Datesforyour diaries...
1April
2025/26EmployeeContribution Bandsineffect
30April YearEndDatadeadline 27November 2025EmployerForumsavethedate! Our vision is to deliver an outstanding service to our scheme employers and members
Pensionsareahugepartof youremployeesfinancial wellbeing,andasan employeryouofferoneof themostgenerous workplacepensions available! c750membersattended oureventsin2024/25!
Ournextroundofwebinars arebeingarrangedforJune, withdatesaddedtoour MemberWebinarsand Eventspageonceconfirmed Watchthisspace...
DEAREMPLOYERS, Welcometothismonth’snewsletter!
ItisaverybusytimefortheWPFteamas weareworkingonpullingtogetherallof yourendofyeardata,sothatwecan deliverannualbenefitstatementstoyour LGPSemployees We’realsoworkingonour yearendaccounts,andprogressingthe 2025actuarialvaluation.
YoumayhaveseentheLGPSinthepress againlately,asjustbeforeEaster,we receivedaletterfromMHCLGandthe Treasury,explainingthataplansubmitted byourinvestmentpool(Brunel)hadnot beenapprovedtodelivertheGovernment’s visionforthefutureoftheLGPS,andthat partnerfunds(suchasWPF)should partnerwithanotherpool
Thiswassurprisingnews,andweare workingtounderstandwhatthismeans andwhatouroptionsare Idon’twantto causeanyconcernforouremployers,and wewillsharemorenewswhenwehave any Wewillofcoursebeworkingtoensure thatweachievethebestpossibleoutcome forWPF.
InvestmentInsights Sinceourlastnewslettertheinvestmentteammadethefinal allocationinourinnovativeandawardwinningclimate opportunitiesfund Wearepleasedtoannounceourcommitment of£23mintheCampbellGlobalForestandClimateSolutionsFund III.Thefundinvestsinanddevelopshigh-quality,responsibly managedforestlandsthatpromotebiodiversity,sequestercarbon, andcontributetoglobaleffortstomitigateclimatechange.By ensuringsustainableforestrymanagement,thefundalsohelps preventforestfires,combatdisease,andmaintainhealthy ecosystems
Wehavealsovisitedalocalaffordable housingdevelopmentinChippenham,to seehowGreshamHouseareinvestingon behalfofthefundtodeliverhighquality affordablehousing Theteamhavepublishedafewarticles ofinterestintothefundsholdings exploringkeythemeslinkedto sustainability
Theinvestmentteamhavecommenced areviewofthestrategicassetallocation aspartofthetriennialvaluationprocess ThisinvolvesworkingwiththeFunds actuaryandinvestmentadvisorto considerthebestmixofinvestmentsthat willdeliverthemostappropriaterisk adjustedreturn,supportingtheFundto providestableandaffordable contributionsforouremployers We expectthisprocesstobecompletedby theendof2025/26.
Overthepastfewyears,throughavarietyofglobalfinancial volatilityevents,theFundswelldiversifiedinvestmentapproachhas beenresilientanddeliveredstronginvestmentreturns Theglobal economyhasbeenparticularlyvolatileoverthepastquarter,dueto theimpositionofglobaltariffsbytheUnitedStates,theinvestment teamcontinuetomonitorthesituationandworkcloselywithour investmentmanagerstounderstandtheimpact.
AsattheendofMarch25thefundvaluewas£34bndownby16% fromDecember2024 MuchofthemarketvolatilityoccurredinApril andthefullimpactofthemarketmovementswillbereportednext quarter.
MEETOURINVESTMENTAND ACCOUNTINGTEAM ChrisMoore,InvestmentandAccountingTeamLead
ChristineCollins,PensionFundAccountingOfficer
JackOliver,ApprenticeAssistantAccountant
JelenaPeet,FundAccountant
ThobekaKellet,InvestmentAnalyst
JoeCoppin,ApprenticeAssistantAccountant
SusanTompkins,AccountingOfficer
*Fromlefttoright,toprowlistedfirst
MEETOURNEWLOCAL PENSIONBOARD CHAIR... Sean Johns Seanhasover15years’experienceofworkinginthepensions industry,isaFellowoftheAssociationofCharteredCertified AccountantsandisalsotheHeadofPensionsandTreasuryat CornwallCouncil.Hehasastronginterestininvestingresponsibly withimpactandisalsopassionateaboutrobustgovernance, includingtheprocessesandsystemswhichmakeitwork.
Seanhasawellevidencedtrackrecordofbuildingsystems, processesandreportingtobothdelivertherequiredoutcomesand alsotopresenttheminaclearandconciseway,sothattheycan beunderstoodbyabroadrangeofstakeholders.
Seanhasabroadskillsetcoveringgovernance,investments, accounting,actuarialmattersandadministration,withexperience ofworkingwithstakeholdersincludingseniorinternalmanagement, committee/boardmembers,pensionfundmembersand employers.
WEARERECRUITINGFOR TWOEMPLOYERREP’SFOR OURCOMMITTEE TheCommitteeislookingfortwo EmployerRep’stohelpensure, members’benefitsaresecure,paid ontimeandpaidtotheright people.
Employerrepresentativesplayan importantpartinthegovernance andadministrationoftheFundin ensuringthatitiswellmanagedby askingquestions,offering suggestions,andrepresentingthe viewsofschememembersinits governanceandadministration.
Lookingfor an opportunity toshapethe delivery of pensions services for Wiltshire PensionFund?
Doyouhavethe experienceand enthusiasmtobepart of thePensionFund’s oversight function?
Helpensurethe members’ benefits are secure, paidontimeand paidtotheright people.
TriennialValuation Overthenextcoupleofmonths,theEmployerServicesTeamwillbe workingthroughthedatareceivedfromemployersaheadof submissiontotheActuary.Therefore,ifnotalreadydoneso,it’scrucial thatthedataisprovidedassoonaspossible.Shouldtherebefollow upqueriesfromtheteam,pleaserespondassoonaspossibleaswe cannotdelaythesubmissiontotheActuary.Shouldqueriesordatabe stilloutstandingatthepointofsubmission,theactuarieswillmake moreprudentassumptions,whichcouldultimatelyaffectyour employercontributionrateforthethreeyearsfromApril2026.
Asareminderthetimelineisbelowforthisyear’svaluation,withmore informationavailableonourwebsite
YEARENDREMINDER Wearecurrentlyprocessingyour YearEndReturnsfor2024/25 Any queries/identifieddiscrepancies willbesentovertoyou,with responsesrequiredwithinfive workingdays. Itisyour responsibilityastheemployerto ensurecorrectdataisprovidedto us
Ifyouhaveidentifiedanyerrors whereamendmentsarerequired, pleasesendusthecorrectdataas soonaspossible.Ifwedon’thear fromyou,wewillassumethat everythingiscorrectandno correctiontothedataisneeded.
DuetotheTriennialValuationitis ESSENTIALwehaveallcorrectdata withassoonaspossible.
Pleasenotethisdataisusedto produceyouremployees’ AnnualBenefitStatements,and formspartofthetriennial valuation,withthepotentialto impactyouremployer contributionratefromApril 2026.
Ifthereisincompleteormissing data,theactuarieswillmake assumptionswhichcouldlead toyoupayinghigher contributionsthanyoushould forthenext3years
Ifyouhaveanyquestions, pleaseemailto pensionforms@wiltshiregovuk andwewilltryourbesttohelp youtoprepareyour membershipdataintimeforthe triennialvaluation
Ifyououtsource yourpayroll provision,please ensurethatthey arealsoawarethis information
NEONATALCARELEAVE&PAY On24February2025,theDepartmentforBusinessandTradelaidthe NeonatalCareLeaveandPay(ConsequentialAmendmentsto SubordinateLegislation)Regulations2025.
Theregulationscomeintoforceon6April2025andmakechanges relatedtoneonatalcareleave(NCL)andpay.Thisisanewstatutory entitlementforemployedparentswhosechildreceivesneonatalcare startingwithin28daysofbirthandgoesontospendsevenormore continuousdaysincare
Eligibleparentswillbeentitledtoupto12weeksofNCLinadditionto existingentitlementsuchasmaternity,adoptionandpaternityleave, takenwithin68weeksofthebaby’sbirth
Theentitlementappliestochildrenbornafter5April2025.The regulationsamendregulations15(4)(b),16(17)(a)andthedefinition of‘childrelatedleave’inschedule1oftheLGPS(EnglandandWales) Regulations2013,treatingneonatalcareleavesimilarlytomostother typesofchild-relatedleave.Membersonpaidneonatalcareleaveare treatedasreceivingassumedpensionablepay Membersonunpaid neonatalcareleavecanchoosetobuybackthelostpensionthrough ashared-costadditionalpensioncontract.
LGA2025Employer TrainingDates TheLocalGovernment Associationhasreleasedtheir latestemployertrainingdates. thesecanbefoundontheir website,coveringarangeof topicssuchas;
AggregationTraining TransfersIn TransfersOut EmployerRole ...andmore!
Visittheirwebsitetofindout moreandbookontoan upcomingcourse
Aseriesofe-learning trainingcoursesarealso availableontheLGPS website: AssumedPensionable Pay
FinalPay Activememberillhealthretirement Deferred(former) memberill-health retirement Visit
In other news... GRESHAMHOUSETHRIVINGINVESTMENTS RESIDENTIALSECUREINCOME WiltshirePensionFundwerethrilledtoattendarecentsitevisittoa housingdevelopmentinChippenham,whichformspartofour£������ �������������������� intoaffordablehousingthroughtheGreshamHouse ThrivingInvestmentsResidentialSecureIncome(ReSI)fund.
��£50mcommitmenttolocalaffordable housing
��Sharedownershiphomesforlocalfamilies8%ofourmembersliveinChippenham
�� EnergyEfficienthomes-EPCA,solarpanels, andwastewaterheatrecoverysystems
�� 7-8%netreturns
�� Environmentalconsiderations
Seeing an aspirational development come to life in our county, making use of a brownfield site, and providing much needed affordable homes for local families, was an opportunity that we relished, and we look forwardtovisitingthesiteagainnextyear.
Despite a difficult environment for investing in new affordable housing in recent years, ReSI continues to deliver on its objectives and is expectedtoachieveitstargetedreturnof7-8%netreturns
InsightsintoourInvestment Holdings OurQ42024investmentholdingsdataisreadytoview!
AswellasourEquityHoldings,thisquarterwearealso sharingTransparencyandinformationsharingourQ42024 FixedIncomeHoldingData
The below show the largest holdings by value and sector representing 23.8% of the Fund’s total equity holdings.
AUTHORISEDCONTACTS Hastherebeenachangeinyourteams? Visitourwebsitetocompleteourauthorised contactsformandifi-Connectaccessis alsorequiredthei-ConnectChange/New
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OUTSOURCING Asareminder,pleasenotifyuspriortoany payrollchanges,TUPEs/transfers,re-tendersfor newcateringorcleaningcontracts
Tobetterassistouremployers,wehavecreated agroupmailboxforouremployerrelationsteam.
EmployerRelations@wiltshiregovuk EMPLOYERRELATIONSEMAIL
LGPS Regulations and Guidance
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