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NorfolkPensionFundNewsletter2013 1

Primetime Winter/Spring2016Issue9

Pensionfundnewsletterfor retired members

DeliveringtheLocalGovernmentPensionScheme

Wellsbeach


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2 NorfolkPensionFundNewsletter2016

Hello and welcome...


The Norfolk Pension Fund4/5thFloor•LawrenceHouse5StAndrewsHill•NorwichNR21AD

01603 495788

[email protected] www.norfolkpensionfund.org

to our latest edition of Primetime, the Norfolk Pension Fund’s magazine for retired members.

Asalways,wehavetriedtoincludearticleswethinkyouwillfindinterestinganduseful,fromvolunteeringforNorfolkCitizensAdvicetonewsofanotherbuddingauthorinourmidst!

Wealwayslovetohearfromyou,sopleaseletusknowwhatyouthinkorifyouhaveanysuggestionsforfutureissues.

Weappreciatethereisalottotakein.PleasedorememberthatourPensionerPayrollSupportTeamarealwaysveryhappytohearfromyouon01603 [email protected].

Alternatively,youarewelcometocallinandseeusatourofficesinthecentreofNorwich.

I hope you enjoy this issue.

Nicola MarkHeadoftheNorfolkPensionFund

FINALISTWINNER

No increase to pensions in 2016…Your Local Government Pension Scheme (LGPS) keeps pace with the cost of living from the date you leave.LikeotherPublicSectorPensions,theannualchangeisbasedontheConsumerPricesIndex(CPI)ratefromSeptemberofthepreviousyear.However,theCPIrateinSeptember2015wasanegativefigureof-0.1%.As a result there won’t be any increase to your pension from April 2016.Ifyouretiredbefore 1 April 2014,yourpensionwillremainthesameaslastyear.Ifyouretiredafter 1 April 2014,itispossibleanypensionyoubuiltupafter31March2014couldbereducedby0.1%.TheregulationsconfirmingthisshouldbeoutlaterinMarch2016.WewillletyouknowforsurewhenwesendyouapayslipattheendofApril.Your April payslip should be sufficient for the Department of Work and Pensions and / or Council Tax Offices to work out any possible amendments to benefits you may be claiming.

Changing your bank?Please let us know if your bank details change, as your bank or building society may not tell us!Unfortunatelywecan’tconfirmachangeinbankdetailsoverthephoneasweliketogetyoursignaturewhenyoutellus.

You can either: ndropusalinendownloadaformfromourwebsiteat

www.norfolkpensionfund.org ncallinatourofficestoseeus

Ourcontactdetailsareonthebackpageofthisbooklet.Please remember to sign your

instruction to change your bank details.Weusuallyrunourpensionspayrollaround

themiddleofthemonth,sopleasetellusaboutanychangesingoodtimeorit

maydelayyourpayment.

When is my pension paid?Your pension goes into your bank account on the last working day of the month.In 2016/17 these dates will be…February Monday29February2016March Thursday31March2016April Friday29April2016May Tuesday31May2016June Thursday30June2016July Friday29July2016August Wednesday31August2016September Friday30September2016October Monday31October2016November Wednesday30November2016December Friday30December2016January Tuesday31January2017


When do I get a payslip?We only print payslips to send to you when:✔theamountyoureceivechangesbymorethana£1fromyour

lastpayment,or

✔HMRevenue&Customschangeyourtaxcode,or

✔youchangeyourbankdetails,or

✔youchangeyouraddress,or

✔wehaveamessageforyou(alwayscheckthebackofyourpaysliptoseeanymessage!)

So there will be months when you don’t get a payslip, but please don’t worry – your money will always be paid into your account on the above dates.

There is

a way to see

all of your payslips,

P60s and much more…

just register for our very

secure online services –

see page 7 for

details.


WeaskedyoutonominateandvoteforaPensioner MembertorepresentretiredmembersontheBoard.Congratulationstothesuccessfulcandidate,LaurieRainger.

LaurierecentlyspoketoPrimetimeaboutthePensions Oversight Board andhisroleonit:

“IwasdelightedtobeelectedasthePensionerMemberofthePensionsOversightBoard.

TheBoard’spurposeistohelpPensions CommitteeensuretheNorfolkPensionFundcomplieswithalltherelevantLocalGovernmentPension

Scheme(LGPS)requirementsandregulations.

Myroleistorepresenttheinterestsofpensionermembersandbea‘criticalfriend’toPensionsCommitteeandtheHeadoftheNorfolkPensionFund,helpingtomakesuretheFundismanagedandadministeredeffectivelyandefficiently.”

YoucanfindoutmoreaboutthePensions Oversight Boardonourwebsiteatwww.norfolkpensionfund.org,includingagendas,minutesandtermsofreference.GotoAbout usthenLocal Pension Board.

Pensions Oversight BoardYoumayrememberwewrotetoyoulastyearaboutlocalpensionboards.SincethentheNorfolkPensionFundboard,referredtoasthePensions Oversight Board,hasbeensetup.

We have a dedicated area for retired members on our website at www.norfolkpensionfund.orgHereyoucanfindallthepensioninformationyoumightneed,alongwithlotsofgeneralmaterialabouttheLGPSandtheNorfolkPensionFund.

Youcanalsosecurelyviewthedetailsofyourownpensionbyregisteringtouseouronlineservices.

•Registeringwithusmeansthatyoucanchecktheinformationweholdaboutyouandeasilyletusknowifitiswrongorchanges

•Ouronlineservicesareprotectedtothebestindustrystandards

Ouronlineserviceshavebeenliveforfouryearsnowandover9,300schememembershaveregistered!

If you would like help to register then you can call us on 01603 222132 or email us at [email protected]

Check out your pension online...

www.norfolkpensionfund.org Our oldest

registered

user is 96!

6 NorfolkPensionFundNewsletter2016 NorfolkPensionFundNewsletter2016 7

What is Pensions Committee? Norfolk County CouncilasadministeringauthorityoftheNorfolkPensionFundhasdelegatedresponsibilityfordecisionsabouttheNorfolkPensionFundtoitsPensionsCommittee.TheintroductionofthenewPensionsOversightBoarddoesn’tchangethisandPensionsCommittee’sresponsibilitiesremainthesame.TheCommitteemeetsquarterlyandschememembersarewelcometoattend.Youcanfindoutmoreonourwebsiteatwww.norfolkpensionfund.org,underAbout usthenThe Pensions Committee.


Norfolk Citizens Advice is looking for new volunteers for their Outreach and In-house service in and around Norwich, Attleborough,

Fakenham, Great Yarmouth, King’s Lynn, North Walsham and Wymondham.

In2015CitizensAdvicewasnamedCharity of the YearbyCharityTimesforitsexcellentandprofessionalservice.Thiswouldnothavebeenpossiblewithoutthecommitmentanddedicationofitsvolunteers.

Thelocalcharityprovidesinformationthatisfree, confidential and impartial.

Over200trainedvolunteershelped20,000peopleinNorfolkdealwithmatterssuchasdebt,benefits,relationshipbreak-ups,employment,consumerandother‘everyday’problems.

Volunteering at Norfolk Citizens Advice is different.You will be learning all the time, meeting like-minded volunteers and helping people in your community.

Every day is different“SincebecomingavolunteerI’vehelpedmany

peoplewiththeirproblems.AlongthewayI’vedevelopednewskills,madelife-longfriendsandgainedarealinsightintothelocalcommunity.ItisanincredibleserviceandoneI’mveryproudtosupport.”

Dave, Norwich Office

“Assmalleroffices,theCitizensAdviceinAttleboroughandWymondhamhavebeenideallearningenvironmentsforme.I’vebeengiventhenecessarytime,closementoringandinvaluablesupporttodevelopmyskillsasanAssessor.Thisexperienceofhelpingpeopleface-to-faceandthroughthenationalAdvicelinehasdefinitelybeenusefultomeinbuildingmylegalcareerandenrichingmylifeingeneral.”

Anais, Attleborough and Wymondham Offices

Vacancies in Norfolk« Assessors

and Advisors (particularly phone Assessors)

« Campaigners« Members« Receptionists« Trustees

“I like volunteering here... It isn’t routine or boring.”

Ifyoucangiveonehalforfulldayaweekandwanttobepartofastimulatingandfriendlyenvironment,pleasecontactEmma Manseron01603 679680ore.manser@ncab.org.ukforanapplicationformanddetailsabouttherole(s)youareinterestedin.

YoucanfindmoreinformationaboutNorfolk Citizens Advice at www.norfolkcab.org.uk.


Please keep in touch!Keeping us informed of your correct contact details is very important – it could make the difference between your pension being paid or stopped.Weworkreallyhardtotryandfindpeoplewehavelosttouchwithinordertohelprestarttheirpensions,butit’snotaneasytask!

Sopleasedoletusknowifyoumovehouseorthisnewsletterdidn’tarriveatthecorrectaddress.Ourcontactdetailsare:


The Norfolk Pension Fund5th Floor, Lawrence House5 St Andrews Hill, Norwich, NR2 1AD01603 [email protected]

YouarealsoverywelcometocallinandseeusatourNorwichofficesduringtheopeningtimeslistedbelow:Monday to Thursday 8.45am – 5.00pmFriday 8.45am – 4.00pm

Our phone lines are open until 5.30pm Monday to Thursday and until 4.30pm on a Friday

On the web – if you register to use our online services then you can check and update your address details at any time...

www.norfolkpensionfund.org

TheNorfolkDirectoryisausefulonline directorythatcanbeusedtofindarangeofclubs,organisations,groupsandservicesinNorfolk.

Thesearchresultscanbenarrowedtojustthoseorganisationswithin1.5or10milesofyourpostcodeorwidenedtoincludethewholeofNorfolk.

ThereisalsoaWhat’s Onfeaturewhereyoucanseewhatishappeninginyourareaonanyspecificday.

TherearelotsofdifferentwaysyoucanusetheNorfolk Directory:✔ Lookforclubs,groupsandservicesforyourselforothersand

shortlistthemtoprint,emailorkeepforfuturereference✔ Registeraclub,grouporservice✔ Seewhatisavailableinanareaalreadybeforesettingup

anothercluborgroup✔ Seewheretherearegapsinareasforaparticulargrouporclub

andsetoneup✔ Givefeedbackonacluborservicethrough‘rateandreview’

AllrecordsandfeedbackaremonitoredbythewebteamatNorfolk County Council.Pleasevisitwww.norfolk.gov.uk/directorytousetheNorfolk Directoryorfindoutmore.

Norfolk Directory

Norfolk County Council

You may remember these items from previous

editions of Primetime. We often get questions

about them so feel they are worth repeating…

Change of AddressKeepingusuptodatewithyourcurrentaddressisreallyimportant.

Ifjustoneofyourpayslipscomesbacktousundeliveredwe stop paying your pensionandactivelysearchforanupdateonyoursituation.Seepage11

formoredetails

New job?PleaseremembertotellusifyougetanotherpaidjobwithanyemployerwhooffersyoumembershipoftheLGPS,regardlessofwhetheryoujointheschemeornot.Insomecases,workingforthistypeofemployermayaffectyourpension.

Certificates of Entitlement

(Life Certificates)Thisisourwayofchecking

youarestillreceivingyourpension.Werealisegettingone

ofthesemaycauseyoutobeconcerned,butpleasedon’t

worryifyoureceiveone-justfillitinandsendit

backtous.

Memory joggers


Living abroad?Areyouoneofour

280pensionerswholiveabroad?

Ifso,youmaybeinterestedinourcontractwithCitibank.For

just£2.74amonth–collectedfromyourpayment–Citibankwillpayyourpensiondirectlytoyouroverseasbankaccountinlocalcurrency,viatheirWorldLinksystem.

Paymentthiswaydoestakealittlelongertoprocess,soyourpensionwillarriveafewdaysafteryourpaymentdate.Ifyou

wouldliketoknowmorethenpleasecontactthePensionerPayrollSupportTeamon01603 495 788 [email protected].

Trivial Commutation

Trivialcommutationisthetechnicaltermfor

swappingyoursmallannualpensionfora

one-offlumpsum.Todatewehavewritten

to323pensionersandsomehavebeen

offeredthechancetoswaptheirannual

pensionforaone-offlumpsum.Ifyouwould

liketoknowifyouareeligibletodothis

pleasegetintouch(eligibleannualpensions

areusuallyinthehundredsratherthanthe

thousands,butitdependsonyour

individualcircumstances).

Power of Attorney

(POA)Ifafamilymemberisdealing

withyouraffairsandhasa

PowerofAttorney,theycan

senditinforustorecord.

Forthosethatdon’thave

one,wecanmake

useofourAppointee

IndemnityForm.Ask

usformoredetails.

Pensions

Jargon Buster


Pensioner Payroll Support TeamIt was another busy year in 2015,withthenumberofourretiredmembersincreasingbymorethan700overthecourseoftheyear!

Manyoftheteamhavealsobeengettingtogripswithnewroles,sowewereveryhappytowelcomeBeverleyGibbstotheteaminApril.

BeverleyjoinedusfromCambridgeshirePensionFund,bringingwithherseveralyears’experiencewithintheLocalGovernmentPensionScheme.Shehasbeenarealhelpinthisbusytime.

InfactIwouldliketothankthewholeteamfortheirhardworkanddedicationoverthelastyear,whichIhopeyoufeelhashelpedusmaintainahighlevelofservicetoyou.

So,againlotsofchangesforus…butnothingforyoutodoorworryabout.

Inthisyear’sissuewehaveincludedourusualupdateonTax Newsonpages16and17,alongwithdetailsoftheGovernment’sTell Us Onceserviceonpage18.

PleaserememberweareheretohelpyouwithanyconcernsyoumayhaveaboutyourLGPSpension.Weareonlyaphonecall,emailorvisitaway–ourcontactdetailsareonthebackpageofthisbooklet.

Best wishes – Paul

News from theYour guide...to care and support for adults in NorfolkEachyearNorfolkCountyCouncilandNorfolk’sNHS

ClinicalCommissioningGroupspublishYour guide to care

and support for adults.

Theguidecontainslotsofusefulinformationtoenablepeopleto

stayindependentintheirownhomesforaslongaspossible.

Thereisinformationabouthowtogethelpandsupport,whatkind

ofservicesareavailableanddetailsaboutotherorganisationsthat

canhelp.

Contactdetailsfordaycentresanddayservicesthatareavailable

aroundNorfolkhavebeenaddedtothisyear’sedition,whichwillbe

available on 1 April 2016.

TheguidewillbeavailableinlotsofdifferentplacesacrossNorfolk,

includingGPsurgeries,librariesandvoluntaryorganisations.

Itwillbealsobeavailableonlineatwww.norfolk.gov.uk/

careservices,whereyoucanfindthecurrent2015Your guide to

care and support for adultstoo.

Ifyouwouldliketoreceiveahardcopy,pleasecontactNorfolk County Council Customer Serviceson0344 800 8020.

Norfolk County Council

Paul Stimpson

Tax News for 2016-17

Income Tax Rate Tax Year 2015/16 Tax Year 2016/17BasicRate:20% £31,785 Increasingto

£32,000HigherRate:40% £31,786-£150,000 £32,001-£150,000AdditionalRate:45% Over£150,000 Over£150,000SavingsIncome:0%onfirst £0-£5,000 £0-£5,000

I think my tax code is wrong, who do I contact? HMRC... HaveyourNational Insurance numberhandy,alongwiththePensionFund’sEmployerPAYE

reference(531/N3722P)

Frequently Asked Questions

Am I a taxpayer? Weareallpotentialtaxpayers…butyouonlypaytaxifyourincomeisgreaterthanyourpersonaltaxallowance.DetailedinformationisavailablefromHMRC,buthereisasimplifiedguide.

Examples of taxable income: Statepensions•Companypensions,likeours•Earningsfromanyjob•Interestonmostsavings•Sharedividends•RentalincomeExamples of non taxable income:PremiumBondwins•Incomefromtaxexemptsavingsaccounts

0300 200 3300 Open(Mon–Fri)8am–8pm&(Sat)8am–4pm

Website www.hmrc.gov.uk

1. Add up your taxable income.Someincomeistaxableandsomeisnevertaxed.Addupyourtaxableincomeinataxyear.Taxyearsrunfrom6Aprilto5April.

2. Add up your tax free allowances.Formostofus,thisisjustthepersonalallowanceshownonpage16,butthereareotherssuchasBlindPerson’sAllowance.

3. Take one from the other.Takeyourtax-freeallowancesawayfromyourtaxableincome.Ifthereisanythingleftyouhavetopaytaxonit.


Personal AllowancesFrom April 2016,theGovernmentwilldeliveronitspromisetomake the first £11,000 of income free from tax.Thismeanstherewillnolongerbeanageallowanceandeveryoneearninglessthan£100,000willhavethesamePersonal Allowance.

Ifanindividualearnsover£100,000theirPersonal Allowancewillbereducedby£1forevery£2theyearnoverthisamount.

Income Tax RatesTheamountoftaxyoupayisbasedonyourincomeinthetaxyear,overandaboveyourPersonal Allowance:

Transferable Tax Allowance Youmayrememberwementionedthisinlastyear’sPrimetime.TheTransferable Tax AllowanceenablesspousesandcivilpartnerstotransferafixedamountoftheirPersonal Allowancetotheirspouse.Thisbenefitscoupleswhereonepersondoesn’tusealloftheirPersonal Allowance.

Theamountyoucantransferwillincrease to £1,100 in 2016-17.Youwillneedtocontact HMRCifyouwanttodothisandhaven’tregisteredyourinterestwiththempreviously.

New Year Tax CodesInFebruary,westartgettinglotsoftaxcodesforthenew2016/17taxyear.If you get a new tax code statement from HMRC around this time look for the tax year on it.Itmaybefor2016/17.Ifso,wewilluseitforpaymentsfromApril2016onwards.You don’t need to tell us your new code,butpleasecheckit’sonyourApril2016payslip.IfnotyouwillneedtoringHMRCon0300 200 3300.

Scottish Rate of Income TaxFromApril2016,youwillpaytheScottish Rate of Income TaxifyouliveinScotland.Thismeansyouwillpaythesame overall rate of Income TaxaspeopleintherestoftheUK,butthe first 10% of your ratewillbepaidtotheScottishGovernment.Thisapplieswhetheryoupaythebasic,higheroradditionalrates.YouwillgetaletterfromHMRCiftheythinkyoushouldpaytheScottish Rate of Income Tax.

HMRC Pensioner and Bereavement HelplineHM Revenue & Customs (HMRC)haveadedicatedhelplineon0300 200 3300forpensionersandalsothosecallingaboutthedeathofapensioner.Thistelephonenumberischeaperthantheirprevious0845one,especiallyifyouarecallingfromamobilephone.

Herearesometipsfornavigatingtheautomatedmessagesystemyouwillhearwhenyoucall:

Whentheladyontheautomatedmessageasksyouwhyyouarecallingignore her first two questions.

Thenthethird timesheasksforsomedetails,say‘Deceased’ifyouarecallingaboutadeceasedperson,or‘Pensioner’ifyouarecallingaboutyourownpension.Thiswillhelpyougetthroughtotherightperson.

Ifyouaredeaforhearingorspeechimpaired,thenumberis0300 200 3319 (Textphone).Atextphonewillletyoutypewhatyouwanttosayratherthanspeakingintoamouthpiece.Itisnotpossibletospeaktoanadviserbyphoningatextphonenumber.

Ifyou’recallingfromabroadpleasetelephone+44 135 535 9022.

IfyouneedtowritetoHMRCtheaddressis:Pay As You Earn and Self AssessmentHM Revenue and CustomsBX9 1AS

Ifyouarewritingaboutsomeonewhohasdiedpleasemarkyourletter‘Bereavement’.


Tell us once...Norfolk Pension Fund have signed up to Tell Us Once, which is a service that lets you report a death to the relevant Government departments and local authorities in one go.

Aspartofthisservice,wewill automatically be notifiedoncethedeathofanyofourschememembershasbeenreportedtoaRegistrar.

Thismeanstheschememember’srecordscanbeprocessedmorequickly and simplythanwouldotherwisebethecase.

IfyouliveinNorfolk,youcanbookanappointmentwiththeRegistraronlineatwww.norfolk.gov.ukorbycalling0344 800 8020.

LGPS National Insurance Database

ToenabletheLGPStojointheTell Us Onceservice,anewLGPSNationalInsuranceDatabasehasbeensetupsothatrelevantdatacanbesecurelysharedwiththeDepartmentforWorkandPensions.

Thedatabasewillalsobeusedbyother LGPS Funds in England, Scotland and WalestohelpcheckiftheirmembershaveotherLGPSmembershipelsewhere.

Ifoneofourschememembersdies,weneedtoknowiftheyhadotherperiodsofLGPSmembershipadministeredelsewhereinthecountry.

Thisissowecanmake sure the right death benefitscanbecalculatedandpaidtothemember’sdependants,inaccordancewiththeLGPSRegulations2013.

What is a Registrar? A person who keeps

official records of the landmark

events in our lives – births,

deaths, marriages and

civil partnerships.

Looking after your data…… is very important to us, so we wanted to tell you about the National Fraud Initiative. Norfolk County CouncilistheadministeringauthorityoftheNorfolkPensionFundandisregisteredasDataControllerundertheDataProtectionAct1998.TheCouncilisrequiredbylawtoprotectthepublicfundsitadministers.Itmayshareinformationprovidedtoitwithotherbodiesresponsiblefor;auditing,oradministeringpublicfunds,orwhereundertakingapublicfunction,inordertopreventanddetectfraud.TheCouncilparticipateintheCabinetOffice’sNational Fraud Initiative-adata-matchingexercisetoassistinthepreventionanddetectionoffraud.Datamatchinginvolvescomparingcomputerrecordsheldbyonebodyagainstothercomputerrecordsheldbythesameoranotherbodytoseehowfartheymatch.Thisisusuallypersonalinformation.Computeriseddatamatchingallowspotentiallyfraudulentclaimsandpaymentstobeidentified.Whereamatchisfounditmayindicatethatthereisaninconsistencywhichrequiresfurtherinvestigation.Noassumptioncanbemadeastowhetherthereisfraud,errororotherexplanationuntilaninvestigationiscarriedout.TheCouncilisrequiredtoprovideparticularsetsofdatatotheMinisterfortheCabinetOfficeformatchingforeachexercise.TheuseofdatabytheCabinetOfficeinadata-matchingexerciseiscarriedoutwithstatutoryauthorityunderPart6oftheLocalAuditandAccountabilityAct2014.ItdoesnotrequiretheconsentoftheindividualsconcernedundertheDataProtectionAct1998.DatamatchingbytheCabinetOfficeissubjecttoaCode of Practice.Forfurtherinformationonthis,theCabinetOffice’slegalpowersandthereasonswhyitmatchesparticularinformation,pleasevisitwww.gov.uk/government/collections/national-fraud-initiative.Alternatively,youcancontacttheNationalFraudInitiativeTeamattheCabinetOfficeatnfiqueries@[email protected].


It’s great to hear from you…We always love hearing from our retired members and would again like to say a big thank you to those of you who took the time to write to us this year.

Shirley Dawsoncontactedusafterreadingaboutoneofourretiredmemberswritinganovelinlastyear’sPrimetime:“WhenIretiredandmovedtoSpaintenyearsago,Ididexactlythesame.Istartedwritingandamnowinthemiddleofmyfifthnovel.ATwistofFate,thefirstbookofatrilogy,hasjustbeenpublishedandisavailablefromAmazonasane-bookorpaperback.”

ItcertainlysoundslikeShirleyhasbeenbusysinceretiring!

Wearesorrythatwecan’tincludeallofyourcontributionsbutwedohavetokeepacloseeyeoncosts.Pleasedokeeplettingusknowwhatyouareuptothough,aswealwaysenjoyhearingyourtales.

We also

received a cheeky

suggestion to change

the name of Primetime…

to 50 Something Shades

of Grey! Let us know

if you have any other

suggestions

Please write to:

CommunicationsTeam

NorfolkPensionFund

4thFloor

LawrenceHouse

5StAndrewsHill

NorwichNR21AD

Oremailpensions

@norfolk.gov.uk

Here is a summary of our latest Norfolk Pension Fund accounts and investments…

AccountsOurfull accounts for 2014-15arepublishedonourwebsiteatwww.norfolkpensionfund.orgfollowingfullexternalaudit.YoucanalsofindthereacopyofourStatement of Investment Principles,whichincludesdetailsofourSociallyResponsibleInvestmentandCorporateGovernanceactivities.Ifyouwouldlikeapapercopyofeitherdocument,pleasecalluson01603 222824.

2013/14 2014/15 £000s £000s

Opening net assets of the scheme 2,483,215 2,670,147

Employees’contributiontotheFund 26,721 27,253

Employers’contributiontotheFund 87,449 97,801

Transfervaluesreceived 5,695 5,255

Paymentstopensionersanddependants -118,397 -121,841

Transfersoutandotherpaymentstoleavers* -5,397 -87,683

Advisorfeesandgeneraladministrationcosts** -16,110 -15,484

Netinvestmentreturn–includingincomeandthechangeinvalueofinvestments** 192,867 373,422

Closing net assets of the scheme 2,670,147 2,948,870

*2014-15figureincludesone-offtransferofProbationServicememberstoGreaterManchesterPensionFund.**ThewaywearerequiredtoshowFundmanagementcostschangedin2014-15.Thecomparable2013-14figurehasbeenre-presentedtoreflectthis.

InvestmentsWealwayshaveamixofinvestmentapproachesandassettypesasweaimtogetthebestreturnoninvestmentwecan,whileatthesametimemanagingrisk.Asat31March2015ourassetsweremanagedby12InvestmentManagersandourCustodian.Inaddition,BerenbergBankandInsightInvestmentmanagetheFund’scurrencyhedgingcontractsinrespectofoverseasequityholdings.ThemarketvalueofthesecontractsisincludedwithintheCustodianbalanceintheabovechart.Ourinvestmentsreturned13%overallduring2014-15,throughaperiodofuncertaintyinfinancialmarkets.

M&G, Government and company bonds 7%

Fidelity Pensions Management, Shares in overseas companies 19%

Capital International Limited, Shares in global companies 10%

Aviva Investors, Property 12%

Baillie Gifford & Co, Shares in UK companies 8%

L&G, shares in UK companies 8%

Henderson Global Investors, Government and company bonds 10%

Goldman Sachs Asset Management, Active currency, Government and company bonds 6%

Standard Life, Private Equity 3%

HSBC (Custodian) Global Funds, cash 1%

HarbourVest Partners, Private Equity 4%

Sarasin, Shares in global companies 6%

Wellington, Shares in global companies 6%

Your LGPS Pension remains secureRememberyourLocalGovernmentPensionScheme(LGPS)pensionissecureandyourbenefitsarenotdirectlylinkedtoeitherwhathappensinthefinancialmarkets,ortheinvestmentperformanceoftheFund.


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2/16

Printedonpapersourcedfromsustainableforestsusingvegetablebasedinks

If you need this magazine in large print, audio, Braille, alternative format or in a different language, please contact Doreen Metcalf on 01603 222 824 (textphone 0344 800 8011).

The Norfolk Pension Fund 5th Floor Lawrence House5 St Andrews Hill • Norwich NR2 1AD

Telephone 01603 495788

Email [email protected]

Website www.norfolkpensionfund.org

®

Please have your National Insurance number handy

Can we help you?

FINALIST

WINNER

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