do you use: Mercer Which auditor(s) do you use: KPMG Which pension fund administrator do you use?: In house Administration Which legal advisers do you use?: Linklaters Which custodian firm do you use?: BNY Mellon Asset Servicing, Citibank Inc Performance measurement: BNY Mellon Asset ServicingAVC provider: CIS Investment ManagementPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 13,838 Pensioners: 37,339 Deferred pensioners: 41,191Total members: 92368Annual contributions: £80,000,000Annual expenditure: £200,000,000Domestic equities: £382,000,000Corporate bonds: £1,129,500,000Hedge funds: £110,200,000Avcs: £41,300Other: £2,104,400,000. £40,000 In insuranceOverseas equities: £1,497,800,000Domestic fixed interest: £382,000,000Overseas fixed interest: N/ADomestic real estate: £382,000,000Overseas real estate: N/AHow many of your scheme trustees are MEMBER nominated?: 6 (4 Member Elected, 2 Pensioner Elected)How many of your scheme trustees are EMPLOYER nominated?: 8How many of your scheme trustees are INDEPENDENT?: 1

31. Unilever£5.06bnScheme name: Unilever UK Pension FundHow many schemes do you have? 1Address: Unilever House, Springfield Drive, Leatherhead, Surrey KT22 7GREmail address: [email protected]: 01372945675Switchboard: 01372945000Fax: 01372945840Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Closed to New Members Career Average – Open to New MembersWhat year was this scheme established?: 2000Which associations is the scheme a member of?: NAPF Pension fund manager: Head of Trustee Services: Andy Rowell (Email: [email protected]) Head of Corporate Pensions: Peter Zeggerchief Investment Officer: Wendy MayallPension fund secretary: Head of Trustee Services: Andy Rowell (Email: [email protected])Chairman of trustees: Liz AireyTrustee: David Jones, David Saunders, James Barnes, Jimmy Mcgovern, Mike Samuel, Richard Clark, Richard Furlong, Steve Cutting, Christine Appleby, Roger Bevan, George Maddock + 1 VacancyTrustee Company: Unilever UK Pension Fund Trustees Ltd.Trustee training provider: Trustee Training Provider: Hewitt (Seminars For Trustees) MercerPlease name the Investment Managers and detail the % involved?: Aberdeen Asset Managers

Ltd., Alliancebernstein Institutional Investments, fil Pensions Management Ltd, cb Richard Ellis Investors, Goldman Sachs Asset Management International, JPMmorgan Asset Management M&G, Lazard Asset Management Ltd., Newton Investment Management Ltd., Northern Trust Luxembourg, Pantheon Ventures Ltd., Prudential Please name all of your investment advisers: Hewitt Associates, MercerWhich actuary(ies) do you use: Hewitt Associates Which auditor(s) do you use: Pricewaterhousecoopers Which pension fund administrator do you use?: Hewitt AssociatesWhich legal advisers do you use?: Elvinger, Slaughter And May, Travers Smith, Schiff Hardin Llp, Cravath, Swaine & Moore Llp, Elvinger, Hoss & PrussenWhich custodian firm do you use?: Northern TrustPerformance measurement: Northern TrustAVC provider: The Standard Life Assurance Co. Zurich Assurance Ltd. FidelityPension related software: ProfundHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 6,899 Pensioners: 44,271 Deferred pensioners: 41,375Total members: 92,545Annual contributions: £343.9mAnnual investment income: £149.0mAnnual expenditure: 292.8mDomestic equities: £538.3mHedge funds: £257200000Avcs: £23300000Cash and deposits: £242800000Other: £14000000Overseas equities: £2,459.6mDomestic fixed interest: £538.3mOverseas fixed interest: £10.3mDomestic real estate: £538.3mOverseas real estate: 0Private equity: £280.7mIndex linked gilts: £13000000Overseas index linked gilts: 0What are the current employer contribution rates to your scheme?: Fs = 24.1% Less Member Contribution Career Average = 20.5% Less Member Contribution Final Salary = 7% Via Salary Sacrifice career Average = 5% Via Salary SacrificeWhat are the current member contribution rates to your scheme?: Final Salary = 7% Via Salary Sacrifice career Average = 5% Via Salary Sacrifice How many of your scheme trustees are MEMBER nominated?: 6How many of your scheme trustees are EMPLOYER nominated?: 7How many of your scheme trustees are INDEPENDENT?: 1Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

32. E.On UK Plc£4.93bnScheme name: Group of the Electricity Supply Pension SchemeHow many schemes do you have? 3Address: Westwood Way, Westwood Business Park, Coventry CV4 8LGEmail address: [email protected]: 02476182033Type of scheme: Defined Benefit, Defined Contribution, Defined Benefit (Final Salary)If you have a DC scheme is it contract or trust based?: Contract-BasedTotal assets

DB: £4.93bnWhat year was this scheme established?: 1983 (Esps)Which associations is the scheme a member of?: NAPF Pension fund manager: Steve RussellPension scheme administrator: Electricity Pensions Administration LtdPension fund secretary: Steve RussellContact: Steve Russell 02476183868Chairman of trustees: Graham BartlettTrustee: E.On Uk Trustees LtdTrustee Company: E.On Uk Trustees Ltd.Please name the Investment Managers and detail the % involved?: Aberdeen Asset Managers Ltd. (Esps), Blackrock Investment Management (UK) Ltd., Jupiter Asset Management Ltd, Western Asset Management Co.Ltd., Insight Investment Managers, Baillie Gifford, Legal & General, Longview & PartnersPlease name all of your investment advisers: Hewitt AssociatesWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?: Electricity Pensions Administration LtdWhich legal advisers do you use?: DLA Piper Which custodian firm do you use?: BNY Mellon Asset ServicingPerformance measurement: BNY Mellon Asset ServicingAVC provider: Standard LifePension related software: Sage 200How many total employees does the sponsoring employer have in the UK?: 10,000 to 100 000How many total pension employees do you have?: 6 to 10How many members do you have that are: Employee members: 11,000 Pensioners: 29,700 Deferred pensioners: 10,800Total members: 51,500Annual contributions: £158mAnnual expenditure: £310mWhat are the current employer contribution rates to your scheme?: 23.7% What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 7How many of your scheme trustees are EMPLOYER nominated?: 5How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: Market movements

33. Prudential Plc£4.90bnScheme name: Prudential Plc Defined Benefit SchemeHow many schemes do you have? 1Address: 3 Sheldon Square, London W2 6PREmail address: [email protected]: 02071502018Fax: 02071502101Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Closed to New MembersTotal assetsDB: £4900mDC: £50mWhat year was this scheme established?: 1918



Which associations is the scheme a member of?: NAPF, AbiPension fund manager: Head Of Staff Pensions: Andrew J.Parncutt Fpmi (Email: [email protected])Pension scheme administrator: JLTPension fund secretary: Prudential Group SecretariatContact: 020 7548 2919Chairman of trustees: Michael Abrahams Cbe DlTrustee Company: Prudential Staff Pensions Ltd.Trustee training provider: Aon ConsultingPlease name the Investment Managers and detail the % involved?: Artemis 2.3%, M&G Pooled 2.2%, Marathon 2.4%, M&G 42.9%, Bgi 21%, Rogge 5.2%, Putnam 9.8%, JPMorgan 6.9%, Ppim 6.0%, Silverfleet 1.3%Please name all of your investment advisers: Towers WatsonWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: KPMG Which pension fund administrator do you use?: Prudential, Jardine Lloyd Thomson Benefit SolutionsWhich legal advisers do you use?: Mayer Brown International Which custodian firm do you use?: JPMorgan Worldwide Securites Services Performance measurement: JPMorganAVC provider: PrudentialPension related software: OpenHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 2 to 5How many members do you have that are: Employee members: 1,200 Pensioners: 17,623 Deferred pensioners: 23,146Total members: 41,969Annual contributions: £84mAnnual investment income: £260mAnnual expenditure: £443mDomestic equities: 12.4%Corporate bonds: 10%Cash and deposits: 21%Other: 4.9%Overseas equities: 4.4%Domestic fixed interest: 12.4%Domestic real estate: 12.4%Private equity: 1.3%What are the current employer contribution rates to your scheme?: £75m P.A. Reducing to £50m P.A.How has this changed in the last 12 months? Employer contribution: DecreaseHow many of your scheme trustees are MEMBER nominated?: 40%How many of your scheme trustees are EMPLOYER nominated?: 60%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: Increase in bonds/reduction in equities

34. Transport for London£4.61bnScheme name: TfL Pension FundHow many schemes do you have? 1Address: 4th Floor, Wing-Over-Station, 55 Broadway, London SW1H 0BDEmail address: [email protected]: 02079182906Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersIf you have a DC scheme is it contract or trust based?: Trust-BasedTotal assetsDB: £4.61bnWhat year was this scheme established?: 1989Which associations is the scheme a member of?: NAPF

Pension fund manager: Pensions Manager: Tim Handley (Email: [email protected])Pension fund secretary: Stephen FieldContact: Samantha LeeChairman of trustees: Maria AntoniouTrustee: C.Miller, G.Duffy, Hugh Hood, J.GodboldJ.Hamilton, J.Hart, J.Timbrell, M.Ainsworth, M.Swiggs, Nicola Belben, P.Sikorski, P.Worthington, S.Grant, Steve Allen, T.RobsonT.ScanlonTrustee Company: Tfl Trustee Co.Ltd.Trustee training provider: Towers Watson, Mercer, Buck ConsultingPlease name the Investment Managers and detail the % involved?: Alliancebernstein Institutional Investments (11%), Baillie Gifford & Co. (11%), Barclays Global Investors Ltd. (49%), Bridgewater Associates (2.5%), Goldman Sachs Asset Management International (20%), Nomura Asset Management U.K. Limited (6.5%) Which actuary(ies) do you use: Towers Watson Which auditor(s) do you use: KPMGWhich pension fund administrator do you use?: In house Administration Which legal advisers do you use?: Sackers Which custodian firm do you use?: JPMorgan Worldwide Securities Services Performance measurement: Mellon Analytical Solutions (Mas)AVC provider: Clerical Medical Investment Group Ltd., The Equitable Life Assurance Society, The Standard Life Assurance Co.Pension related software: Xafinity Claybrook (Compendia)How many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 24,360 Pensioners: 30,474 Deferred pensioners: 18,681Total members: 73,515Avcs: £32341000How many of your scheme trustees are MEMBER nominated?: 50How many of your scheme trustees are EMPLOYER nominated?: 50How many of your scheme trustees are INDEPENDENT?: 0

35. IBM United Kingdom Pensions Trust Ltd.£4.30bnScheme name: IBM Pension Plan/IBM It Solutions Pension SchemeHow many schemes do you have? More Than 5Address: Po Box 41, North Harbour, PortsmouthPO6 3AUEmail address: [email protected]: 02392561000Type of scheme: Defined Benefit,Defined Contribution,HybridIf you have a DC scheme is it contract or trust based?: Trust- BasedTotal assetsDB: £4,300mDC: £500mWhat year was this scheme established?: 1957 (DB), 1997 (DC)Which associations is the scheme a member of?: NAPF Pension fund secretary: Pension Trust Manager & Co.Secretary: David M.Newman (Email: [email protected]), Senior Pensions Specialist: Adrian Furnell (Email: [email protected]), Finance Manager: Brian Williams (Email: [email protected])

Chairman of trustees: James S.LambTrustee: D.Gamble, G.Spittle, G.Wilson, H.D.Mitchell, J.J.Greene, L.S.Kannengieser, M.Butcher, R.Bridges, S.D.Wilson, J.Ferrar, J.L. De GandtTrustee Company: IBM United Kingdom Pensions Trust Ltd.Please name the Investment Managers and detail the % involved?: Blackrock Investment Management (UK) Ltd. (Index Linked Fixed Interest £547m), Capital International Ltd. (Far East & Emerging Market Equities £313m), Cb Richard Ellis (Property £314m), The Equitable Life Assurance Society (Avcs £27m), Frank Russell Company Ltd. (Europe & Global Equities £602m), Friends Provident Plc (AVCs £39m), Insight Investment (UK Fixed Interest £297m), Legal & General Investment Management Ltd. (European Equities & Avcs £354m), Northern Trust Global Investments (Cash & Global Fixed Interest £507m), Pantheon Ventures Ltd. (Venture Capital £1m), Record Currency Management Ltd. (Currency Overlay £10m)’, Schroder Investment Management Ltd. (Japan Equities £188m), State Street Global Advisors United Kingdom Ltd. (US & UK Equities £1,907m), Western Asset Management Co.Ltd. (UK Fixed Interest £195m) Please name all of your investment advisers: Frank Russell Company Ltd, Towers WatsonWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: PricewaterhouseCoopersWhich legal advisers do you use?: Nabarro, Boodle Hatfield (Property) Which custodian firm do you use?: The Northern Trust Company Performance measurement: Northern TrustAVC provider: Friends Provident PlcLegal & General Investment Management Ltd.Pension related software: AxiseHow many members do you have that are: Pensioners: 11,410 Deferred pensioners: 14,079Total members: 25,489Annual contributions: £599000000Annual investment income: £132000000Annual expenditure: £195000000Domestic equities: £1276056000Avcs: £159507000 Overseas equities: £1967253000Domestic fixed interest: £1276056000Overseas fixed interest: £478521000Domestic real estate: £1276056000Index linked gilts: £584859000

36. Merseyside County Council£4.30bnScheme name: Merseyside Pension FundHow many schemes do you have? 1Address: Box 120, Castle Chambers, 43 Castle Street, Liverpool L69 2NWEmail address: [email protected]: 01512421309Switchboard: 01512273316Mobile: 01512421361Type of scheme: Defined BenefitWhich actuary(ies) do you use: Mercer

37. Civil Aviation Authority£4.25bnScheme name: Civil Aviation Authority Pension SchemeHow many schemes do you have? 1Address: 45-59 Kingsway, London WC2B 6TEEmail address: [email protected]: 02074536744Type of scheme: Defined Benefit What year was this scheme established?: 2001



Which associations is the scheme a member of?: NAPF Pension scheme administrator: Pensions Administration & Development Manager: Marion Johnstone (Edinburgh)Pension fund secretary: Investment Director: John Emly (Email: [email protected])General Manager, Pensions & Secretary: Nicholas John Perry Fca Fpmi (Email: [email protected])Chairman of trustees: Roger MountfordTrustee: Nigel Fotherby, Rupert Britt, Philip Jad(Employer Nominated), Tony Ma, Mark Leatherbarro, Kevin Dean, Tim Mandergillian MartinTrustee Company: Tony CowellTrustee training provider: Richard JacksonPlease name the Investment Managers and detail the % involved?: Alliancebernstein Institutional Investments, Axa Rosenberg Investment Management Ltd., Barclays Global Investors Ltd., Blackrock International Ltd., Blackrock Investment Management (Uk) Ltd., Capital International Ltd., Cb Richard Ellis Investors, Fidelity International, JPMorgan Asset Management, Legal & General Investment Management Ltd., Martin Currie Investment Management Ltd., Russell Investment Group, Vencap International Plc Please name all of your investment advisers: Frank Russell Company Ltd Which actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: Deloitte Which legal advisers do you use?: Reed Smith Richards Butler, The Secretary And Legal Adviser to The Civil Aviation Authority Which custodian firm do you use?: The Northern Trust Company, Northern Trust Performance measurement: Northern TrustAVC provider: FidelityPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many members do you have that are Employee members: 6,000 Pensioners: 7,000 Deferred pensioners: 2,400Total members: 15,400Annual contributions: £91mDomestic equities: £676.1mHedge funds: £137.2mAvcs: £11.2mCash and deposits: £20.5mOther: £91.2mOverseas equities: £769.5mDomestic fixed interest: £676.1mOverseas fixed interest: £330.1mDomestic real estate: £676.1mPrivate equity: £75mIndex linked gilts: £1997.7mWhat are the current employer contribution rates to your scheme?: 6 to 10% 6 to 10%What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: IncreaseMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 50%How many of your scheme trustees are EMPLOYER nominated?: 50%

38 Marks & Spencer Group £3.98bnScheme name: Marks & Spencer Defined Benefit SchemeHow many schemes do you have? 2Address: Waterside House, 35 North Wharf Road, London W2 1NWEmail address: [email protected]: 02087184970

Fax: 02087187721Type of scheme: Defined Benefit, Defined Contribution, Defined Benefit (Final Salary) - Closed to New MembersIf you have a DC scheme is it contract or trust based?: Trust- BasedWhat year was this scheme established?: 1975Which associations is the scheme a member of?: NAPF Pension fund manager: Head of Corporate Pensions & Secretary: Lynn Collins Deputy Head of Corporate Pensions: John WestgatePension scheme administrator: In HousePension fund secretary: Lynn CollinsChairman of trustees: Tony WatsonTrustee: Graham Oakley, David Eyre, Janet Birkin, Paul Friston, Sonja Greenwood, Andrea Myers, Nick Bullock, John Peachey, John WarehamRichard Wolff, Law DebentureTrustee Company: Marks & Spencer Pension Trust Ltd.Trustee training provider: In HousePlease name the Investment Managers and detail the % involved?: Alliancebernstein Institutional Investments, Barclays Global Investors Ltd., Cb Richard Ellis Investors, Henderson Global, Investors Insight Investment, Marathon Asset Management Llp, Carnegie Asset Management, State Street Bank & Trust Company, Newsmith Asset Management Llp, rogge Global Partners Plc, Wellington Management International, Ltd., Trilogy Please name all of your investment advisers: Towers WatsonWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: In house Administration, DC Solutions,Marks & Spencer Shared ServicesWhich legal advisers do you use?: Linklaters Which custodian firm do you use?: State Street Bank & Trust Company Performance measurement: Mellon Analytical Solutions (Mas)AVC provider: FidelityPension related software: Penserver (Claybrook)How many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 11 to 20How many members do you have that are: Employee members: 20,076 Pensioners: 45,918 Deferred pensioners: 56,930Total members: 122,924Annual contributions: £100477000Annual investment income: £183149000Annual expenditure: £217600000What is the FRS17/IAS19 surplus/deficit of your pension scheme sponsor company?: £152.2mWhat are the current employer contribution rates to your scheme?: 23.2% What are the current member contribution rates to your scheme?: 0% How has this changed in the last 12 months? Employer contribution: DecreaseMember contribution: DecreaseHow many of your scheme trustees are MEMBER nominated?: 42%How many of your scheme trustees are EMPLOYER nominated?: 42%How many of your scheme trustees are INDEPENDENT?: 16%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

39. Lloyds TSB Group Plc£3.89bnScheme name: Lloyds TSB Group Pension Scheme No.2

How many schemes do you have? 2Address: Pensions Department, Bank House, Wine Street, Bristol BS1 2ANEmail address: [email protected]: 01179233720Fax: 01179233738Trustee Company: Lloyds TSB Group Pension Scheme No.2Trustee training provider: In HousePlease name all of your investment advisers: Towers Watson Which actuary(ies) do you use: Towers Watson, Hewitt AssociatesWhich auditor(s) do you use: PricewaterhouseCoopers

40. BMW (UK) Holdings Ltd.£3.86bnScheme name: BMW (UK) Holdings Operations Pension SchemeHow many schemes do you have? 1Address: BMW (UK) Pensions, P.O.Box 10277, Redditch, Worcs. B97 4WAPhone: 01527587950Fax: 01527587952Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhat year was this scheme established?: Started 1975 Bl (Hourly Paid) Pension Scheme & 1976 Bl (Staff) Pension Scheme; Merged 1991 As Rover Group Pension Scheme; Name Changed to Bmw (Uk) Operations Pension Scheme In 2002Which associations is the scheme a member of?: NAPF, Prag Pension fund manager: Pensions Director: Chris Wood Apmi (Email: [email protected])Pension fund secretary: Secretary: K.L.Craddock Fcca ApmiTrustee Company: BMW (UK) Trustees Ltd.Please name the Investment Managers and detail the % involved?: Alliancebernstein Institutional Investments (Global Equity £235m), Barclays Global Investors Ltd. (Bonds £1,099m), Gmo UK Limited (Global Equity £117m), Insight Investment (Bonds £529m), Legal & General Investment Management Ltd. (Property £463m), Pimco Europe Ltd. (Bonds £533m), UBS Global Asset Management (Global Equity £665m)Please name all of your investment advisers: Hewitt Associates Which actuary(ies) do you use: Hewitt Associates Which auditor(s) do you use: KPMGWhich legal advisers do you use?: Lawrence Graham Which custodian firm do you use?: Barclays Global Investors Ltd, JPMorgan Worldwide Securities Services Performance measurement: Mellon Analytical Solutions (Mas)AVC provider: Invesco Perpetual, Prudential, The Equitable Life Assurance Society (Closed to New Entrants)Pension related software: ProfundHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 5,953 Pensioners: 61,831 Deferred pensioners: 22,277Total members: 90,061Annual contributions: £35465000Annual investment income: £74232000Annual expenditure: £187713000Domestic equities: £115842000Corporate bonds: £347526000Cash and deposits: £77228000Overseas equities: £888122000



Domestic fixed interest: £115842000Domestic real estate: £115842000Private equity: £38614000Index linked gilts: £1505946000 What is the FRS17/IAS19 surplus/deficit of your pension scheme sponsor company?: £283mWhat are the current employer contribution rates to your scheme?: 0.148% 0.047%What are the current member contribution rates to your scheme?: 0.047% How many of your scheme trustees are MEMBER nominated?: 7How many of your scheme trustees are EMPLOYER nominated?: 7

41. South Yorkshire Pensions Authority£3.72bnScheme name: South Yorkshire Pension FundAddress: 18 Regent Street, Barnsley, S.Yorkshire S70 2HGEmail address: [email protected]: 01226770770Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhich associations is the scheme a member of?: Lipff, FsaPension fund manager: Clerk & Treasurer: W.J.Wilkinson LPFA assistant Treasurer: David Wilkinson (Email: [email protected]) Fund Manager: John Hattersley (Email: [email protected])Chairman of trustees: Councillor A Sangar Please name the Investment Managers and detail the % involved?: UBS Global Asset Management (Bonds 6%), Western Asset Management Co.Ltd. (Bonds 6%), In-House (88%)Please name all of your investment advisers: S. Arkle, A.S.Hardy, N.MackinnonWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: Audit CommissionWhich legal advisers do you use?: Addleshaw Goddard, Burges Salmon, Pinsent Mason, Dundas And Wilson, South Yorkshire Joint SecretariatWhich custodian firm do you use?: HSBC Securities Services Performance measurement: The Wm CompanyAVC provider: Scottish Widows, Equitable Life Assurance Society, PrudentialPension related software: AxiseHow many members do you have that are: Employee members: 54,500 Pensioners: 33,250 Deferred pensioners: 30,100Total members: 117,850Annual contributions: £212000000Annual investment income: £109000000Annual expenditure: £173500000

42. Invensys Pensions£3.57bnScheme name: Invensys Pension SchemeHow many schemes do you have? 1Address: Higham House, New Bridge Street West, Newcastle Upon Tyne NE99 1TGEmail address: [email protected]: 01912061035Switchboard: 01912061020Fax: 01912061031Type of scheme: Defined Benefit What year was this scheme established?: 1988Which associations is the scheme a member of?: NAPF

Pension fund manager: Chief Executive Officer Mr Robin Claessens, [email protected] scheme administrator: Mike LeggettPension fund secretary: Mike LeggettContact: Mike Leggett 0191 206 1030Chairman of trustees: Kathleen O’Donovan, Eleanor Whitfield, Ian Fyfe, Keith Ireland, Martin Barkerer, Steve Mcdonnell, Tferristony Geoff GayferTrustee Company: Invensys Pension Trustee Ltd.Trustee training provider: Mike LeggettPlease name all of your investment advisers: PsolveWhich actuary(ies) do you use: Punter SouthallWhich auditor(s) do you use: Ernst & YoungWhich legal advisers do you use?: Norton Rose, dwf Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: BNY MellonAVC provider: PrudentialPension related software: BespokeHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many members do you have that are: Employee members: 1,127 Pensioners: 55,257 Deferred pensioners: 35,180Total members: 91,564Annual contributions: £50mHedge funds: £115140000What are the current employer contribution rates to your scheme?: 16 to 20% 11 to 15%What are the current member contribution rates to your scheme?: 11 to 15% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 5How many of your scheme trustees are EMPLOYER nominated?: 4How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

43. Tesco Plc£3.45bnScheme name: The Tesco Plc Pension SchemeHow many schemes do you have? 1Address: Tesco House, Maes-Y-Coed Road, Cardiff CF14 4TTEmail address: [email protected]: 01992647161Switchboard: 01992647000Type of scheme: Defined Benefit,Defined Contribution, Defined Benefit (Final Salary) - Closed to New Members, Defined Contribution (Money Purchase) - Closed to New Members, Defined Benefit (Care) - Open to New MembersWhich associations is the scheme a member of?: NAPF Pension fund manager: Ruston Smith (Email [email protected])Contact: 01992 647161Chairman of trustees: Rowley AgerTrustee Company: Tesco Pension Trustees Ltd.Trustee training provider: Trustee Training Provider: Towers WatsonPlease name the Investment Managers and detail the % involved?: Bridgewater Associates Inc, Bridgepoint Capital Ltd, City Of London Investment Management company Ltd, CVC Capital Partners Ltd, First State Investment Management Ltd, Harbourvest Partners Ltd, Rainier Investments Management Inc, Sankaty Advisors Llp, Taube Hodson Stonex Partners Llp, Tt International, Wyper Capital Management Lp. Please name all of your investment advisers: Hewitt Associates

Which actuary(ies) do you use: Towers Watson Which auditor(s) do you use: Pricewaterhousecoopers Which pension fund administrator do you use?:Which legal advisers do you use?: Berwin Leighton Paisner, Linklaters Which custodian firm do you use?: HSBC Securities Services, JPMorgan Worldwide Securities Services Performance measurement: Mellon Analytical Solutions (Mas)AVC provider: Prudential The Standard Life Assurance Co.How many total employees does the sponsoring employer have in the UK?: More Than 100,000How many total pension employees do you have?: 51 to 100How many members do you have that are: Employee members: 164,297 Pensioners: 30,387 Deferred pensioners: 73,635Total members: 268,319Annual contributions: £354,074,000Annual investment income: £76,356,000Annual expenditure: £2,179,000Domestic equities: £404,451,000Corporate bonds: £6,951,000Hedge funds: £119,618,000Cash and deposits: £126,041,000Other: £81,681,000Overseas equities: £1,087,830,000Domestic fixed interest: £404,451,000Domestic real estate: £404,451,000Overseas real estate: £323,869,000Private equity: £67,894,000Index linked gilts: £385,442,000What are the current employer contribution rates to your scheme?: 10.9% 4.75%What are the current member contribution rates to your scheme?: 4.75% How many of your scheme trustees are MEMBER nominated?: 3How many of your scheme trustees are EMPLOYER nominated?: 5How many of your scheme trustees are INDEPENDENT?: 1

44. Pensions Trust For Charities And Voluntary Orgs£3.44bnScheme name: The Pensions TrustHow many schemes do you have? 3Address: 4th Floor, 210 Borough High Street, London SE1 1JXEmail address: [email protected]: 01133942541Switchboard: 01132345500Fax: 01132345599Type of scheme: Hybrid - Open to New MembersWhat year was this scheme established?: 1946Which associations is the scheme a member of?: NAPF Pension fund manager: Stephen Nichols Apmi, Miod, Frsa (Email: [email protected])Pension scheme administrator: Richard K.Stroud Fpmi, Fpas (Email: [email protected])Head Of Compliance: Karen Parry Apmi (Email: [email protected]), Head Of Finance: Mark Rogerson (Email: [email protected] of trustees: John Alleston (Employer Nominated)Trustee: Employer Nominated Director: Stephen



Duckworth, Lynda Howe, Dennis Jones, Richard Marshall, Keith Nunn, Barry Smith, Clive Unitt, Member Nominated Director: Valerie Ching, Philip Edwards, Alan Herring, Alison Massie, Bruce Nelson, David Prince, Joe Robertson, Clare SmithTrustee Company: Verity Trustees Ltd.Trustee training provider: Trustee Training Provider: SBJ Benefit Consultants Ltd.Please name the Investment Managers and detail the % involved?: Barclays Global Investors Ltd. (Global Equities - Active 17.3%), Capital International Ltd. (Global Equities - Active 10.7%), Cb Richard Ellis Investors (UK Commercial Property 6.1%), F&C Asset Management Plc (UK Ethical Equities - Active 1.2%), Fidelity International (Pan-European Equities - Active 10.2), Legal & General Investment Management Ltd. (Global Equities And Uk Bonds - Passive 35.7), Morley Fund Management Ltd. (UK Bonds - Active & UK Money Market Active 15%), Standard Life Investment Ltd. (Global Bonds - Active 3.3%) Please name all of your investment advisers: Towers Watson, Mercer Which actuary(ies) do you use: HSBC Actuaries And Consultants Limited, Pension Fund Consultants:, SBJ Benefit Consultants LtdWhich auditor(s) do you use: KPMGWhich legal advisers do you use?: Linklaters, Mayer Brown International Llp, McGrigors, Linklaters Which custodian firm do you use?: The Northern Trust Company, Northern Trust Performance measurement: Northern TrustPension related software: Edis SoftwareHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: More than 100How many members do you have that are: Employee members: 54,959 Pensioners: 19,697 Deferred pensioners: 47,160Total members: 121,816Annual contributions: £235500000Annual investment income: £56400000Annual expenditure: £115300000Domestic equities: £295200000Cash and deposits: £76400000Other: £1895500000Overseas equities: £380500000Domestic fixed interest: £295200000Domestic real estate: £295200000Index linked gilts: £3100000

45. Zurich Financial Services£3.40bnScheme name: Zurich Financial Services UK Pension SchemeHow many schemes do you have? 2Address: The Grange, Bishops Cleeve, Cheltenham, Glos. GL52 8XXEmail address: [email protected]: 01242511227Fax: 08703330851Type of scheme: Defined Benefit,Defined Contribution, Defined Benefit (Final Salary) & Defined ContributionWhat year was this scheme established?: 1945 (Eagle Star, Allied Dunbar & Zurich Insurance Scheme Merged 2000)Which associations is the scheme a member of?: NAPF Pension fund manager: Head of UK Pensions: Gillian Mitchell Apmi (Email: [email protected])Pension scheme administrator: David Lidbury (Email:[email protected])Pension fund secretary: Secretary to The Trustees: Gwyneth Lloyd ApmiPensions Technical Manager: Mike ElstonChairman of trustees: Ian Stuart

Trustee: Director: Alan WoodBill Paton, Paul Colley, Edward Bacon, Chris Mccormack, Dave Hodges, Clive Gilchrist, Ian StuartTrustee Company: Zurich Financial Services Uk Pension Trustee Ltd.Please name the Investment Managers and detail the % involved?: Threadneedle Asset Management Ltd.Please name all of your investment advisers: Watson Wyatt Ltd. Which actuary(ies) do you use: Barnett Waddingham Which auditor(s) do you use: PricewaterhousecoopersWhich legal advisers do you use?: Simmons & Simmons Which custodian firm do you use?: JPMorgan Worldwide Securities ServicesPerformance measurement: Mellon Analytical Solutions (Mas)AVC provider: Threadneedle Asset Management Ltd.Pension related software: ProfundHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many members do you have that are: Employee members: 7,800 Pensioners: 7,800 Deferred pensioners: 22,200Total members: 37,800Annual contributions: £89000000Annual investment income: £120787000Annual expenditure: £11700000Domestic equities: £501000000Avcs: £12000000Cash and deposits: £60000000Overseas equities: £488000000Domestic fixed interest: £501000000Domestic real estate: £501000000Index linked gilts: £198000000How many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 4How many of your scheme trustees are INDEPENDENT?: 1

46. The Boots Company Plc£3.30bnScheme name: Boots Pension SchemeAddress: 1 Thane Road, Nottingham NG2 3AAEmail address: [email protected]: 01159594206Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersIf you have a DC scheme is it contract or trust based?: Contract-BasedWhat year was this scheme established?: 1955Which associations is the scheme a member of?: NAPF Head of Pensions & Secretary: Clive Weston Fcis Fcib Apmi FpmiChairman of trustees: R. OppenheimTrustee: A.J Andrews, D.C.G. Foster, I.A.Hawtin, K.Murphy, P.G.Dunne, A.Potter, J.Sahota, G.R.SolwayTrustee Company: Boots Pensions Ltd.Please name the Investment Managers and detail the % involved?: Legal & General Investment Management Ltd. Please name all of your investment advisers: Hewitt Associates Which actuary(ies) do you use: Hewitt Associates Which auditor(s) do you use: KPMG Which legal advisers do you use?: Slaughter and May, Sacker & Partners Llp Which custodian firm do you use?: HSBC Securities Services AVC provider: Aegon Scottish Equitable PlcPension related software: Ps PensionsHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000

How many total pension employees do you have?: 11 to 20How many members do you have that are: Employee members: 14,781 Pensioners: 24,330 Deferred pensioners: 27,603Total members: 66,714Annual contributions: £106mAnnual investment income: £132mAnnual expenditure: £129mDomestic equities: £143.98mCorporate bonds: £2,771mAvcs: £17.1mCash and deposits: £34.3mOther: £43.8mOverseas equities: £157.83mDomestic fixed interest: £143.98mDomestic real estate: £143.98mWhat are the current employer contribution rates to your scheme?: 0.228% What are the current member contribution rates to your scheme?: 0.08% How many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 5How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

47. London Pensions Fund Authority£3.24bnScheme name: London Pension Fund Authority Pension FundHow many schemes do you have? 1Address: Dexter House, 2 Royal Mint Court, London EC3N 4LPEmail address: [email protected]: 02073696001Mobile: 02073696000Fax: 02073696111Type of scheme: Defined Benefit, Defined Benefit (Final Salary)What year was this scheme established?: 1989Which associations is the scheme a member of?: LGPSPension fund manager: Board Chairman: Anthony MayerChief Executive: Mike TaylorInvestment Director: Vanessa JamesDirector Of New Business: Jeff HoustonPension scheme administrator: In-HousePension fund secretary: Mike TaylorContact: 020 7369 6070 Kulsum KaneezChairman of trustees: (Board Chairman) Anthony MayerTrustee: 11 Board MembersTrustee Company: Board Of The London Pensions Fund AuthorityTrustee training provider: 11 Board MembersPlease name the Investment Managers and detail the % involved?: Barclays Global Investors Ltd., Blackrock Investment Management (Uk) Ltd., Goldman Sachs Asset Management International, European Credit Management Ltd., Insight Investment, Legal & General Investment Management Ltd., Mfs Investment Management, Newton Investment Management Ltd., Record Currency Management Ltd., Ubs Global Asset Management Please name all of your investment advisers: Peter Moon, David Rough Which actuary(ies) do you use: Barnett Waddingham Which auditor(s) do you use: Audit Commission, Pwc (Internal) & Audit Commission (External)



Which pension fund administrator do you use?: In house AdministrationWhich legal advisers do you use?: Eversheds, Nabarro Which custodian firm do you use?: JPMorgan Worldwide Securites ServicesInsured with: Insured With: Zurich MunicipalPerformance measurement: JPMorgan (Worldwide Securities Services)AVC provider: PrudentialPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 51 to 250How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 19,635 Pensioners: 33,737 Deferred pensioners: 23,543Total members: 76,915Annual contributions: £189000000Annual investment income: £119000000Annual expenditure: £261000000Domestic equities: £468000000Overseas equities: £1584000000Domestic fixed interest: £468000000Overseas fixed interest: £576000000Domestic real estate: £468000000Private equity: £144000000What are the current employer contribution rates to your scheme?: VariousWhat are the current member contribution rates to your scheme?: Various

48. Mmc UK£3.21bnScheme name: Mmc UK Pension FundHow many schemes do you have? 1Address: 1 Tower Place West, Tower Place, London EC3R 5BUEmail address: [email protected]: 02073571000Switchboard: 02073571993Type of scheme: Hybrid, Trust-BasedWhat year was this scheme established?: 1957Which associations is the scheme a member of?: NAPF Pension fund manager: Pensions Director: Ann Harrison (Email: [email protected])Pension fund secretary: Dan Weatherly (Email: [email protected])Contact: 0845 6000293, [email protected] of trustees: Director Of Corporate Trustee: Peter Felton (Chairman)Trustee: Mmc Uk Pension Fund Trustee LimitedPlease name the Investment Managers and detail the % involved?: Aberdeen Fund Managers Limited, Aegon Asset Management Uk, Alliancebernstein Limited, Harbourvest Partners Llc, Hg Capital Investment Managers Limited, Insight Investment Management (Global) Limited, Legal & General Assurance (Pensions Management) Limited, Marathon Asset Management Limited, Martin Currie Investment Management Limited, Mercer Limited, Northern Trust Global Cash Funds Plc, Northern Trust Global Investment Limited, Pantheon Ventures Limited, Putnam Investments Limited, Standard Life Investments Limited, Stone Point Capital Llc, Ubs Global Asset Management (Uk) LimitedPlease name all of your investment advisers: MercerWhich auditor(s) do you use: DeloitteWhich pension fund administrator do you use?: MercerWhich legal advisers do you use?: Linklaters, Stewart Law & Nabarros Which custodian firm do you use?: The Northern Trust Company Performance measurement: Mercer

AVC provider: FidelityHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 2 to 5How many members do you have that are: Employee members: 5,975 Pensioners: 6,195 Deferred pensioners: 16,428Total members: 28,598

49. Diageo Plc£3.13bnScheme name: Diageo Pension SchemeHow many schemes do you have? 4Address: Edinburgh Park, 5 Lochside Way, Edinburgh EH12 9DTEmail address: [email protected]: 01315192163Type of scheme: Defined Benefit, Defined Benefit (Final Salary)Total assets DB: £3.13bnWhat year was this scheme established?: 1st April 1999 Formed From The Merger Of Gud Pension Trust And The Grandmet Group Pension FundWhich associations is the scheme a member of?: NAPF Pension fund manager: Head of Pensions: Nicole Graham (Email: [email protected])Pension Investment Governance Manager: John Watson (Email: [email protected])Chairman of trustees: Gareth WilliamsTrustee: Catherine James, Charles Coase, Gareth Williams, Graham Logie, Ian Shaw, Robin Brockwitz, Roderick Sivewright: Caroline Isaacs: David Tennant: Elizabeth Paxton: Anna ManzTrustee Company: Diageo Pension Trust Ltd.Please name the Investment Managers and detail the % involved?: Barclays Global Investors Ltd, Marathon Asset Management Llp, Newsmith Asset Management Llp, Pantheon Ventures Ltd, Wellington Management International, Ltd., Western Asset Management Co.Ltd, Alliance Bernstein Ltd, Cbre Collective Investors Ltd, Cordea Savilles Llp, Glg Partners Llp, Henderson Global Investors Ltd, Investec Assett Management, Millenium Global Investments Ltd, Record Currency Management Ltd: Please name all of your investment advisers: Hymans Robertson LlpWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: KPMGWhich legal advisers do you use?: Linklaters, Which custodian firm do you use?: The Northern Trust Company Performance measurement: Northern TrustAVC provider: PrudentialPension related software: AxiseHow many members do you have that are: Employee members: 4,138 Pensioners: 29,553 Deferred pensioners: 28,106Total members: 61,797Annual contributions: £57,000,000Annual investment income: £104,411,000Annual expenditure: £169,315,000

50. South Tyneside Metropolitan Borough Council£3.10bnScheme name: Tyne & Wear Pension FundHow many schemes do you have? 1Address: Hebburn Civic Centre, Campbell Park Road, Hebburn, Tyne & Wear NE31 2SWEmail address: [email protected]

Phone: 01914244040Fax: 01914838660Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhich associations is the scheme a member of?: NAPF Pension fund manager: Assistant Head of Pensions (Benefits): Dave Smith Head of Pensions: Stephen Moore Assistant Head of Pensions (Investments): Ian BainbridgeChairman of trustees: E LeaskTrustee: G Elsom (Vice-Chair), B Brady, J Mckie, Tw Defty, Gh Finch, J Perry, O Puncheon, Jj Mearns (Gateshead), B Goldsworthy (Gateshead – Sub), D Slesenger (Newcastle), B Renton (Newcastle – Sub), R Glindon (North Tyneside), C Gambling (North Tyneside – Sub), T Wright (Sunderland), J Stephenson (Sunderland – Sub) Please name the Investment Managers and detail the % involved?: Barclays Global Investors Ltd. (Currency), Capital International Ltd. (Global Equities, Emerging Market Equities), Coller Capital Ltd., Aberdeen Property Investors (Property)Please name all of your investment advisers: Hymans Robertson LlpWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?:Which legal advisers do you use?: In-House, Which custodian firm do you use?: The Northern Trust Company Performance measurement: Portfolio Evaluation Ltd.AVC provider: PrudentialThe Equitable Life Assurance SocietyPension related software: Comino UpmHow many total pension employees do you have?: 51 to 100How many members do you have that are: Employee members: 50,008 Pensioners: 33,020 Deferred pensioners: 24,526Total members: 107,554Annual contributions: £279.499mAnnual investment income: £81.339mAnnual expenditure: £181.791mDomestic equities: £165413000Corporate bonds: Included Within Domestic And Overseas Fixed InterestHedge funds: 0Unit trusts: £1,525.993mAvcs: £8.229mCash and deposits: £51.689mOther: £19.302m, Infrastructure= £31.467mOverseas equities: £690.921mDomestic fixed interest: £165413000Overseas fixed interest: 0Domestic real estate: £165413000Overseas real estate: 0Private equity: £272.874mIndex linked gilts: £19.930mOverseas index linked gilts: 0Venture capital: 0How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: In Addition to The Voting Members There Are 3 Trades Union RepresentativesHow many of your scheme trustees are EMPLOYER nominated?: In Addition to The Voting Members There Are 3 Employer Representatives

51. Astra Zeneca UK Pension Fund£3.10bn



52. TRW Benefit Administration (UK)£3.00bnScheme name: TRW Pension SchemeHow many schemes do you have? 1Address: 2020 The Crescent, Birmingham Business Park, Birmingham B37 7YEEmail address: [email protected]: 01213294103Fax: 01213294160Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersTotal assets DB: £3bnWhat year was this scheme established?: 1928Pension fund manager: Roy MiddletonPension scheme administrator: Trw Benefit AdministrationPension fund secretary: UK Pension Manager & Secretary: Roy Middleton (Email: [email protected])Trustee Company: Trw Pensions Trust Ltd.Please name the Investment Managers and detail the % involved?: Capital International Ltd. (Emerging Markets 1%), Western Asset Management Co.Ltd. (Corporate Bonds 3), Legal & General Investment Management Ltd. (Equity & Bonds Please name all of your investment advisers: Hymans Robertson LlpWhich actuary(ies) do you use: Hymans Robertson LlpWhich auditor(s) do you use: Ernst & YoungWhich legal advisers do you use?: Allen & Overy, Which custodian firm do you use?: ABN Amro Mellon Global Securities Services Performance measurement: ABN Amro Mellon Global Securities Services B.V.The Wm CompanyPension related software: RebusHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many members do you have that are: Employee members: 3,377 Pensioners: 37,281 Deferred pensioners: 17,018Total members: 57,676Annual contributions: £2515000Annual investment income: £112770000Annual expenditure: £168031000Domestic equities: £1451326200Corporate bonds: £141592800Cash and deposits: £70796400Overseas equities: £743362200Domestic fixed interest: £1451326200Domestic real estate: £1451326200Index linked gilts: £247787400What are the current employer contribution rates to your scheme?: Other 0.03%What are the current member contribution rates to your scheme?: 0.03% How many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 5

53. RWE npower Group£2.92bnScheme name: RWE npower Group Defined Benefit SchemeHow many schemes do you have? 2Address: Windmill Hill Business Park, Whitehill Way, Swindon SN5 6PBEmail address: [email protected]: 01793893469Fax: 01793894955Type of scheme: Defined Benefit,Defined

Contribution, Defined Benefit (Final Salary)Total assets DB: £2,929,100 DC: £3,200What year was this scheme established?: 1983Which associations is the scheme a member of?: EspfPension fund manager: Joy MoorePension scheme administrator: MNPAPension fund secretary: Robert Hamer (Hewitt)Chairman of trustees: Alan Robinson, John Coughlan, John Leggott, Tom Massey, Brian Clayton, Gawen Hodgson Martin Selby Jason Clark Joy MooreTrustee Company: RWE npowerPlease name the Investment Managers and detail the % involved?: Aqr Capital Management, Baillie Gifford & Co., Blackstone Alternative Asset Management, Insight Investment, Southeastern Asset Management, State Street Global Advisors United Kingdom Ltd., Western Asset Management Co.Ltd., Cbre Investment Please name all of your investment advisers: MercerWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?: MnpaWhich legal advisers do you use?: Pinsent Masons, Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: HSBC Securities LtdAVC provider: PrudentialHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 2 to 5How many members do you have that are: Employee members: 6,394 Pensioners: 23,979 Deferred pensioners: 6,949Total members: 37,322Annual contributions: £128,900Annual investment income: £87,000Annual expenditure: £237,700Corporate bonds: 18%Other: 0.133%What are the current employer contribution rates to your scheme?: 11 to 15% What are the current member contribution rates to your scheme?: 4 to 5% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 3How many of your scheme trustees are EMPLOYER nominated?: 3How many of your scheme trustees are INDEPENDENT?: 3Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

54. Lancashire County Council£2.90bnScheme name: The Lancashire County Pension FundHow many schemes do you have? 1Address: County Hall, Fishergate, PrestonPR1 0LDEmail address: [email protected]: 01772534827Switchboard: 01772534742Fax: 01772533948Type of scheme: Defined Benefit, Defined Benefit (Final Salary)Total assets DB: £2.9bnWhich associations is the scheme a member of?: NAPF

Pension fund manager: Mike Jensen = Head Of Pension FundPension scheme administrator: Pension Services Manager: Diane ListerPension fund secretary: Phil HalsallContact: Diane Lister, 01772534827Chairman of trustees: Cc David WestleyTrustee: The Pension Fund CommitteeTrustee Company: Trustees: Lancashire County CouncilPlease name the Investment Managers and detail the % involved?: Capital Dynamics (Private Equity £130,085,000), Gottex Asset Management (Hedge Fund Of Funds £660’000), Jpmorgan Asset Management (UK Equities £508208000), Legal & General Investment Management Ltd. (Multi-Asset £1898915000), Newton Investment Management Ltd. (Global Equities £506346000), Knight Frank Llp (Property £257507000), Ubs Global Asset Management (Bonds £436407000), , Please name all of your investment advisers: Mercer, Noel Mills, Eric LambertWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: Audit CommissionWhich pension fund administrator do you use?: In house Administration, OtherWhich legal advisers do you use?: In House, Which custodian firm do you use?: BNY Mellon Asset Servicing, ABN Amro Mellon Global Securities Services B.V. Performance measurement: Investment Property Databank Ltd., The Wm CompanyAVC provider: Prudential The Equitable Life Assurance SocietyPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: More than 100How many members do you have that are: Employee members: 53,000 Pensioners: 34,000 Deferred pensioners: 38,000Total members: 125,000What are the current employer contribution rates to your scheme?: 16 to 20%What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 2How many of your scheme trustees are EMPLOYER nominated?: N/AHow many of your scheme trustees are INDEPENDENT?: 0

55. Royal & SunAlliance£2.83bnScheme name: SAL Pension Scheme

56. Network Rail£2.80bnScheme name: Network Rail Section Of The Railways Pension SchemeHow many schemes do you have? 1Address: 40 Melton Street, London NW1 2EEPhone: 02075578539Type of scheme: Defined Benefit, Defined Benefit (Final Salary)What year was this scheme established?: 1994Which associations is the scheme a member of?: NAPF Pension fund secretary: Susan AdeaneChairman of trustees: James Jerram



Trustee Company: Railway Pension Trustee Company Ltd.Please name the Investment Managers and detail the % involved?: RpmiPlease name all of your investment advisers: RpmiWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: DeloitteWhich pension fund administrator do you use?: RpmiWhich legal advisers do you use?: Freshfields Bruckhaus Deringer How many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 2 to 5How many members do you have that are: Employee members: 24,117 Pensioners: 6,300 Deferred pensioners: 8,161Total members: 38,578Annual contributions: £115.4mAnnual investment income: £0.2mAnnual expenditure: £93.0mDomestic equities: £237.5mHedge funds: £17.2mOverseas equities: £728.9mDomestic fixed interest: £237.5mOverseas fixed interest: £671.4mDomestic real estate: £237.5mPrivate equity: £1.9mIndex linked gilts: £14.6m

57. British Energy Plc£2.80bnScheme name: British Energy Generation Group of ESPSHow many schemes do you have? 2Address: Systems House, Alba Campus, Livingston, West Lothian EH54 7EGEmail address: [email protected]: 01452652222Switchboard: 01506408783Type of scheme: Defined Benefit Total assets DB: £2,800,000,000What year was this scheme established?: 1960Which associations is the scheme a member of?: NAPF Pension fund manager: Graeme RobertsonPension scheme administrator: Hewitt AssociatesPension fund secretary: Graeme RobertsonContact: Graeme Robertson 01355 846 158Chairman of trustees: John McgregorTrustee training provider: Hewitt Associates, MercerPlease name all of your investment advisers: MercerWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: PricewaterhouseCoopersWhich pension fund administrator do you use?: Hewitt AssociatesWhich legal advisers do you use?: Clifford Chance, Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: BNY MellonHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 2 to 5How many members do you have that are: Employee members: 6,000 Pensioners: 8,000 Deferred pensioners: 2,000Total members: 16,000What are the current employer contribution rates to your scheme?: 27.3% 4 to 5%What are the current member contribution rates to your scheme?: 4 to 5% How has this changed in the last 12 months?

Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 6How many of your scheme trustees are EMPLOYER nominated?: 4How many of your scheme trustees are INDEPENDENT?: 1Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

58. MNOPF Trustees Ltd£2.70bnScheme name: Merchant Navy Officers Pension Fund Or MNOPF For Short.How many schemes do you have? 1Address: Ashcombe House, The Crescent, Leatherhead, Surrey KT22 8LQEmail address: [email protected]: 01372200904Switchboard: 01372200400Fax: 01372362116Type of scheme: Defined Benefit, Defined Benefit (Care)What year was this scheme established?: 1978Which associations is the scheme a member of?: NAPF Pension fund manager: Linda CorbettPension scheme administrator: MNPA LtdPension fund secretary: MNPA LtdContact: Switch Board Number: 01372 200900, 01372 200920: Fax NumberChairman of trustees: Pg McewenTrustee: MNOPF Trustees LtdTrustee Company: MNOPF Trustees LtdPlease name all of your investment advisers:Which actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: DeloitteWhich pension fund administrator do you use?: MNPA LtdWhich legal advisers do you use?: Baker and McKenzie Performance measurement: Wm CompanyAVC provider: The Equitable Life AssurancePension related software: CivicaHow many total employees does the sponsoring employer have in the UK?: Less Than 25How many total pension employees do you have?: 11 to 20How many members do you have that are: Employee members: 1,425 Pensioners:24,824 Deferred pensioners: 27,243Total members: 53,492Annual investment income: £96,600,000

59. Sainsbury Plc£2.61bnScheme name: J.Sainsbury Pension & Death Benefit SchemeHow many schemes do you have? 1Address: 4th Floor, Norwich House, 9-11 Streatham High Road, London SW16 1DUEmail address: [email protected]: 02076958728Type of scheme: Defined Benefit Total assetsDB: £2,619,641,000What year was this scheme established?: 1934Which associations is the scheme a member of?: NAPF, Pensions Investment ForumPension fund manager: Head of Pensions: David BrennanDeputy Head Of Pensions: Bronwen Jones, [email protected]

Contact: 020 7696 8502, Wendy DavisChairman of trustees: John AdsheadTrustee: Hamish Elvidge, Helen Webb, Keith Bowden, Paul Bryan, Robert Connelly, Bestrustees Plc, The Law Debenture Pension Trust Corporation PlcTrustee Company: J.Sainsbury Trustees Ltd.Please name the Investment Managers and detail the % involved?: Aberdeen Asset Managers, Adams Street Partners, Barclays Global Investors, Essemplia, Financial Risk Management, Fx Concepts, Goldman Sachs Asset Management International, Harbourvest Partners (UK), Lafayette Investment Management (UK), Northern Trust Company, Partners Group, Pimco, Record Curreny Management, Russell Implementation Services, State Street Global Advisors UK. Please name all of your investment advisers: Russell InvestmentsWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: Horwath Clark WhitehillWhich legal advisers do you use?: Denton Wilde Sapte, Eversheds Which custodian firm do you use?: The Northern Trust Company How many total employees does the sponsoring employer have in the UK?: More than 100 000How many members do you have that are: Employee members: 18,745 Pensioners: 22,767 Deferred pensioners: 43,996Total members: 85,508Annual contributions: £95,374,000Annual expenditure: £111,024,000How many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 5How many of your scheme trustees are INDEPENDENT?: 0

60. Kent County Council£2.48bnScheme name: Kent County Council Superannuation FundHow many schemes do you have? 1Address: County Hall, Maidstone, Kent ME14 1XQEmail address: [email protected]: 01622671411Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersTotal assetsDB: £2,489,098,000What year was this scheme established?: 1922Which associations is the scheme a member of?: LGPSPension fund manager: Pension Fund and Financial Services Manager: Nick VickersPension scheme administrator: Pat LuscombePension fund secretary: Finance Director: Lynda McmullanChairman of trustees: James ScholesPlease name the Investment Managers and detail the % involved?: Alliance Bernstein 9.1%, Baillie Gifford 16.8%, Dtz 9.4%, Gmo 6.7%, Goldman Sachs 9.7%, Henderson 0.4%, Invesco 12.2%, Schroders 28.4%, Statestreet Global Advisors 5.8% Please name all of your investment advisers: Hymans Robertson LlpWhich actuary(ies) do you use: Barnett WaddinghamWhich auditor(s) do you use: Audit CommissionWhich pension fund administrator do you use?: In house AdministrationWhich legal advisers do you use?: Kcc Legal Services, Which custodian firm do you use?: JPMorgan Worldwide Securites Services Performance measurement: Investment Property



Databank Ltd., The Wm CompanyAVC provider: PrudentialThe Equitable Life Assurance SocietyThe Standard Life Assurance Co.Pension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 43,385 Pensioners: 27,898 Deferred pensioners: 26,607Total members: 97,890Annual contributions: £218955000Annual investment income: £81807000Annual expenditure: £164558000Domestic equities: £332331000Unit trusts: £490539000Cash and deposits: £45159000Overseas equities: £439050000Domestic fixed interest: £332331000Overseas fixed interest: £20129000Domestic real estate: £332331000Overseas real estate: £23485000Private equity: £9360000What are the current employer contribution rates to your scheme?: 23.1% What are the current member contribution rates to your scheme?: 5.5-7.5% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: KCC is the designated statutory body responsible for administering Kent pension fund part of the local government pension scheme. The administering authorities are delegated to the superannuation fund committee. The Committee Consists Of: 8 County Councillors, 3 District Councillors Nominated By 12 District Councils (All With Full Voting Rights), 1 Medway Council Rep, 1 Trade Union Rep Nominated By Unison, 1 Staff Rep, And 2 Pensioner Reps Nominated By Kent Active Retirement Fellowship.How many of your scheme trustees are EMPLOYER nominated?: KCC Is The Designated Statutory Body Responsible For Administering Kent Pension Fund Part Of The Local Government Pension Scheme. The Administering Authorities Are delegated to The Superannuation Fund Committee. The Committee Consists Of: 8 County Councillors, 3 District Councillors Nominated By 12 District Councils (All With Full Voting Rights), 1 Medway Council Rep, 1 Trade Union Rep Nominated By Unison, 1 Staff Rep, And 2 Pensioner Reps Nominated By Kent Active Retirement Fellowship.How many of your scheme trustees are INDEPENDENT?: KCC Is The Designated Statutory Body Responsible For Administering Kent Pension Fund Part Of The Local Government Pension Scheme. The Administering Authorities Are Delagated to The Superannuation Fund Committee. The Committee Consists Of: 8 County Councillors, 3 District Councillors Nominated By 12 District Councils (All With Full Voting Rights), 1 Medway Council Rep, 1 Trade Union Rep Nominated By Unison, 1 Staff Rep, And 2 Pensioner Reps Nominated By Kent Active Retirement Fellowship.Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

61. Nottinghamshire County Council£2.47bnScheme name: Nottinghamshire County Council

Pension FundHow many schemes do you have? 5Address: County Hall, West Bridgford, Nottingham NG2 7QPPhone: 01159823823Fax: 01159455280Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhat year was this scheme established?: 1974Which associations is the scheme a member of?: NAPF, LipffPension fund manager: Ayub MamoojeePension scheme administrator: Ayub Mamoojee, Jeff NashPension fund secretary: Deputy Superannuation Officer: John FairbanksInvestments Manager: John PearsonContact: Ayub [email protected] of trustees: Councillor Michael CoxPlease name the Investment Managers and detail the % involved?: John Pearson Investments Manager Which auditor(s) do you use: District Audit ServiceWhich legal advisers do you use?: Freeth Cartwright Which custodian firm do you use?: State Street Bank & Trust Company AVC provider: PrudentialScottish Widows Pension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many members do you have that are: Employee members: 41,000 Pensioners: 21,000 Deferred pensioners: 28,646Total members: 90,646What are the current employer contribution rates to your scheme?: VariousWhat are the current member contribution rates to your scheme?: Varied How has this changed in the last 12 months? Employer contribution: DecreaseMember contribution: Same

62. Northern Ireland Local Government Officers’ Superannuation Committee£2.47bnScheme name: Northern Ireland Local Government Officers Superannuation FundHow many schemes do you have? 1Address: Templeton House, 411 Holywood Road, Belfast BT4 2LPEmail address: [email protected]: 0845 308 7345Website: www.nilgosc.org.ukType of scheme: Defined Benefit Total assets DB: £2.474bnWhat year was this scheme established?: 1950Which associations is the scheme a member of?: NAPF, LIPFFPension scheme administrator: Zena KeePension fund secretary: Deane Morrice MBE, FCCA, Dip ComContact: [email protected] of trustees: Trevor Salmon, OBEPlease name the Investment Managers and detail the % involved?: Legal and General (47%), Baillie Gifford (14%), Wellington Management (11%), Aberdeen Asset Management (10%), BlackRock Investment Management (6%) Please name all of your investment advisers: Hewitt AssociatesWhich actuary(ies) do you use: Hymans RobertsonWhich auditor(s) do you use: Local Government Auditor; ASM Horwath

Which pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: Travers Smith, Which custodian firm do you use?: HSBC Securities Services Performance measurement: HSBC Actuaries & ConsultantsProperty advisers: La Salle Investment ManagementAVC provider: PrudentialPension related software: AXISeHow many total employees does the sponsoring employer have in the UK?: 10,001-100,000How many total pension employees do you have?: 21-50How many members do you have that are: Employee members: 43,280 Pensioners: 23,483 Deferred pensioners: 15,953Total members: 82,716Annual contributions: £163856000Annual investment income: £48536000Annual expenditure: £133776000Domestic equities: £509675000.00Unit trusts: £1174425000.00Avcs: £13200000.00Cash and deposits: £31539000.00Other: £4126000.00Overseas equities: £355629000.00Domestic fixed interest: £509675000.00Overseas fixed interest: £29609000.00Domestic real estate: £509675000.00What is the FRS17/IAS19 surplus/deficit of your pension scheme sponsor company?: £1.007bn deficitWhat are the current employer contribution rates to your scheme?: 16-20%5.25% Manual Workers; Between 5.5% and 7.5% Non Manual staff based on whole time pay rate for their jobWhat are the current member contribution rates to your scheme?: 5.25% Manual Workers; Between 5.5% and 7.5% Non Manual staff based on whole time pay rate for their job How has this changed in the last 12 months? Employer contribution: IncreasedMember contribution: Stayed the sameHow many of your scheme trustees are MEMBER nominated?: 26-50%How many of your scheme trustees are EMPLOYER nominated?: 26-50%How many of your scheme trustees are INDEPENDENT?: 1-25%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

63. Firstgroup Plc£2.40bnScheme name: Firstgroup Pension Schemes (2 Occupational Bus Schemes, 6 Rail Scheme Sections, 6 LGPS Schemes)How many schemes do you have? More Than 5Address: 395 King Street, Aberdeen, Aberdeenshire AB24 5RPEmail address: [email protected]: 07850248210Switchboard: 01224650100Mobile: 01224650129Fax: 01224650085Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New Members, Defined Benefit (Care) - Open to New MembersTotal assetsDB: £2.4bn In UK, Worldwide £2.9bnWhat year was this scheme established?: 2004Which associations is the scheme a member of?: NAPF Pension fund manager: Group Pensions Director: John D.Chilman (Email: [email protected])Pension scheme administrator: Mercer



Pension fund secretary: Secretary: Ian RobertsonContact: Richard Murray, Pensions Manager, 01224 650129Chairman of trustees: UK Bus Scheme: Richard Soper & Martin Caroll Group Scheme: John ChilmanTrustee: Uk Bus Scheme: Arif Shaikh, Joe Mackie, Ronnie Williamson, Richard Soper, Martin Caroll, Ian HumphreysGroup Scheme: John Chilman, Richard Soper, Trevor FenwickTrustee Company: The First Group Pension Scheme LtdPlease name the Investment Managers and detail the % involved?: UK Bus Scheme: Artemis, West Lb, Odey, Taube Hodson Stonex, Partners Group, Pantheon Ventures, Fauchier Partners, Ruffer, Winton Capital, Schroders, Legal & General, Western Asset Management, Please name all of your investment advisers: Mercer, UK Bus Scheme: MercerWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: Ernst & Young, Grant ThorntonWhich pension fund administrator do you use?: MercerWhich legal advisers do you use?: Burges Salmon, Which custodian firm do you use?: State Street Bank & Trust Company Insured with: Canada Life Assurance CompanyPerformance measurement: The Wm CompanyAVC provider: The Standard Life Assurance Co.Pension related software: How many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 6 to 10How many members do you have that are: Employee members: 25,000 Pensioners: 27,000 Deferred pensioners: Total members: 52,000Annual contributions: £120m in the UKDomestic equities: £340mCorporate bonds: £410mHedge funds: £250mCash and deposits: £40mOther: £90mOverseas equities: £800mDomestic fixed interest: £340mOverseas fixed interest: £50mDomestic real estate: £340mPrivate equity: £170mIndex linked gilts: £50mWhat are the current employer contribution rates to your scheme?: 6 to 10% What are the current member contribution rates to your scheme?: 11 to 15% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 0.5How many of your scheme trustees are EMPLOYER nominated?: 0.5How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

64. Hampshire County Council£2.40bnScheme name: Hampshire County Council Pension FundHow many schemes do you have? 1Address: The Castle, Winchester, Hants. SO23 8UBEmail address: [email protected]: 01962847407

Switchboard: 01962847411Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersTotal assets DB: £2,396mWhat year was this scheme established?: 1974Which associations is the scheme a member of?: Local Government Pension SchemePension fund manager: Head Of Pensions (Benefits): Nick Weaver (Email: [email protected])County Treasurer: Jon PittamPension fund secretary: Forward Planning Manager: Anthony DodridgeLoans & Investments Officer: Vannah DuffinChairman of trustees: Chairman Of Pension Fund Panel: M. N. Kemp-GeeTrustee: Cc Reps On Pension Fund Panel: T.K.Thornber C.Carter D.A.Kirk B.Tennent T.Thacker A.G.Dowden B.D.Dash F.AllgoodTrustee Company: Hampshire County CouncilPlease name the Investment Managers and detail the % involved?: Aberdeen Asset Managers Ltd. (Uk Equity Portfolio 5.8% - Global Equity Portfolio 12.1% - European Property 2.0%), Alliancebernstein Institutional Investments (Global Equity Portfolio 7.8%);, Cb Richard Ellis Investors (UK Property 4.3%), Legal & General Investment Management Ltd. (Index-Linked Bond Portfolio 12.9%), Newton Investment Management Ltd. (Global Equity Portfolio 11.7%), Schroder Investment Management Ltd. (UK Equity Portfolio 9.9%), State Street Global Advisors United Kingdom Ltd. (Index-Linked Bond Portfolio 12.9%), Western Asset Management Co.Ltd. (Global Bond Portfolio 5.3%), Glg (UK Equity Portfolio 5.1%); Alternative Investments 4.7%; Held Centrally 5.5%Please name all of your investment advisers: AberdeenWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: Audit CommissionWhich pension fund administrator do you use?: Hampshire County CouncilWhich legal advisers do you use?: Hampshire County Council Which custodian firm do you use?: The Northern Trust Company, Other Insured with: Hampshire County CouncilPerformance measurement: Northern TrustAVC provider: The Equitable Life Assurance Society, Zurich Assurance Ltd.Pension related software: AxiseHow many members do you have that are: Employee members: 46,479 Pensioners: 28,378 Deferred pensioners: 33,549Total members: 108,406Annual contributions: £206,856,000Annual investment income: £84,961Annual expenditure: £155,335,000Domestic equities: 20.8%Cash and deposits: 5.5%Other: £699624000Overseas equities: 31.6%Domestic fixed interest: 20.8%Overseas fixed interest: 5.3%Domestic real estate: 20.8%Overseas real estate: 2.0%Private equity: 4.7%Index linked gilts: £1002000What are the current employer contribution rates to your scheme?: 16 to 20% What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: IncreaseMember contribution: IncreaseHow many of your scheme trustees are MEMBER nominated?: 2How many of your scheme trustees are EMPLOYER nominated?: 9How many of your scheme trustees are INDEPENDENT?: 2

Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: Increased holding in private equity

65. Cheshire County Council£2.36bnScheme name: Cheshire Pension FundHow many schemes do you have? 1Address: Pension Section, County Hall, ChesterCH1 1SGEmail address: [email protected]: 01244973727Switchboard: 01244973275Fax: 01244602087Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhich associations is the scheme a member of?: NAPF, ManifestPension fund manager: Stephan Van Arendsen (Email [email protected])Pension scheme administrator: Pension Scheme Administrator: Sue Smith (Email: [email protected])Fund Accountant: Nick Jones (Email: [email protected])Contact: Stephan Van Arendsen (Email [email protected])Chairman of trustees: Councillor Peter MasonTrustee: Elected MembersTrustee Company: Cheshire West And Chester CouncilPlease name the Investment Managers and detail the % involved?: Adams Street Partners (Private Equity £25,604m), Baillie Gifford & Co. (Equities & Bonds £697,398m, Ecm (Secured Loans £31,309m), Gmo Uk Limited (Global Equities £240,546m), Legal & General Investment Management Ltd. (Equities & Bonds £637,099m), Lexington Partners Uk Ltd. (Private Equity £1,749m), Pantheon Ventures Ltd. (Private Equity £17,379m), Prudential M&G (Secured Loans £20,637m), Rockspring Pim Ltd. (Property £252,343m), Standard Life Investment Ltd. (UK Equities £282,343m), Henderson, Goldman Sachs Asset Management Please name all of your investment advisers: Hymans RobertsonWhich actuary(ies) do you use: Hymans Robertson Which auditor(s) do you use: Audit CommissionWhich pension fund administrator do you use?:Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: BNY Mellon Asset ServicingAVC provider: Clerical Medical Investment Group Ltd.The Standard Life Assurance Co.Pension related software: AxiseHow many members do you have that are: Employee members: 32,499 Pensioners: 19,009 Deferred pensioners: 16,329Total members: 67,837Annual contributions: £147,287,000Annual investment income: £49,708,000Annual expenditure: £117.747Domestic equities: £739,000,000Corporate bonds: 0Hedge funds: £50000000Unit trusts: 0Avcs: 0Cash and deposits: £51000000Other: £69,000,000 (Secured Loans)Overseas equities: £783000000Domestic fixed interest: £739000000Overseas fixed interest: £46000000



Domestic real estate: £739000000Overseas real estate: £19000000Private equity: 84000000Index linked gilts: 0Overseas index linked gilts: 0Venture capital: 0What are the current employer contribution rates to your scheme?: VariousWhat are the current member contribution rates to your scheme?: Various How many of your scheme trustees are MEMBER nominated?: All except the trade union Representative (By Their Parties)How many of your scheme trustees are EMPLOYER nominated?: 0How many of your scheme trustees are INDEPENDENT?: 1 Trade union representative

66. City Of Edinburgh Council£2.31bnScheme name: Lothian Pension FundHow many schemes do you have? 3Address: 3/3 Waverley Court, 4 East Market Street, Edinburgh EH8 8BGEmail address: [email protected]: 01315294510Fax: 01315296229Type of scheme: Defined Benefit, Defined Benefit (Final Salary)Total assetsDB: £2,311,000,000What year was this scheme established?: Which associations is the scheme a member of?: UnpriPension fund manager: Head Of Investment & Pensions: Geik Drever (Email: [email protected])Pension scheme administrator: Pensions Administration Manager John BurnsChairman of trustees: Cllr.Tim MckayTrustee: Cllr.Maggie ChapmanCllr.David BeckettCllr.Ian Murray Cllr.Cameron RoseTrustee Company: City Of Edinburgh CouncilPlease name the Investment Managers and detail the % involved?: Axa Rosenberg Investment Management Ltd., Baillie Gifford & Co., A.G. Bisset & Co Ltd., Franklin Templeton Institutional, Goldman Sachs Asset Management International, Martin Currie Investment Management Ltd., Rogge Global Partners Plc, Standard Life Investment Ltd., Record Currency Management Ltd., Jpmorgan Asset Management, Wellington Management International Ltd, .Lazard Asset Management Ltd, Aberdeen Asset Management, Legal And General Investment Management Please name all of your investment advisers: Hymans Robertson Llp, Hymans Robertson LlpWhich actuary(ies) do you use: Hymans RobertsonWhich auditor(s) do you use: Audit ScotlandWhich pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: In House Which custodian firm do you use?: Citibank Global Securities Services Performance measurement: Investment Property Databank Ltd. Portfolio Evaluation LtdAVC provider: The Standard Life Assurance Co.Pension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 26 to 50How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 30,859 Pensioners: 16,921 Deferred pensioners: 13,881Total members: 61,661Annual contributions: £154,842,000

Annual investment income: £94,777,000Annual expenditure: £121,632,000Domestic equities: 18%Cash and deposits: 24%Overseas equities: 48%Domestic fixed interest: 18%Domestic real estate: 18%What are the current employer contribution rates to your scheme?: 22.5% What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: IncreaseMember contribution: IncreaseHave you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: Wider Portfolio Based

67. Exel Plc (Deutsche Post Dhl)£2.31bnScheme name: Exel Retirement Plan Dhl Retirement PlanHow many schemes do you have? More Than 5Address: C/O Dhl, The Merton Centre, 45 St.Peter’S Street, BedfordMK40 2UBEmail address: [email protected]: 01234272222Fax: 01234267519Type of scheme: Defined Benefit,Hybrid, HybridIf you have a DC scheme is it contract or trust based?: Trust- BasedTotal assets DB: £2311,811m DC: £386,358mWhat year was this scheme established?: 1988Which associations is the scheme a member of?: NAPF Pension fund manager: Ray Martin- Vice President UK PensionsPension scheme administrator: Charles BennettPension fund secretary: Robert SherrattChairman of trustees: Ron Amy ObeTrustee Company: Exel Trustees Ltd, Dhl Trustees LtdPlease name the Investment Managers and detail the % involved?: Alliancebernstein Institutional Investments, Brandes Investment Partners, Bridgwater Associates, JP Asset Management Ltd, Advisers, Legal&General Investment Management ltd., Loomis Saykes & Co L.P, Newton Investment Mgt Ltd, Rcm (Uk) Ltd, State Street Global Please name all of your investment advisers: MercerWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: Grant ThorntonWhich pension fund administrator do you use?: In house Administration, DC Solutions,Jardin lloyd Thomson Benefit SolutionsWhich legal advisers do you use?: Sackers, Which custodian firm do you use?: JPMorgan Worldwide Securities Services Insured with: Self InsuredPerformance measurement: BNY Mellon Asset ServicingAVC provider: Friends ProvidentPension related software: Axise ProcentiaHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many members do you have that are: Employee members: 22,385 Pensioners: 37,672 Deferred pensioners: 46,238Total members: 106,295Annual contributions: £103,612mAnnual investment income: £518,120mAnnual expenditure: £166,152mDomestic equities: £447,530mCorporate bonds: £420,287m

Hedge funds: 0Unit trusts: 0Cash and deposits: £42,669mOther: £5,983mOverseas equities: £574,627mDomestic fixed interest: £447,530mOverseas fixed interest: £105,497mDomestic real estate: £447,530mOverseas real estate: 0Private equity: £41,211mIndex linked gilts: £678,782mOverseas index linked gilts: 0Venture capital: 0How many of your scheme trustees are MEMBER nominated?: 42%How many of your scheme trustees are EMPLOYER nominated?: 42%How many of your scheme trustees are INDEPENDENT?: 16%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: Reduction in equities, and increase in corporate bonds

68. AXA£2.30bnScheme name: AXA UK plc Group Pension Scheme

69. Bath & North East Somerset Council£2.30bnScheme name: Avon Pension FundHow many schemes do you have? 1Address: Floor 3 South, Riverside, Temple Street, Bristol BS31 1LAEmail address: [email protected]: 01225395281Fax: 01225395258Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersTotal assets DB: £2.3bnWhat year was this scheme established?: Which associations is the scheme a member of?: LAPFFPension fund manager: Director of Resources: Andrew PateInvestments Manager: Liz Feinstein (Email: [email protected]) Investments & Custody Relationship Officer: Julie Martin (Email: [email protected]) Manager, Benefits Department: Steve mcmillan (Email: [email protected] scheme administrator: Bath And North East Somerset CouncilContact: Liz Feinstein, 01225395281Chairman of trustees: Councillor Gordon WoodPlease name the Investment Managers and detail the % involved?: Barclays Global Investors Ltd., Jupiter Asset Management D, Tt International, Royal London Asset Management, Genesis, Invesco Perpetual, State Street Global Advisers, Gottex Asset Management, Lyster Watson & Co, Man Investments, Figmet Capital Management, Stenham Asset Management Which actuary(ies) do you use: MercerWhich pension fund administrator do you use?:Which legal advisers do you use?: Bath & North East Somerset Council, Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: The Wm CompanyAVC provider: Friends Provident Plc



The Equitable Life Assurance SocietyPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 34,541 Pensioners: 19,562 Deferred pensioners: 20,387Total members: 74,490Annual contributions: £112464000Annual investment income: £32566000Annual expenditure: £108997000Domestic equities: £792053000Corporate bonds: £113663000Hedge funds: £227061000Cash and deposits: £94259000Overseas equities: £568466000Domestic fixed interest: £792053000Overseas fixed interest: £70646000Domestic real estate: £792053000Index linked gilts: £134040000What are the current employer contribution rates to your scheme?: Average 16.6%What are the current member contribution rates to your scheme?: 0.065% How has this changed in the last 12 months? Employer contribution: SameMember contribution: Same

70. Ford£2.20bnScheme name: Ford Motor Co Ltd Salaried Pension Fund

71. Middlesborough Borough Council£2.20bnScheme name: Teesside Pension FundHow many schemes do you have? 1Address: Po Box 99A, Municipal Buildings, Middlesborough, Cleveland TS1 2QQEmail address: [email protected]: 01642727778Fax: 01642727989Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhat year was this scheme established?: 1972Which associations is the scheme a member of?: NAPF Pension fund manager: Mike HopwoodPension scheme administrator: Mouchel Business Services Ltd.Pension fund secretary: Richard Long, Head Of LegalChairman of trustees: Abdul MajidPlease name the Investment Managers and detail the % involved?: 25 firms Please name all of your investment advisers: J. Memingway, P.G. MoonWhich actuary(ies) do you use: Barnett Waddingham, Punter SouthallWhich auditor(s) do you use: DeloitteWhich pension fund administrator do you use?: In-house AdministrationWhich legal advisers do you use?: Dechert, Other Which custodian firm do you use?: The Northern Trust Company Performance measurement: The Wm CompanyAVC provider: PrudentialPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 21 to 50

How many members do you have that are: Employee members: 25,718 Pensioners: 16,736 Deferred pensioners: 16,044Total members: 58,498Annual contributions: £97.6mAnnual investment income: £111.5mAnnual expenditure: £100.8Domestic equities: 38%Cash and deposits: 7%Other: 3%Overseas equities: 37%Domestic fixed interest: 38%Overseas fixed interest: 5%Domestic real estate: 38%Index linked gilts: 0.02%

72. Leicestershire County Council£2.18bnScheme name: Leicestershire County Council Pension FundHow many schemes do you have? 1Address: County Hall, Glenfield, LeicesterLE3 8RAEmail address: [email protected]: 01163057656Switchboard: 01162323232Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhich associations is the scheme a member of?: NAPF Pension fund manager: Director of Corporate Resources: B.RobertsPension Manager: Chris HaywoodPension fund secretary: Investment Manager: Colin PrattTrustee Company: Leicestershire County CouncilPlease name the Investment Managers and detail the % involved?:, Capital International Ltd., Colliercapital Ukre, Fauchier Partners Ltd., Goldman Sachs Asset Management International, Millennium Global Investments Ltd.Aviva Asset Management, Standard Life Investment Ltd., UBS Global Asset Management, BNY Mellon, Ruffer, Pictet, Adam’s Street Partners, Legal & General. Please name all of your investment advisers: Hymans Robertson Which actuary(ies) do you use: Hymans RobertsonWhich auditor(s) do you use: PricewaterhousecoopersWhich custodian firm do you use?: JPMorgan Worldwide Securites Services Performance measurement: The Wm CompanyAVC provider: PrudentialPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: More Than 100How many members do you have that are: Employee members: 34,000 Pensioners: 17,000 Deferred pensioners: 18,000Total members: 69,000Annual contributions: £104541000Annual investment income: £50972000Annual expenditure: £92955000Domestic equities: £1.97bnCorporate bonds: 7%Hedge funds: 5%Unit trusts: 0Avcs: 0Cash and deposits: 0Other: 13%Domestic fixed interest: £1.97bnOverseas fixed interest: 32%Domestic real estate: £1.97bn

Overseas real estate: 0Private equity: 4%Index linked gilts: 0Overseas index linked gilts: 0Venture capital: 0What are the current employer contribution rates to your scheme?: 16 to 20% 6 to 10%What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 0How many of your scheme trustees are EMPLOYER nominated?: 9How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

73. Nestle UK Ltd.£2.17bnScheme name: Nestle UK Ltd.How many schemes do you have? 5Address: Pension Fund, St.George’s House, Park Lane, Croydon CR9 1NREmail address: [email protected]: 02086676525Fax: 02086675885Type of scheme: Defined Benefit, Defined Contribution If you have a DC scheme is it contract or trust based?: Contract-BasedTotal assets DB: £2,179,332,000 DC: £3mWhat year was this scheme established?: 1948Which associations is the scheme a member of?: NAPF Pension fund manager: Andrew WhitePension scheme administrator: Heather AndertonPension fund secretary: Tim VaughanContact: Tel: 020 8667 6363, Fax: 020 8667 5885Trustee Company: Nestle UK Pension Trust Ltd.Please name the Investment Managers and detail the % involved?: Nestlé Capital Management Ltd, Robusta Asset Management Ltd, Barclays Global Investors, State Street Global Advisors, Fischer Francis Trees & Watts, Henderson Global Investors, Ing Real Estate Investment Management (UK) Ltd, Invesco Asset Management Ltd, Blackrock Investment Management (UK) Ltd, Schroder Property Investment Management Ltd, Ignis Investment Services Ltd, Aig Highstar Pantheon, Apax Partners, Indigo Capital, Carlyle/Riverstone Harbourvest, Knightsbridge Kohlberg Grosvenor Capital Management Please name all of your investment advisers: 11 Nestle Capital AdvisersWhich actuary(ies) do you use: Lane Clark & PeacockWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: Sackers, Which custodian firm do you use?: The Northern Trust Company Insured with: Self InsuredAVC provider: The Standard Life Assurance Co.Pension related software: Compendia (Xafinity Claybrook)How many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 5,055



Pensioners: 17,887 Deferred pensioners: 9,882Total members: 32,824What are the current employer contribution rates to your scheme?: OtherWhat are the current member contribution rates to your scheme?: 9% & 7% How many of your scheme trustees are MEMBER nominated?: 5How many of your scheme trustees are EMPLOYER nominated?: 5How many of your scheme trustees are INDEPENDENT?: 0

74. ITV plc£2.15bnScheme name: ITV Pension SchemeHow many schemes do you have? 1Address: Pensions Department, London Television Centre, Upper Ground, London SE1 9LTEmail address: [email protected]: 020 7157 6640Type of scheme: Defined Benefit, Defined ContributionIf you have a DC scheme is it contract or trust based?: Trust basedTotal assetsDB: £2.15bnDC: £0.03bnWhat year was this scheme established?: 1956Which associations is the scheme a member of?: NAPF Pension fund manager: C JacksonPension fund secretary: C JacksonContact: Kate Russell (01772 270001)Chairman of trustees: G J ParrottTrustee Company: ITV Pension Scheme LimitedPlease name all of your investment advisers: Towers WatsonWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: Horwath Clark WhitehillWhich pension fund administrator do you use?: In house administration, Jardine Lloyd Thompson Benefit SolutionsWhich legal advisers do you use?: Sackers, Which custodian firm do you use?: JPMorgan Worldwide Securities Services How many members do you have that are: Employee members: 2,550 Pensioners: 12,972 Deferred pensioners: 12,690Total members: 28,212Annual contributions: 65.87mAnnual investment income: 62.26mAnnual expenditure: 128.19mDomestic equities: 6.39Corporate bonds: 14.98Avcs: 0.61Cash and deposits: 5.36Other: 24.74Overseas equities: 11.89Domestic fixed interest: 6.39Overseas fixed interest: 1.24Domestic real estate: 6.39Index linked gilts: 31.25Overseas index linked gilts: 0.32 How many of your scheme trustees are MEMBER nominated?: 26-50%How many of your scheme trustees are EMPLOYER nominated?: 51-75%How many of your scheme trustees are INDEPENDENT?: 0%

75. BAA Plc£2.14bn

Scheme name: BAA Pension SchemeHow many schemes do you have? 2Address: Saxley Court, 121-129 Victoria Road, Horley, Surrey RH6 7ASEmail address: [email protected]: 01293821717Type of scheme: Defined Benefit, Defined Contribution, Defined Benefit (Final Salary) - Closed to New MembersWhat year was this scheme established?: 1966=DBWhich associations is the scheme a member of?: NAPF Pension fund manager: Head of Pensions: Mike Macgregor (Email: [email protected])Pension scheme administrator: BAA Pensions DepartmentPension fund secretary: Alistair KnowlesChairman of trustees: Gordon DewarTrustee: Trustee Director:S.Killick Mbe Trevor Armstrong Mike Roberts, Julie Elder,Trustee Company: Baa Pension Trust Co.Ltd.Trustee training provider: MercerPlease name all of your investment advisers: CardanoWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: Horwarth Clark WhitehillWhich legal advisers do you use?: CMS Cameron McKenna Which custodian firm do you use?: JPMorgan Worldwide Securites Services Performance measurement: The Wm CompanyAVC provider: Friends Provident Plc, AbbeyPension related software: AquilaHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many of your scheme trustees are MEMBER nominated?: 3How many of your scheme trustees are EMPLOYER nominated?: 3How many of your scheme trustees are INDEPENDENT?: 1

76. Telent plc£2.10bnScheme name: G.E.C 1972 PlanHow many schemes do you have? 1Email address: [email protected]: 01926 693537Type of scheme: Defined Benefits If you have a DC scheme is it contract or trust based?: Total assets DB: £2,107,700,000What year was this scheme established?: 1972Which associations is the scheme a member of?: NAPF Pension fund manager: Peter HarrisPension scheme administrator: Dawn HamptonPension fund secretary: Graham AllenChairman of trustees: Bridge TrusteesTrustee Company: Stanhope Pension Trust LimitedPlease name the Investment Managers and detail the % involved?: Standard Life Investments, M&G Investment Management, Cairn Financial Products Ltd, Rogge Global Partners plc, Pimco Europe Limited Please name all of your investment advisers: RedingtonWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: DeloitteWhich pension fund administrator do you use?: Xafinity PaymasterWhich legal advisers do you use?: Eversheds Llp, Sackers Which custodian firm do you use?: BNY Mellon Asset Servicing How many total employees does the sponsoring

employer have in the UK?: 1,001-10,000How many total pension employees do you have?: 6-10How many members do you have that are: Employee members: 928 Pensioners: 35,608 Deferred pensioners: 19,403Total members: 55,939What are the current employer contribution rates to your scheme?: 6-10% What are the current member contribution rates to your scheme?: 1-3% How many of your scheme trustees are MEMBER nominated?: 26-50%How many of your scheme trustees are EMPLOYER nominated?: 26-50%How many of your scheme trustees are INDEPENDENT?: 26-50%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

77. Bank Of England£2.10bnScheme name: Bank of England pension FundHow many schemes do you have? 1Address: Threadneedle Street, LondonEC2R 8AHEmail address: [email protected]: 02076014671Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Closed to New Members, Defined Benefit (Care) - Open to New MembersWhich associations is the scheme a member of?: NAPF Pension fund secretary: Chief Investment Manager: Michael CraigHead Of Pension Trustee Support: Kathryn Foster (Email: [email protected])Chairman of trustees: Kit FarrowTrustee: Trustee Director: Adrian Piper, Alastair Clark, Alister Wilson, Christopher Peacock, John Footman, Patrick Campbell, Stephen Collins, David Rhind, Louise Redmond, Geoffrey WilkinsonTrustee Company: BoE Pension Fund Trustees Ltd.Please name the Investment Managers and detail the % involved?: Bank Of England, Legal & General Investment Management Ltd. Please name all of your investment advisers: Towers Watson Which actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?:Which legal advisers do you use?: Freshfields Bruckhaus Deringer, Which custodian firm do you use?: Bank Of England Performance measurement: The Wm CompanyAVC provider: PrudentialThe Standard Life Assurance Co.Pension related software: Penserver (Claybrooks)How many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 6 to 10How many members do you have that are: Employee members: 1,654 Pensioners: 7,489 Deferred pensioners: 4,787Total members: 13,930Annual contributions: £83854000Annual investment income: £59948000Annual expenditure: £90898000Domestic equities: £485454000Avcs: £2557000Cash and deposits: £72920000Other: £7955000Overseas equities: £397759000



Domestic fixed interest: £485454000Overseas fixed interest: £34479000Domestic real estate: £485454000Index linked gilts: £504251000What are the current employer contribution rates to your scheme?: 0.443% How many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 7

78. Scottish & Newcastle£2.09bnScheme name: Scottish and Newcastle Pension Fund

79. Imperial Tobacco£2.05bnScheme name: Imperial Tobacco Pension FundHow many schemes do you have? 1Address: Po Box 735, Winterstoke Road, Bristol BS99 1UPEmail address: [email protected]: 01173004121Website: www.imperial-tobacco.comSwitchboard: 01179530000Fax: 01179632860Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhat year was this scheme established?: 1929Which associations is the scheme a member of?: NAPF Pension fund manager: Group Pensions Executive: William Mather (Email: [email protected])Pension fund secretary: Pensions Manager & Secretary: Phil Hughes (Email: [email protected])Contact: [email protected] of trustees: M.F.TudorTrustee: A.G. Russell, D.J. Mciver, G. Blashill, R. Dyrbus, R. Aspinall, G. Rigley, J. DowningTrustee Company: Imperial Tobacco Pension Trustees LimitedPlease name the Investment Managers and detail the % involved?: Barclays Global Investors, Baring Asset Management, Fidelity International, Legal & General Investment Management, Mfs Investment Management, Schroder Investment Management, Ubs Global Asset Management, Western Asset Management, Wellington Management International, Bluecrest Capital Management, Please name all of your investment advisers: MercerWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: PricewaterhousecoopersWhich legal advisers do you use?: Osborne Clarke Which custodian firm do you use?: Northern Trust Performance measurement: The Wm CompanyAVC provider: Aegon Scottish Equitable PlcPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 6 to 10How many members do you have that are: Employee members: 1,698 Pensioners: 19,023 Deferred pensioners: 18,796Total members: 39,517Annual contributions: £1838000Annual investment income: £61,420,000Annual expenditure: £141,669,000Domestic equities: £335,682,000Corporate bonds: £314,943,000Avcs: £2,484,000

Cash and deposits: £63,346,000Other: Absolute Return £71,423,000Overseas equities: £389,684,000Domestic fixed interest: £335,682,000Domestic real estate: £335,682,000Index linked gilts: £364,936,000What are the current employer contribution rates to your scheme?: Other What are the current member contribution rates to your scheme?: 0.05%

80. Ford Motor Co.£2.05bnScheme name: Ford Motor Co Hourly Paid Contributary Pension Fund

81. Scottish Power £2.00bnScheme name: Scottish Power Pension SchemeHow many schemes do you have? 1Address: Avondale House, Phoenix Crescent, Strathclyde Business Park, Bellshill, LanarkshireML4 3NJEmail address: [email protected]: 01698396093Fax: 01628396354What year was this scheme established?: 1954Which associations is the scheme a member of?: NAPF Pension fund manager: UK Pensions Director: Paul Mulhern (Email: [email protected])Pension scheme administrator: Pension Scheme Administrator: Mary BallochSharon McateerPension fund secretary: Pension Fund Secretary: Sheena CowanPlease name the Investment Managers and detail the % involved?: Baillie Gifford & Co., Barclays Global Investors Ltd., Capital International Ltd., Cb Richard Ellis Investors Insight Investment Please name all of your investment advisers: Hewitt AssociatesWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: AON ConsultingWhich legal advisers do you use?: Shepherd and Wedderburn, Which custodian firm do you use?: The Northern Trust Company Performance measurement: Northern TrustHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 2 to 5How many members do you have that are: Employee members: 6,079 Pensioners: 8,552 Deferred pensioners: 3,970Total members: 18,601Annual contributions: £18700000Annual investment income: £45900000Annual expenditure: £84450000Domestic equities: £461759052Overseas equities: £854659298Domestic fixed interest: £461759052Domestic real estate: £461759052Index linked gilts: £293662555

82. The Boc Group Plc£2.00bnScheme name: The Boc Pension Scheme

How many schemes do you have? 1Address: Boc Pensions and Sharesave, Chertsey Road, Windlesham, SurreyGU20 6HJEmail address: [email protected]: 01483244165Switchboard: 01276477222Fax: 01276807660Type of scheme: Defined Benefit Total assets DB: £2bnWhat year was this scheme established?: 1936Which associations is the scheme a member of?: NAPF Pension fund manager: Bob Bryant, [email protected] scheme administrator: Boc Pension ServicesContact: Bob Bryant 0148 3244 165Trustee: Boc Pension Schemes Trustee LtdTrustee Company: Boc Pension Schemes Trustee LtdTrustee training provider: Hewitt’s AssociatesPlease name the Investment Managers and detail the % involved?: GMO, Bailley Gifford, Goldman Sachs, Western Investment Management, Insight, Fauchier Partners, Ing, K2, Standard Life Please name all of your investment advisers: MercerWhich actuary(ies) do you use: Hymans RobertsonWhich auditor(s) do you use: Ernst & YoungWhich pension fund administrator do you use?: Boc Pension ServicesWhich legal advisers do you use?: Mayer Brown International, Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: BNY Mellon Asset ManagementAVC provider: Prudential, BlackRock, Aviva, Friends Provident.Pension related software: Northgate ArinsoHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many members do you have that are: Pensioners: 12,000 Deferred pensioners: 10,000Total members: 22,000Annual contributions: £89mAnnual expenditure: £80mCorporate bonds: 60%Hedge funds: 10%What is the FRS17/IAS19 surplus/deficit of your pension scheme sponsor company?: £274m DeficitWhat are the current employer contribution rates to your scheme?: OtherWhat are the current member contribution rates to your scheme?: 4 to 5% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 5How many of your scheme trustees are INDEPENDENT?: 2Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

83. John Lewis Partnership Plc£1.96bnScheme name: John Lewis Partnership Trust For PensionsHow many schemes do you have? 2Address: 171 Victoria Street, London SW1E 5NNEmail address: [email protected]: 02075925658Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersIf you have a DC scheme is it contract or trust



based?: Trust basedTotal assets DB: £1,960m DC: £170mWhat year was this scheme established?: 1941Which associations is the scheme a member of?: NAPF Pension fund manager: Head of Pensions: Dinesh Visavadia (Email: [email protected])Pension scheme administrator: Janet E.Bruce (Email: [email protected])Trustee Company: John Lewis Partnership Pensions Trust Ltd.Please name the Investment Managers and detail the % involved?: Baillie Gifford & Co (UK Equities And Corporate Bonds), Bank of Scotland (Infrastructure), Coller Capital (Private Equity), Dtz (Property), Friess Associates (US Equities), Innisfree (Infrastructure), Jfasset Management (Japanese Equities), Neuberger Berger (Commodities), Panagora Asset Management(Emerging Markets Equities), PantheonVentures (Private Equity), Prudential M&G (Infrastructure), Schroder Investment Management(Global Equities), Schroder Investment Management(Asia Pacific Equities), Ssga (Passive International Equities), Walter Scott & Partners (Global Equities), Western Asset Management Co (Bonds) Please name all of your investment advisers: Hewitt AssociatesWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: Eversheds, Other Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: BNY Mellon Asset ServicingAVC provider: PrudentialThe Standard Life Assurance Co.How many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: Pensioners: 22,000 Deferred pensioners: 27,000Total members: 49,000Annual contributions: £244mAnnual investment income: £45mAnnual expenditure: £94mDomestic equities: 8%Corporate bonds: £258068160Hedge funds: 9%Avcs: 8%Cash and deposits: 5%Other: 5%Overseas equities: 34%Domestic fixed interest: 8%Overseas fixed interest: 9%Domestic real estate: 8%Overseas real estate: 1%Private equity: 10%How many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 5How many of your scheme trustees are INDEPENDENT?: 3Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

84. Hertfordshire County Council£1.94bn

Scheme name: Hertfordshire Local Government Pension FundHow many schemes do you have? 1Address: County Hall, Pegs Lane, HertfordSG13 8DQEmail address: [email protected]: 01992555394Fax: 01992555392Type of scheme: Defined Benefit, Defined Benefit (Final Salary)Which associations is the scheme a member of?: NAPF Pension fund manager: Finance Director: Chris J.SweeneyPension fund secretary: County Secretary: Andrew Laycock (Email: [email protected])Trustee Company: Investment commitee - consisting of county councillors and district councillorsPlease name the Investment Managers and detail the % involved?: Alliancebernstein Institutional Investments, Baillie Gifford & Co., Blackrock Investment Management (Uk) Ltd., Deutsche Bank Advisors Harbourvest Partners (Uk) Ltd., Jp Morgan Asset Management, Jupiter Asset Management Ltd., Permira, Rcm Uk Ltd, Standard Life Investment Ltd. Please name all of your investment advisers: MercerWhich actuary(ies) do you use: Hymans RobertsonWhich auditor(s) do you use: Audit CommissionWhich pension fund administrator do you use?: Serco SolutionsWhich custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: The Wm CompanyAVC provider: Standard Life Investment Ltd.The Equitable Life Assurance SocietyPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many members do you have that are: Employee members: 28,138 Pensioners: 18,529 Deferred pensioners: 21,243Total members: 67,910Annual contributions: £123553000Annual investment income: £78228000Annual expenditure: £102511000Domestic equities: £805139000Unit trusts: £218329000Cash and deposits: £170829000Overseas equities: £576887000Domestic fixed interest: £805139000Overseas fixed interest: £123699000Domestic real estate: £805139000Index linked gilts: £56922000

85. GKN Plc£1.92bnScheme name: GKN Group Pension SchemeAddress: Po Box 55, Ipsley House, Ipsley Church Lane, Redditch, Worcs. B98 0TLEmail address: [email protected]: 01527533385Fax: 01527533487Which associations is the scheme a member of?: NAPF Pension fund secretary: Pension Scheme Secretary: Mark A PhillipsPlease name the Investment Managers and detail the % involved?: Blackstone Alternative Asset Management, Cardano, Putnam Investments Rogge Global Partners, Hgcapital, Legal & General Investment Management Ltd., Prudential M&G, Standard Life Investment Ltd., Western Asset Management Co.Ltd.

Please name all of your investment advisers: Towers Watson,CardanoWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?: Jardine Lloyd Thompson Benefit SolutionsWhich legal advisers do you use?: Pinsent Masons Which custodian firm do you use?: Northern Trust Performance measurement: Mellon Analytical Solutions (MAS)AVC provider: BlackrockPension related software: ProfundHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 2 to 5How many members do you have that are: Employee members: 5,206 Pensioners: 29,000 Deferred pensioners: 18,770Total members: 52,976

86. EDF Energy£1.90bnScheme name: EDF Energy Group Of The Electricity Supply Pension SchemeHow many schemes do you have? 2Address: 40 Grosvenor Place, Victoria, LondonSW1X 7ENEmail address: [email protected]: 02077522318Fax: 02077522125Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Closed to New MembersTotal assets DB: £1908700000What year was this scheme established?: 1990Which associations is the scheme a member of?: NAPF Pension fund manager: Head of Pensions: Ian Baines,Pension scheme administrator: Head of Pensions Administration Services: Colin Macnaughton (Email: [email protected])Pension Implementation Manager: Paul Burchell (Email: [email protected])Pension fund secretary: Pension Manager And Secretary to The Trustees: Beth Hurt (Email: [email protected])Fund Secretary : Bob Richardson (Email: [email protected]), Pensions Accountant Julie Clare Fennessy ([email protected])Chairman of trustees: Tim BoylinTrustee Company: Edf Energy Group Trustee Ltd.Please name the Investment Managers and detail the % involved?: Lc, Legal & General Investment Management Ltd., Standard Life Investment Ltd., Western Asset Management Co.Ltd., Axa Framlington, Axa Rosenberg Investment Management Ltd., Mfs Investment Management, Alliancebernstein Institutional Investments, Nomura Asset Management, Cbre , Aviva, Cqs, Prudential M-G, Winton, Blackrock, Rlam, BidwellsPlease name all of your investment advisers: MercerWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?: In house AdministrationWhich legal advisers do you use?: Mayer Brown International Llp Which custodian firm do you use?: BNY Mellon



Asset Servicing Performance measurement: Mellon Analytical Solutions (Mas),AVC provider: Norwich Union Plc, Prudential, The Equitable Life Assurance SocietyPension related software: Northgate HRHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 11 to 20How many members do you have that are: Employee members: 4,322 Pensioners: 12,197 Deferred pensioners: 3,912Total members: 20,431Annual contributions: £78800000Annual investment income: £41600000Annual expenditure: £127400000Domestic equities: 18.3%Corporate bonds: 43.5% Split Between Corporate Bonds, Index Gilts And CashHedge funds: 5%Cash and deposits: 5%Other: 5% Property, 5% Convertible Bonds, 5% Global UK CompanyOverseas equities: 18.3%Domestic fixed interest: 18.3%Domestic real estate: 18.3%Index linked gilts: 27.5% is split between this and cash

87. Cable & Wireless Plc£1.90bnScheme name: Cable & Wireless Superannuation FundHow many schemes do you have? 2Address: Buckingham Road, Bletchley, Milton Keynes MK3 5JLEmail address: [email protected]: 01908833743Type of scheme:, Defined Benefit & Defined ContributionIf you have a DC scheme is it contract or trust based?: Trust- BasedTotal assetsDB: £1.9bnDC: £150mWhat year was this scheme established?: Db=1957 Dc=1997Which associations is the scheme a member of?: NAPF Pension fund manager: Mr Peter HamptonTrustee Company: Cable And Wireless Pension Trustee LtdPlease name all of your investment advisers: Towers WatsonWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: Grant ThorntonWhich pension fund administrator do you use?:Which custodian firm do you use?: The Northern Trust Company Performance measurement: The Northern Trust CompanyPension related software: Pensions OfficeHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 11 to 20How many members do you have that are: Pensioners: 5,500 Deferred pensioners: 15,000Total members: 20,500Annual contributions: £16mDomestic equities: 5%Cash and deposits: Cash=5%Overseas equities: 30%

Domestic fixed interest: 5%Domestic real estate: 5%Overseas real estate: 0Private equity: 7%Overseas index linked gilts: 0%What are the current employer contribution rates to your scheme?: Other 4 to 5%What are the current member contribution rates to your scheme?: 4 to 5% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 4How many of your scheme trustees are EMPLOYER nominated?: 8How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

88. Philips Electronics UK Ltd.£1.90bnScheme name: Philips Pension FundHow many schemes do you have? 2Address: Cross Oak Lane, Redhill RH1 5HAEmail address: [email protected]: 07717430102Mobile: 01293773128Fax: 01293815758Type of scheme: Defined Contribution, Hybrid DCIf you have a DC scheme is it contract or trust based?: Contract-BasedTotal assets DC: £10mWhat year was this scheme established?: April 2008Which associations is the scheme a member of?: NAPF Pension fund manager: Group Pensions Manager: Adrian HolmesFinancial Controller: Valerie Benton (Email: [email protected])Pension fund secretary: Secretary: M.R.ArmstrongChairman of trustees: Mr D H JordanTrustee: Philip’S Pension Trustee LtdTrustee Company: Philips Pension Trustees Ltd.Please name the Investment Managers and detail the % involved?: Barclays Global Investors Ltd., Blackrock Investment Management (UK) Ltd., Henderson Global Investors, Nationwide Building Society, Philips Electronics UK Ltd. (Property), Phoenix, Record Currency Management Ltd., State Street Global Advisors United Kingdom Ltd. Please name all of your investment advisers: Redington, Towers WatsonWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: AON Consulting, Blackrock Investment ManagementWhich legal advisers do you use?: Wragge & Co, Which custodian firm do you use?: JPMorgan Worldwide Securites Services, HSBC Securities Services Performance measurement: JPMorgan Asset ManagementAVC provider: BlackRock, Resolution LifePension related software: SageHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: More Than 100How many members do you have that are: Employee members: Pensioners: 19,954 Deferred pensioners: 20,632Total members: 40,586Annual contributions: £375163000Annual investment income: £58153000

Annual expenditure: £114716000Hedge funds: 11%Cash and deposits: £20% CashOther: 1%What are the current employer contribution rates to your scheme?: 6 to 10% What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 11 directors, 5 are member nominated.How many of your scheme trustees are EMPLOYER nominated?: 6How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: Yes

89. Norfolk County Council£1.90bnScheme name: Norfolk Pension FundHow many schemes do you have? 1Address: 4th Floor, Lawrence House, 5 St Andrews Hill, Norwich, Norfolk NR2 1ADEmail address: [email protected]: 01603 495923Website: www.norfolkpensionfund.orgType of scheme: Defined Benefits Total assets DB: £1,900,000,000What year was this scheme established?: 1974Which associations is the scheme a member of?: NAPF, PRAG, LIPFFPension fund manager: Mark AlexanderPension scheme administrator: Paul BrittainChairman of trustees: Daniel CoxPlease name the Investment Managers and detail the % involved?: Fidelity, Capital, Baillie Gifford, Alliance Bernstein, Goldman Sachs, , Please name all of your investment advisers: Hymans RobertsonWhich actuary(ies) do you use: Hymans RobertsonWhich auditor(s) do you use: Audit CommissionWhich pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: Allen & Overy, Which custodian firm do you use?: The Northern Trust Company Performance measurement: WMProperty advisers: AvivaAVC provider: Clerical Medical, Prudential, Equitable Life (legacy)Pension related software: AXISe (Heywoods)How many total employees does the sponsoring employer have in the UK?: 10,001-100,000How many total pension employees do you have?: 21-50 How many of your scheme trustees are MEMBER nominated?: 1-25%How many of your scheme trustees are EMPLOYER nominated?: 76-99%How many of your scheme trustees are INDEPENDENT?: 0%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

90. Lafarge UK£1.88bnScheme name: Lafarge UK Pension PlanHow many schemes do you have? 1Address: Regent House, Station Approach, Dorking, Surrey, RH4 1TH



Email address: 01306 872142Type of scheme: HybridIf you have a DC scheme is it contract or trust based?: Trust basedTotal assetsDB: £1,885bnDC: £7mWhat year was this scheme established?: 2003Which associations is the scheme a member of?: NAPF, PRAGPension fund manager: John LovellPension scheme administrator: Lafarge UK ServicesPension fund secretary: John LovellContact: John LovellChairman of trustees: Norman BraithwaiteTrustee Company: Lafarge UK Pension Plan Trustees LtdPlease name all of your investment advisers: Towers WatsonWhich actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: Sacker & Partners, Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: The WM CompanyProperty advisers: BNP ParibasAVC provider: Zurich Assurance and Legal and GeneralPension related software: AXISeHow many total employees does the sponsoring employer have in the UK?: 1,001-10,000How many total pension employees do you have?: 11-20How many members do you have that are: Employee members: 2,858 Pensioners: 21,371 Deferred pensioners: 13,189Total members: 37,418Annual contributions: £42000000Annual investment income: £60400000Annual expenditure: £128100000% or £: £Domestic equities: £422956000Corporate bonds: £154318000Hedge funds: 0Unit trusts: £408319000Avcs: £1979000Cash and deposits: £26060000Other: £7719000Overseas equities: £247849000Domestic fixed interest: £422956000Overseas fixed interest: 0Domestic real estate: £422956000Overseas real estate: 0Private equity: £30875000Index linked gilts: £352581000Overseas index linked gilts: 0Venture capital: 0What is the FRS17/IAS19 surplus/deficit of your pension scheme sponsor company?: £10.2m SURPLUSWhat are the current employer contribution rates to your scheme?: 16-20%What are the current member contribution rates to your scheme?: 6-10% How has this changed in the last 12 months? Employer contribution: Stayed the sameMember contribution: IncreasedHow many of your scheme trustees are MEMBER nominated?: 1-25%How many of your scheme trustees are EMPLOYER nominated?: 1-25%How many of your scheme trustees are INDEPENDENT?: 0%Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

91. Norfolk Pension Fund£1.85bnScheme name: Norfolk Pension FundHow many schemes do you have? 1Address: Lawrence House 4th Floor, St. Andrews Hill, Norwich, Norfolk NR2 1ADEmail address: [email protected]: 01603222842Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersTotal assets DB: £1.85bnWhat year was this scheme established?: 1974Which associations is the scheme a member of?: NAPF Pension fund manager: Head Of Pension Fund: Nicola Mark (Email: [email protected])Pension scheme administrator: Head Of Finance: Paul BrittainContact: Alex Younger, 0160 3222 842Chairman of trustees: Daniel CoxTrustee: Adrian Gunson, Cllr. Alan Waters, Peter Baker, Derek Murphy, Jon Herbert, Graham Jones, Simon Woodbridge.Trustee Company: Administering Authority: Norfolk County CouncilPlease name the Investment Managers and detail the % involved?: Goldman Sachs Asset Management, Alliancebernstein Institutional Investments (Uk Equities 13.4%), Baillie Gifford & Co. (Uk Equities 13.4%) , M&G, Capital International Ltd. (Overseas Equities 19.4%), Fidelity International (Overseas Equities 20.8%), Harbourvest Partners (Uk) Ltd. (Private Equity), Henderson Global Investors (Fixed Interest 9%), Aviva Investors Ltd. (Property 15%), Standard Life Investment Ltd. (Private Equity) Please name all of your investment advisers: Hymans Robertson LlpWhich actuary(ies) do you use: Hymans RobertsonWhich auditor(s) do you use: Audit CommissionWhich legal advisers do you use?: Allen & Overy, Which custodian firm do you use?: The Northern Trust Company Performance measurement: The WM CompanyAVC provider: Clerical Medical Investment Group Ltd., Prudential, The Equitable Life Assurance SocietyPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 21 to 50How many members do you have that are: Employee members: 27,418 Pensioners: 15,442 Deferred pensioners: 17,890Total members: 60,750Annual contributions: £103,540,000Annual investment income: £56.861mAnnual expenditure: £86.634m% or £: Domestic equities: 23.4%Corporate bonds: 10%Hedge funds: 0Unit trusts: 0Avcs: 0Cash and deposits: 0Other: 3%Overseas equities: 35.1%Domestic fixed interest: 23.4%Overseas fixed interest: 1%Domestic real estate: 23.4%Overseas real estate: 0Private equity: 7%Index linked gilts: 2%

Overseas index linked gilts: 0Venture capital: 0What are the current employer contribution rates to your scheme?: 16 to 20% What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 1How many of your scheme trustees are EMPLOYER nominated?: 7How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: YesIf yes, where have these changes occurred?: Moved a proportion of fixed interest investments to absolute return benchmarks.

92. Total UK£1.85bnScheme name: Total UK Pension PlanHow many schemes do you have? 1Address: 33 Cavendish Square, London W1G 0PWEmail address: [email protected]: 02074918250Fax: 02074918266Type of scheme: Defined Benefit, Defined Contribution, Defined Benefit (Final Salary) - Closed to New Members, Defined Contribution (Money Purchase) - Open to New MembersIf you have a DC scheme is it contract or trust based?: Trust- BasedTotal assets DB: £1.85bn DC: £20mWhat year was this scheme established?: 2002Which associations is the scheme a member of?: NAPF Pension fund manager: Lester Farrant – UK Group Pensions ManagerPension scheme administrator: Excellerate HroPension fund secretary: UK Group Pensions Manager & Secretary to The Trustees: Lester Farrant (Email: [email protected])Contact: Liz Sumner 02074918265Chairman of trustees: Iain MccombieTrustee: Total Pension UK LtdTrustee Company: Total Pension Trustee UK Ltd.Trustee training provider: Hewitt Associates / Mayer Brown / Pensions Management InstitutePlease name the Investment Managers and detail the % involved?: Lasalle Investment Management, Legal & General Investment Management Ltd, Artemis Fund Managers Limited, Blackrock Investment Management (UK) Limited, Newton Investment Management Limited, Schroder Pension Management Limited Please name all of your investment advisers: Hewitt AssociatesWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: KPMGWhich pension fund administrator do you use?: ExcelleratehroWhich legal advisers do you use?: Mayor Brown International, Which custodian firm do you use?: The Northern Trust Company Performance measurement: Northern Trust / Hewitt AssociatesAVC provider: Legal & GeneralHow many total employees does the sponsoring employer have in the UK?: 1,001 to 10,000How many total pension employees do you have?: 2 to 5



How many members do you have that are: Employee members: 3,042 Pensioners: 7,036 Deferred pensioners: 6,091Total members: 16,169Annual contributions: £203700000Annual investment income: £16100000Annual expenditure: £84100000Domestic equities: £171m UK EquityCorporate bonds: £180mHedge funds: 0Unit trusts: (Bonds And Equities above are held in Unit Trusts)Avcs: £13500000Cash and deposits: £40mOverseas equities: £400m Overseas EquitiesDomestic fixed interest: £171m UK EquityDomestic real estate: £171m UK EquityOverseas real estate: 0Private equity: 0Index linked gilts: £1161300000Venture capital: 0What is the FRS17/IAS19 surplus/deficit of your pension scheme sponsor company?: £179m Surplus as at 31 December 2007.What are the current employer contribution rates to your scheme?: Range From 17.6% to 41.5% (DB), 6% to 30% (DC)Range From 5% to 8% (DB), 2% to 8% (DC)What are the current member contribution rates to your scheme?: Range From 5% to 8% (DB), 2% to 8% (DC) How has this changed in the last 12 months? Employer contribution: IncreaseMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 3How many of your scheme trustees are EMPLOYER nominated?: 3How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

93. Jaguar Landrover £1.84bnScheme name: Jaguar Landrover Jaguar Pension Plan

94. Royal & Sun Alliance£1.80bnScheme name: Royal & Sun Alliance Group Pension Scheme

95. Associated British Foods£1.80bnScheme name: Associated British Foods DB SectionsHow many schemes do you have? 1Address: 50-51 Russell Square, London WC1B 4JUEmail address: [email protected]: 02072993620Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Closed to New MembersWhat year was this scheme established?: 1949Which associations is the scheme a member of?: NAPF Pension fund manager: Pensions Manager: Karen J.Bennett, [email protected] fund secretary: Group Pensions Director & Secretary: Colin Hately (Email: [email protected])Finance Manager: Charles Mills (Email: [email protected])

Chairman of trustees: James.G.WestTrustee: Trustee Director: John G.Bason, Paul Liste, Paul Longley, Karl Cart, Trevor Kg, Shahzad Saraf, Trustee Company: Associated British Foods Pension Trustees Ltd.Please name the Investment Managers and detail the % involved?: Aberdeen Asset Managers Ltd. (Bonds 7.3%), Bank Of Ireland Asset Management (UK) Ltd. (Overseas Equities 9.1%), Blackrock Investment Management (UK) Ltd. (Active Bonds 24%, Passive Bonds 17.1%), Capital International Ltd. (Overseas Equities 5.5%), Cb Richard Ellis Investors (Property 2.3%), European Credit Management Ltd. (Bonds 7.2%), Gmo Uk Limited (UK Equities 4.4%), Liontrust Asset Management Plc (UK Equities 8.8%), Threadneedle Asset Management Ltd. (UK Equities 10.4%), Wilky Fund Management Ltd. (Property 2%), Please name all of your investment advisers: MercerWhich actuary(ies) do you use: MercerWhich auditor(s) do you use: KPMGWhich legal advisers do you use?: Travers Smith, Which custodian firm do you use?: BNY Mellon Asset Servicing Performance measurement: The WM CompanyAVC provider: Clerical Medical Investment Group Ltd.Legal & General Assurance Society Ltd.The Standard Life Assurance Co.How many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many total pension employees do you have?: 11 to 20How many members do you have that are: Employee members: 5,352 Pensioners: 16,320 Deferred pensioners: 9,967Total members: 31,639Annual contributions: £77,095,000Annual investment income: £82,857,000Annual expenditure: £107,085,000

96. Devon County Council£1.78bnScheme name: Devon County Council Pension FundHow many schemes do you have? 1Address: County Hall, Topsham Road, Exeter EX2 4QJEmail address: [email protected]: 01392688210Mobile: 01392383621Fax: 01392383623Type of scheme: Defined Benefit, Defined Benefit (Final Salary)If you have a DC scheme is it contract or trust based?: Trust- BasedWhich associations is the scheme a member of?: NAPF Pension fund manager: Charlotte Thompson APMI, Investment Manager: Barry White MAAT, Deputy Investment Manager Ray BurroughPension scheme administrator: Mary DavisContact: 01392 382520Chairman of trustees: Cllr Randall JohnsonPlease name the Investment Managers and detail the % involved?: Aberdeen Asset Manager, Devon County Council Investment Team, Lazard Asset Manager, Sarasin 7 Partners, State Street Global Advisors, UBS Global Asset Management Team, Wellington Management International Please name all of your investment advisers: Norman FergusonWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: Audit Commission

Which pension fund administrator do you use?:Which legal advisers do you use?: County Solicitor, R.Gash County Solicitor Which custodian firm do you use?: JPMorgan Worldwide Securites Services Performance measurement: The WM CompanyAVC provider: PrudentialThe Equitable Life Assurance SocietyPension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many members do you have that are: Employee members: 38,304 Pensioners: 22,171 Deferred pensioners: 20,242Total members: 80,717Annual contributions: £156,778,000Annual investment income: £39,176,000Annual expenditure: £116,087,000Domestic equities: £445,278,000Unit trusts: £84,047,000Cash and deposits: £264,717,000Other: £73,345,000Overseas equities: £397,452,000Domestic fixed interest: £445,278,000Overseas fixed interest: £128,978,000Domestic real estate: £445,278,000Index linked gilts: £87,251,000Overseas index linked gilts: £453,000

97. Derbyshire County Council£1.76bnScheme name: Derbyshire County Council Pension SchemeHow many schemes do you have? 1Address: County Hall, Matlock, DerbyshireDE4 3AHEmail address: [email protected]: 01629538827Type of scheme: Defined Benefit, Defined Benefit (Final Salary) - Open to New MembersWhich associations is the scheme a member of?: NAPF, LAPFFPension fund manager: Pension Fund Manager/Director Of Finance: Graham HuntPension fund secretary: County SecretaryContact: Investment Information/Investment Officer: John WaterfallChairman of trustees: Chairman Of Pensions Committee:Cllr Peter Makin. Chairman Of Investment Committee: Cllr Stuart EllisTrustee: S Ellis, P Makin, M Lacey, G Macdonald, A Charles, A Western, B Taylor, J Williams, W Burrows, M Higginbottom, M Carr, D Roberts.Please name the Investment Managers and detail the % involved?: UBS Global Asset Management, Wellington Management International, Ltd. Please name all of your investment advisers: Allenbridgeepic Investment Advisers, Morley Fund Management LtdWhich auditor(s) do you use: Audit CommissionWhich pension fund administrator do you use?:Which custodian firm do you use?: BNY Mellon Global Securities Services Performance measurement: The WM CompanyAVC provider: Clerical Medical Investment Group Ltd., Prudential, The Standard Life Assurance Co.Pension related software: AxiseHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many members do you have that are: Employee members: 37,273



Pensioners: 19,957 Deferred pensioners: 17,331Total members: 74,561Annual contributions: £133761000Annual investment income: £68896000Annual expenditure: £98198000Domestic equities: £603000000Cash and deposits: £76000000Other: Capital Value In Total: £1758789000Overseas equities: £512000000Domestic fixed interest: £603000000Domestic real estate: £603000000Index linked gilts: £130000000

98. Reed Elsevier (UK) Limited£1.74bnScheme name: Reed Elsevier pension SchemeHow many schemes do you have? 1Address: 1-3 Strand, London WC2N 5JRType of scheme: Defined Benefit Total assets DB: 1,740,500,000What year was this scheme established?: 1963Which associations is the scheme a member of?: NAPF, IMA, PRAGPension fund manager: Mark Roberts APMIPension scheme administrator: Reed Elsevier Pensions OfficeChairman of trustees: C D ThomasTrustee Company: Reed Elsevier Pensions Trustee LimitedPlease name the Investment Managers and detail the % involved?: Reed Elsevier Pension Investment Management Limited (100%)Please name all of your investment advisers:Which actuary(ies) do you use: Towers WatsonWhich auditor(s) do you use: PricewaterhouseCoopersWhich pension fund administrator do you use?: In house administrationWhich legal advisers do you use?: Mayer Brown InternationalWhich custodian firm do you use?: JPMorgan Worldwide Securities Services Performance measurement: The WM CompanyPension related software: CivicaHow many total employees does the sponsoring employer have in the UK?: 1,001-10,000How many members do you have that are: Employee members: 3,272 Pensioners: 16,169 Deferred pensioners: 15,668Total members: 35,109Annual contributions: £23200000Annual investment income: £55500000Annual expenditure: £72600000Domestic equities: £629800000.00Avcs:£ 11600000.00Cash and deposits: £14000000.00Other: £10800000.00Overseas equities: £421700000.00Domestic fixed interest: £629800000.00Domestic real estate: £629800000.00Overseas index linked gilts: £110900000.00What are the current employer contribution rates to your scheme?: 6-10%What are the current member contribution rates to your scheme?: 6-10% How has this changed in the last 12 months? Employer contribution: Stayed the sameMember contribution: Stayed the sameHow many of your scheme trustees are MEMBER nominated?: 26-50%How many of your scheme trustees are EMPLOYER nominated?: 26-50%How many of your scheme trustees are INDEPENDENT?: 0%

Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

99. VT Nuclear Services Ltd.£1.70bnScheme name: ESPSPension SchemeHow many schemes do you have? 1Address: Oldbury Power Station, Oldbury Naite, Bristol BS35 1RQEmail address: [email protected]: 01847804401Fax: 01454422230Type of scheme: Defined Benefit, Defined Benefit (Final Salary)-Open to New MembersWhich associations is the scheme a member of?: NAPF Pension fund manager: Fergus HallPension scheme administrator: Fergus HallPension fund secretary: Fergus HallContact: Fergus Hall 01453 813 133Chairman of trustees: Tony CooperTrustee Company: The Magnox Electric Group Pension Trustee LtdTrustee training provider: In HousePlease name all of your investment advisers: Aon ConsultingWhich actuary(ies) do you use: Hewitt AssociatesWhich auditor(s) do you use: PricewaterhousecoopersWhich pension fund administrator do you use?: EpalWhich legal advisers do you use?: Sackers, Which custodian firm do you use?: BNY Mellon Asset Servicing Insured with: Self InsuredPerformance measurement: The WM CompanyAVC provider: PrudentialHow many total employees does the sponsoring employer have in the UK?: 10,000 to 100,000How many members do you have that are: Employee members: 3,500 Pensioners: 6,500 Deferred pensioners: 1,500Total members: 11,500What are the current employer contribution rates to your scheme?: 21%6 to 10%What are the current member contribution rates to your scheme?: 6 to 10% How has this changed in the last 12 months? Employer contribution: SameMember contribution: SameHow many of your scheme trustees are MEMBER nominated?: 6How many of your scheme trustees are EMPLOYER nominated?: 4How many of your scheme trustees are INDEPENDENT?: 0Have you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

100. Staffordshire County Council£1.68bnScheme name: Staffordshire Pension Fund (Lgps)How many schemes do you have? 1Address: Resources Directorate, 17 Eastgate Street, Stafford ST16 2NFEmail address: [email protected]: 01785276482Fax: 01785276334Type of scheme: Other, LGPSTotal assets

DB: £1688367000What year was this scheme established?: 1974Which associations is the scheme a member of?: NAPF Pension fund manager: Assistant Director (Technical & Pensions): John Wood (Email: [email protected])Pension scheme administrator: Pensions Manager: Janet Caiazzo (Email: [email protected])Chairman of trustees: Pensions Committee Council Chairman: Patrick CorfieldTrustee: Pensions Committee vice -chairman: Ray BarronPensions Committee Council Member: Mr Geoff Locke, Mr Brian Beale, Mr Michael Lawrence, Sr Stephen Sweeney, Mr Philip Atkins, Mr Mike Maryon, Ms Christina JebbPlease name the Investment Managers and detail the % involved?: Alliancebernstein Institutional Investments (Global Equities 10%), Axa Rosenberg Investment Management Ltd. (European Equities 5%), Colliers Capital Uk Ltd. (Property 8%), Goldman Sachs Asset Management International (Tactical Asset Allocation 4%), Insight Investment (Global Fixed Income 12%), Russell Investment Group (Asia Pacific Inc Japan 8%), Standard Life Investment Ltd. (Uk Equities 13%), State Street Global Advisors United Kingdom Ltd. (Global Index Tracking 20%) Please name all of your investment advisers: Hymans Robertson LlpWhich actuary(ies) do you use: Hymans Robertson LlpWhich auditor(s) do you use: PricewaterhouseCoopersWhich pension fund administrator do you use?: In house AdministrationWhich legal advisers do you use?: Eversheds, In House Which custodian firm do you use?: The Northern Trust Company Performance measurement: The WM CompanyAVC provider: Standard Life And Clerical MedicalPension related software: Axise, HeywoodHow many total employees does the sponsoring employer have in the UK?: 51 to 250How many total pension employees do you have?: More Than 100How many members do you have that are: Employee members: 38,043 Pensioners: 18,284 Deferred pensioners: 25,445Total members: 81,772Annual contributions: £146310000Annual investment income: £50639000Annual expenditure: £117182000Domestic equities: £212127000Hedge funds: £44361000Cash and deposits: £31569000Overseas equities: £209221000Domestic fixed interest: £212127000Overseas fixed interest: £120424000Domestic real estate: £212127000Overseas real estate: 0Private equity: £39102000Index linked gilts: £34028000Overseas index linked gilts: 0What are the current employer contribution rates to your scheme?: 10-25% What are the current member contribution rates to your scheme?: 5.5-7.5% How has this changed in the last 12 months? Employer contribution: IncreaseMember contribution: IncreaseHave you seen any demonstrable shift in the asset allocation of the scheme over the past 12 months?: No

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