A dedicated Investments Section aims to maximise the monies held by the ERPF. The Investment Section is not part of the Pensions Section, although it is housed in the same building in Goole Council Offices.
Through funding strategies, financial governance and an investment strategy, the Investments Section work to keep the ERPF well-funded and fit for purpose. The links below will take you to various documents that guide the investment team in their work.
The ERPF assets need to be invested to ensure an appropriate rate of return whilst safeguarding against risk.
The following documents provide the framework for setting out the responsibilities for the management of the pension fund assets to ensure future pension liabilities can be met.
In addition the Fund has a Responsible Investment Policy, which described the approach to environmental, social and governance issues, and a Climate Change policy which specifically addresses risks relating to climate change.
The Fund has adopted the Border to Coast's Responsible Investment Policy and Climate Change Policy as its own. These policies have been developed by Border to Coast and the eleven partner funds including East Riding Pension Fund.
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In order to fulfil its responsibilities, the ERPF will communicate with companies and as a general principle, the ERPF voting rights will be used to protect shareholder rights, to minimise risk to companies from corporate governance failure, to enhance long term value and to encourage corporate social responsibility.
The Corporate Governance and Voting Policy has been developed by Border to Coast and the 11 partner funds including East Riding Pension Fund. This Policy has been adopted by the Fund.
The East Riding Pension Fund supports the FRC Stewardship Code and, as part of its commitment to best practice, seeks to apply the Principles in the Code to its investment activity.
The East Riding Pension Fund Annual Report provides details of all the issues affecting the fund during the previous 12 months together with information on its financial position and performance.
To read or download the latest report please see links below:
Under Local Government Pension Scheme Regulations, all LGPS funds have a statutory obligation to produce an FSS. It is a key document which sets out ERPF’s approach to funding employers' pension liabilities under the Local Government Pension Scheme.
The FSS covers the main principles behind funding, including how ERPF calculates the contributions payable by different employers in different situations. The objectives of the FSS are to ensure employer contribution rates are reasonably stable where appropriate and to use reasonable measures to reduce the risk to other employers from an employer defaulting on its pension obligations.
The current FSS which was reviewed as part of the 2022 valuation and effective from 1 April 2023 is available below:
In line with other UK public sector, the Local Government Pension Schemes undergoes an actuarial valuation every three years. The last triennial valuation of the LGPS assets and liabilities was at 31 March 2022 (see below). These valuations set the employer contribution rates and will take into consideration funding.
The ERPF will ensure the most current reports for valuation are linked via this website for your information.
The latest Valuation Report for 2022, and two previous reports for 2016 and 2019 are available to download below:
The purpose of this policy is to set out ERPF's approach to dealing with circumstances where a scheme employer leaves the Fund and becomes an exiting employer.
This policy sets out ERPF's approach to dealing with the bulk transfer of scheme member pension rights into and out of the Fund.