Statutory Statements

The Fund produces and maintains a range of statutory and quasi-statutory statements. A breakdown and explanation of each statement can be found below.

The latest version of all these documents can be found via the following website link:

https://wiltshirepensionfund.org.uk/article/3756/Governance

INVESTMENT STRATEGY STATEMENT (ISS)

The Committee approved the current ISS at its meeting on 30 March 2021.

The ISS sets out the Funds current Investment Strategy. Investment regulations specify the areas that must be included in the statement.

The statement is kept under review and revised from time to time, in particular when there is a material change in risk, and at least every three years. The current version of the ISS now incorporates more information about the Fund’s position with regard to responsible investment, and climate change risk in particular.

FUNDING STRATEGY STATEMENT (FSS)

The FSS outlines how the Fund calculates employer contributions, what other amounts might be payable in different circumstances, and how this fits in with the investment strategy. The document follows CIPFA guidance (“Preparing and maintaining a funding strategy statement in the Local Government Pension Scheme 2016”).

The FSS was prepared in collaboration with the Fund’s Actuary, Hymans Robertson and forms an integral part of the framework within which they carry out triennial valuations to set employers’ contributions and to provide recommendations on funding decisions.

The latest FSS was approved by the Pension Fund Committee in October 2019 as part of the 2019 valuation.

BUSINESS PLAN

The latest Business Plan was approved by the Pension Fund Committee in March 2019 and outlines the planned activities of the Fund up to 2022. Each scheme year the overarching business plan is reviewed and objectives set for that specific year.

CESSATION POLICY

The latest Cessation Policy was approved by the Pension Fund Committee in December 2020. The Policy outlines the process and the flexibilities available to the Fund to work with employer organisations to pay off any cessation deficit payment.

COMMUNICATIONS POLICY STATEMENT

The latest Communications Policy was approved by the Wiltshire Pension Fund Committee in December 2019. It purpose aims to meet the Fund’s communication responsibilities as it transitions to a more digital platform.

PENSION ADMINISTRATION STRATEGY

The pension administration strategy outlines the roles, responsibilities and expectations in terms of provision of data and service delivery of both the administration teams of the Wiltshire Pension Fund and the employer organisations. This policy was last approved by the Pension Fund Committee in December 2019 following consultation with employers.

This latest pension administration strategy incorporates the Fund’s transition to an automated way of working with its sponsoring employers and seeks to improve data quality, efficient working practices and cost savings.

WILTSHIRE PENSION FUND DISCRETIONS POLICY

This policy outlines discretions made under the following LGPS Regulations approved by the Fund’s Committee on 30 March 2021

WILTSHIRE PENSION FUND FULL PRIVACY NOTICE

This notice is designed to give members of the Fund information about the data we hold about them, how we use it, their rights in relation to it and the safeguards that are in place to protect it.

GOVERNANCE POLICY STATEMENT

The Governance Compliance Statement lays out the overarching framework within which the Wiltshire Pension Fund Committee operate. Notably it identifies the structure of operations, the representation and Selection of Members, their voting rights and scope of the Committee’s responsibilities. The Statement was approved in March 2021 and will be reviewed as required, subject to a formal review every three years.

On receipt of SAB’s final Good Governance report, it is intended that such a review will take place to ensure that both the governance policy statement and the Council’s constitution are consistent with the findings of the report.

TREASURY MANAGEMENT STRATEGY

The purpose of this strategy is to outline the process and policies for the cash held by the Fund. The strategy aims to achieve the optimum return on the cash held commensurate with the high levels of security and liquidity required. These funds are invested separately from cash balances held by Wiltshire Council.

The strategy was reviewed and approved by the Pension Fund Committee in March 2020, and the current version can be viewed on the Wiltshire Pension Fund website at the following link:

https://wiltshirepensionfund.org.uk/article/3756/Governance

DATA IMPROVEMENT STRATEGY AND PLAN

This document outlines Wiltshire Pension Fund’s Data Improvement Strategy and Plan.

STEWARDSHIP CODE COMPLIANCE STATEMENT

This document describes the Fund’s approach to stewardship and how it seeks to comply with each of the seven principles outlined in the FRC Stewardship Code 2016.

As a signatory to the Code, Wiltshire Pension Fund has been given tier 1 status which describes the good quality and transparent description of our approach to stewardship.

The Fund will be publishing a revised statement to demonstrate compliance with the updated Stewardship Code by 31 March 2022.

TRIENNIAL VALUATION REPORT 2019

A triennial valuation is used to set employers’ contributions and to provide recommendations on funding decisions. The Fund’s valuation report can be viewed on the Wiltshire Pension Fund website at the following link:

https://wiltshirepensionfund.org.uk/article/3756/Governance