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News archive

EAPF collaborate with Church of England to launch major climate change initiative

The Environment Agency Pension Fund have joined forces with Church of England's National Investing Bodies to launch a major initiative identifying companies that pose the biggest climate change risk.

The Transition Pathway Initiative (TPI) launched today involves the launch of a new free online tool, developed with the Grantham Institute at the London School of Economics and using data from FTSE Russell, the index provider.

The online tool will rank companies by two measures: how well their management is dealing with climate change risks, and how effective they are at achieving carbon reduction.

For more details you can read the full Press Release.

Annual pension statements for current members

This year’s personal pension statements are being sent out to current members’ home addresses over Christmas.  Your statement details the pension benefits that you have built up through your membership of the EAPF up to 31 March 2016.

The statement shows the present value of your EAPF pension; and its value at your normal pension age.  To help model different retirement ages you should access EAPF Online and use the online calculator If you haven’t registered yet, it’s very easy to do, just follow these instructions.

  • Click on the green button ‘Log in to your pension’ on the right hand side of the homepage
  • Click ‘Register’
  • Repeat the security code on the screen
  • Enter some personal details and then Capita will send you a password and PIN
  • Then you’re good to go and you can change the password when you log in for the first time

A PDF copy of your statement will be added to EAPF Online in January.

If you have any queries about your personal statements, please contact Capita by email at info@capita.org.uk

Important – Investment pooling update

We now have an update on Project Brunel's current position with 'Investment pooling' between Local Government Pension Scheme Funds (LGPS).

Clive Elphick, Chair of the Pensions Committee sent an internal communication to update all Environment Agency staff on 13 December.

To see the full update, visit our 'Brunel Pension Partnership' page.

For more details, see the latest 'Project Brunel newsletter Issue 7'.

EAPF's Pension webinar survey results are in!

We surveyed members who attended our pension webinars throughout October and November 2016.

This year's webinars covered:

  • New starters – A guide to your pension
  • Understanding Investments
  • Increasing your benefits (delivered by Prudential)
  • Planning for your retirement 

See how you rated us by downloading our 'EAPF Pensions webinar feedback presentation'.

Am I a campaigner? Well you wouldn’t find me waving placards…    

ShareAction logo

Ian Brindley is a trustee of the Environment Agency Pension Fund (EAPF) and a long-time AGM activist. In a recent interview with George Hammond from ShareAction, they talked about his journey to become a member-nominated trustee, and how he uses that position to improve company behaviour and protect our environment. 

You can read the full article here.

Dawn Turner wins the Local Government Chronicles (LGC) ‘Officer of the year’ award

LGC Investment Awards logo

Dawn Turner  

EAPF's Chief Pension Officer, Dawn Turner has won the Local Government Chronicles (LGC) 'Officer of the year' award at the awards ceremony at One Great George Street on Wednesday evening.

The LGC recognised Dawn’s achievements on collaborative projects such as Project Pool, her work on the investment regulations and her support of National LGPS Frameworks.

The Fund was also recognised for its Responsible Investment work in winning ‘Best approach to Responsible Investment’, maintaining its leadership in this area.

To see Dawn accept her award click here.

EAPF Pension Webinars 2016

We're currently running a number of webinars to help explain the benefits of being a member of the Scheme. Whether you’re a new starter and want to know about the choices you can make now, or you want information about planning for retirement, these webinars have it all. We also have a specific webinar on understanding how our 'Fund Investments' work.

You can download each presentation here.

EAPF’s Chief Investment Officer ranked as #12 in Public Investor 100, List of key individuals for 2016 

Mark Mansley

Congratulations to Mark Mansley, our Chief Investment Officer. Mark has been recognised for his outstanding contribution to his work on Infrastructure and Private markets.  

The list of key individuals is published by the Sovereign Wealth Fund Institute (SWFI) which is a global corporation that analyses public asset owners and long term governmental investors.  
 
Not only is Mark at #12 in the top 100 list, but he is also only one of only two British representatives to have featured, and ahead of the Governor of the Bank of England, Mark Carney! 
 
 
To read the full list and for more information on SWFI see here

The French Ministry of Environment and 2° investing initiative have awarded the EAPF, the best reporting award for the assessment of climate risks

EAPF Award Award

We are delighted to have been recognised for our work on climate change investment, and in particular reporting.  Transparency and disclosure are core to our investment beliefs, both, in whom we invest and also with our own stakeholders.  We express our thanks to the French Ministry of Environment, Energy and Sea Affairs and 2° Investing Initiative for their leadership in raising the standards of investor climate reporting, which we will take forward, working collaboratively with other Pensions funds, particularly our partners in the UK Local Government Pension Scheme.

A statement on behalf of Emma Howard Boyd, Chair of the Environment Agency and the EAPF Investment Committee.

EAPF Specialist Property Manager, Bridges Ventures, wins the BVCA Responsible Investment Award for Overall Environmental and Social Governance Framework 

Since June 2015 we have been investing in Bridges Property Alternatives Funds, which focus on sustainably developing existing (brownfield) buildings to improve their energy efficiency and social purpose. 

The Fund recognised an opportunity to obtain exposure to the property development sector, with expected returns of between 15-20% for the Fund, which also fits with our responsible investment strategy. 

We identified Bridges as one of the leading pioneers of impact investing in the UK, working in venture capital and property, and it is gratifying to see them being recognised for their leadership in this field by the British Venture Capital Association.

Information on our Property mandate manager, Bridges Ventures can be found here.

Bridges venture logo

Further information on the British Venture Capital Association can be found here.

British venture logo

Spotlight Winter Edition 2016

Spotlight, our publication that summarises all the facts and figures for the Active and Closed Funds, is now available for 2016. 

You can read it here.

Project Brunel Newsletter - Issue 6 October 2016 is now available

See the latest news and updates from Brunel Pension Partnership.

Click here to download the latest newsletter.

Dawn Turner wins LAPF’s ‘Outstanding contributor of the year’

The EAPF’s Chief Pension Officer, Dawn Turner was recently announced as a joint winner of the Local Authorities Pension Fund (LAPF) Investment Awards ‘Outstanding Contribution of the Year’.

Dawn has received recognition for her leadership shown in developing and working with other Funds on asset pooling. She has been instrumental in driving collaborative projects and for liaising with HM Treasury and other key stakeholders on new Investment regulations.

Dawn has presented numerous external events to support other funds in implementing a policy on climate change, and the EAPF is recognised as a leader in Responsible Investment, delivering on financial returns and on member engagement.

Dawn is also Project Executive for Project Brunel. You can find more information on Project Brunel and asset pooling here.

To see Dawn accept her award (pictured in the black and white dress) click here.

Former HMIP & DOE member briefing 2016

We recently held our HMIP member briefing this month. If you were unable to attend don’t worry, you can download the presentation here.

Project Brunel Newsletter - Issue 5 September 2016 is now available

See the latest news and updates from Brunel Pension Partnership.

Click here to download the latest newsletter.

Important update on your annual pension statement 2016

Contributing member annual pension statement

We expect to issue this year’s annual pension statement to contributing members in November. Your statement will show the pension benefits that you’ve built up in the EAPF up to 31 March 2016 and a forward projection to your normal pension age (NPA).

This year’s statement has the same format as last year’s with some minor improvements following member feedback.  We’ve put back delivery to later in the year to ensure accuracy, and to allow cross referencing of pay data from SSCL.  

Registered users of our EAPF Online service will be able to access their statement online.

We’re also asking for volunteers to access a digital annual pension statement for the first time. This will help us to gather useful insight as to whether you’d be interested in receiving a digital statement in the future.  If you’d like to be part of the online trial please contact us at eapf@environment-agency.gov.uk

Deferred member annual pension statement

This year’s annual pension statement will be issued to deferred members in October. Your statement will show the value of pension benefits that you’ve built up in the EAPF up to 31 March 2016, and includes information for the protection of your dependants in the event of your death.

Registered users of our EAPF Online service will be able to access their statement online and we have a helpful User guide called 'Your pension statement explained' that you can download to help you understand what the different amounts mean.

If you haven’t yet registered for the service, all you need to do is go to our homepage, click on the ‘Log in’ button on the right hand side and follow the easy instructions. 

If you’re also a contributing member of the EAPF, you’ll receive your ‘contributing members’ pension statement by the end of November 2016.

Make your pension work for you! Join us in one of our upcoming webinars

We're running a number of webinars in October and November to help explain the benefits of being a member of the Scheme. Whether you’re a new starter and want to know about the choices you can make now, or you want information about planning for retirement, these webinars have it all.

We're also running a specific webinar on understanding how our 'Fund Investments' work.

We're expecting a lot of interest for these briefings, so please register your attendance as soon as possible.

The available Environment Agency dates are:

EA webinar dates 2016

The available Natural Resources Wales dates are:

NRW webinar dates 2016

If you'd like to attend, please email us at eapfbriefing@capita.co.uk providing the name of the session you're attending, along with your preferred date and time.

Webinar sessions will take 1 hour (a 40 minute presentation and a 20 minute question and answer session) with the Pension Team.

To arrange a group session and encourage discussion with your colleagues, please speak with your Line Manager in the first instance, and organise a room that has a laptop and screen with an audiophone.

We hope you can join in!

See our latest Q & A factsheet on Asset Pooling

We've created a factsheet called ‘Asset Pooling Q&A’  designed to help you understand what 'asset pooling' involves. To see our 'Asset Pooling - Question and Answers' factsheet, click here.

We've now published Chapter 4 of our 10 chapters for 10 years series

'Financial data science for responsible investors' focuses on how financial data science (FDS) can help investors consider the perennial question as to whether ESG integration in investment processes can be beneficial to returns and risk of their portfolio.

Click here to read more about the 10-4-10 Chapters.

Leaving the European Union

On the 23 June the UK voted to leave the European Union. Scheme members should be reassured that retirement benefits and the structure of the scheme will not be directly affected, as these are provided under UK legislation. In terms of our investments, the vote had an immediate impact on financial markets with sterling and the stock markets falling sharply.

However, the fund is internationally diversified which has protected the sterling value of our assets, and during 2015/16 we had already reduced our overall equity exposure to lower risk in the fund. 

We continue to focus on having a diversified asset allocation, investing based on a long term view, managing risk carefully and taking a professional approach to managing our investments as the best way to ensure the long term success of the fund.

EAPF wins ‘Best Governance’ at FN Pension Awards 2016

On June 20, at London's Banking Hall, Financial News hosted the annual Awards for Excellence in Institutional Pensions. Dawn Turner, Chief Pensions Officer of the EAPF collected the award in recognition of our good governance and leadership.

Some of the Judges commented:

‘The Environment Agency Pension Fund is “streets ahead” of other pension funds in terms of governance and seeking innovative solutions’. Commending the £2.9 billion fund, she said: “They don’t follow the herd but always look for the best solution for their pension scheme and their members. They’re also very generous about sharing their know-how with other pension schemes.”

“The Fund has introduced an investment management agreement that focuses on long-term performance and more effective reporting. It has already adopted strict environmental, social and governance standards across the board and challenges companies on their behaviour”.

In nominating the scheme, one asset manager said: “Good governance means going above and beyond, and managing holistic risks such as those related to governance and the environment. The fund continues to be a leader in this space.”

To see us receive the award click here.

Understanding your new state pension

The Government introduced a new single tier State Pension from 6 April this year, so anyone reaching their state pension age after 5 April will receive the new state pension. This replaced the previous basic and additional State Pension.

You'll find useful information on how the new state pension works by visiting www.gov.uk/new-state-pension or by reading the Department for Works & Pension's 'New State Pension' Q&A factsheet here.

You can also read our latest 'New State Pension and NI changes Q&A' factsheet by clicking here.

EAPF Customer satisfaction survey feedback

We undertook a customer survey with our EAPF Online users in January to help get an understanding of what our members think of our pension service and communications.

Your feedback suggested that there’s a need for us to make some changes to our communications and the vehicles we use to communicate with you.

Click here to see what you told us.

'Your pension' newsletter (Summer 2016 edition)

The latest edition of ‘Your pension’ newsletter is now available to download. Some of the topics in this edition include:

  • Latest update on pooling our investments
  • What you told us following our  EAPF customer satisfaction survey
  • How you can volunteer to join our focus groups and member briefings
  • How your pension is revalued each year

We're in the process of sending a paper version to your home address which you'll receive this month.

Click here to download our latest newsletter.

A Welsh version will also be made available later this month.

EAPF pensioner & deferred member briefing

Are you a retired or deferred member of the Environment Agency Pension Fund? If so, why not come along to our member briefing which takes place in Manchester on Monday 20 June.

We'll cover a number of interesting topics and other issues related to your pension benefits. The session gives you a chance to ask questions and raise any concerns or simply meet fellow members.

For more details on what we'll cover, please see our Briefing Programme

If you'd like to come, you can find detailed information on what's involved in our Briefing Invitation, and it also shows you how to get to the event and how to register your attendance using our Attendance form.

Don't worry if you're unable to come as we're also hosting a webinar on Wednesday 29 June. For more information please see page 2 of our Briefing Invitation.

We hope to see you there!

EAPF ranked #1 in Global Climate 500 Index 2016

AODP AAA Rating

The Environment Agency Pension Fund (EAPF) has achieved a AAA rating in this year’s Global Climate 500 report, ranked at #1 in the World Index.

We've maintained our Triple A rating for 3 years in a row and this years’ ranking builds on our previous strong showing and recognition as number 1 leader for managing climate risk globally.

Read the full report here or find more information on the Asset Owners Disclosure Project here.

Important update on annual pension revaluation 2016 for EAPF pensioner members

There will be no change to your annual pension this year.

We revalue your pension each year on the first Monday following 5th April in line with the change in the Consumer Price Index (CPI). This year’s CPI was recorded as  -0.1%. This means we haven’t increased your pension on 11th April 2016 and it will remain payable at your current rate. 

Your pensions increase letter will be sent to your home address shortly. 

Click here to view our 2016/17 pensioner pay dates.

We've now published Chapter 3 of our 10 chapters for 10 years series

‘Being a long term investor’ focuses on the long term perspective of investing responsibly and the way environmental, social and governance issues can affect investment returns.

Click here to read more about the 10-4-10 Chapters.

EAPF respond to governments call for Local Government Pension Funds to pool assets, make cost savings and invest in infrastructure

The government has been considering reform of the Local Government Pension Scheme, with the intention of reducing cost whilst maintaining investment performance. 

It announced its intention to pool LGPS investments in its July 2015 budget and suggested the creation of 6 ‘British Wealth Funds’.  The 2015 Autumn Statement provided the criteria and governance of how these funds could group together and pool their assets, with emphasis on including infrastructure in their investment strategies.

The Environment Agency Pension Fund (EAPF) is working with other Local Government Pension Funds, mainly based in the South West, exploring the best way of pooling assets whilst maintaining overall investment performance.  

We have a legal duty (our fiduciary duty) to act in the best interest of our members, and any future investment in infrastructure will be considered through our investment strategy and will give due regard to short and long term financial implications. This has been re-iterated in our response to the government consultation which you can view here.

Our proposals to government were made in February this year, as part of ‘Project Brunel’, which is the name of the South West asset pooling group.

Final submissions to government will be made this July, and we expect to see a consultation published later in the year detailing the full criteria.  Asset pooling is expected to start from April 2018.

Further information on the original consultation document, the DCLG criteria and guidance, the draft legislation, and the Project Brunel pooling proposal can be found here.

This article was originally published on February 2016 and has been updated to provide clarification on the Environment Agency Pension Fund engagement on asset pooling and infrastructure projects within the LGPS.

The Environment Agency Pension Fund challenges mining giants on climate change

The Environment Agency Pension Fund is delighted to be part of a global coalition of investors calling on mining giants Anglo American, Glencore and Rio Tinto to be more transparent  over climate change risks and opportunities to their business.

The shareholder resolutions at the AGMs builds on the success of those raised at BP, Shell and Statoil AGM's in 2015. 

To view the 2015 press release please click here.

Engaging with companies on climate change is a core part of our Policy to Address the Impacts of Climate Change

To view the press release please click here.

To view the full list of supporting funds please click here.

Independent Research in Responsible Investment (IRRI) announce results of the 2015 survey

The results of the survey, conducted by WeConvene Extel and SRI-Connect were completed by analysts, portfolio managers and firms globally.

The EAPF featured in the survey and we were ranked 6th in a list of asset owners who contribute most to the wider SRI debate.

Top 6

1. CalPERS

2. PFZW (Stichting Pensioenfonds Zorg en Welzijn)

3. ERAFP

4. Government Pension Fund Global (Norway)

5. ABP

6. Environment Agency (Pension Fund)

 

Spotlight 2015

Spotlight, our publication that summarises all the facts and figures for the Active and Closed Funds, is now available for 2015. You can read it here. 

Prince Charles cites the EAPF in his speech on Storm Desmond and the need to tackle climate change

As part of his speech Prince Charles linked Storm Desmond to the failure to tackle climate change, and urged investors to consider divesting their funds from fossil fuel companies.

“Imagine if all asset owners invested in a way compatible with limiting the rise in average global temperatures to two degrees,” he said. Citing the example of the Environment Agency Pension Fund’s divestment, he said: “Not only do they believe that it is their legal duty to consider the impacts of climate change, but that it is also entirely consistent with securing the best long-term returns.”

To read the full article from the Guardian click here.

To read the EAPF Policy to address the impacts of climate change click here.

'Your pension' newsletter (winter edition)

The latest edition of ‘Your pension’ newsletter has been sent to members’ home addresses. We hope you like the newsletter which contains up to date information about the Scheme, and we are happy to hear your comments and thoughts.

Please click here to download the newsletter.

A new NI Database

Our Fund participates in a data sharing project with other LGPS pension funds in England, Wales and Scotland. This is undertaken in order to comply with legal provisions contained in our Scheme’s regulations.  These requirements mean that if a member of the scheme dies, our Fund will need to know if the individual also had other periods of LGPS membership elsewhere in the country so that the right death benefits can be paid to the deceased member’s dependants.

A national database has been created to enable funds to check if their members have LGPS pensions’ records in other pension funds. The database is hosted at the South Yorkshire Pensions Authority.

An extract from this database will periodically be shared with the Department for Work and Pensions (DWP) as part of the Tell Us Once service. Tell Us Once is a service offered in most parts of the country when an individual registers a death. When the LGPS joins this service the DWP will ensure that the Fund is informed of the death, so that the member’s records can be processed more quickly.

For further information and the full privacy notice click here

EAPF scoops prestigious LGC Responsible Investment and collaboration award

The Fund has won a Local Government Chronicle award for Responsible Investment and also contributed to the team award for the LGPS National Frameworks. 

The National LGPS Frameworks, which is collaboration between 11 Local Government Pension Funds, including the Environment Agency Pension Fund was named as winner of this award.  The framework is designed to save money on procurement.

The winners were announced on the 4th of November, recognising exceptional performance in managing local authority pension schemes, and this follows other recent successes this year that are listed on the Latest news section of our website.

To see us receive the awards click here

EAPF wins Institutional Investor Europe award for Best Environment and Social Governance Programme

Emma Howard Boyd, Chair of the Environment Agency Pension Fund investment committee collects the award and explains our sustainable investment and ESG philosophy:  

"Our fiduciary duty is to act in the best long-term interest of our members and to do so, requires us to recognise that environmental, social and governance (ESG) issues can adversely impact on the Fund's financial performance and should be taken into account in the funding and investment strategies and throughout the funding and investment decision-making process". 

Institutional Investor Europe (IIE) awards are voted by other Institutional Investors and we feel privileged to be recognized by our peers. 

Policy to address the impacts of climate change

As part of Good Money Week, we are publishing our Policy to Address the Impacts of Climate Change to demonstrate to our members that we have a credible plan to deliver strong, long term financial returns, as the impacts of climate change materialise. 

Our key message is the fund has set itself the objective of ensuring that.. our Fund’s investment portfolio and processes are compatible with keeping the global average temperature increase to remain below 2°C relative to pre-industrial levels, in-line with international government agreements.

For more information on our Policy to Address the Impacts of Climate Change click here

Download our full announcement here

The EAPF has recently partnered with Mercer and 17 fellow investment industry participants in a research study to gain further insight into the investment implications of climate change. To read our tailored report please click here

Contributing members webinar Autumn 2015

Click here to download the slides from the Contributing members Webinar for Autumn 2015.

We have now published Chapter 2 of the 10 chapters celebrating 10 years of the EAPF

‘The power of engagement and voting - acting as a universal owner’ focuses on the fund’s work in co-ordinating the engagement and voting activity in companies, demonstrating its importance to the Fund and the interests of our Fund members. The paper features an interview between Martin Parsons (EAPF) and Colin Melvin from our provider Hermes EOS, an important partner in delivering this work for the EAPF.

Click here to read more about the 10-4-10 Chapters.

EAPF wins the LAPF award for Responsible Investment

These awards acknowledge the hard work and dedication of everyone working in the local authority pensions sector. There were an excellent number of entries received and nearly 200 attended the evening to celebrate outstanding achievement in the LGPS.

EAPF is gratified to receive this recognition.

To see the award please click here.

To see us receive the award click here.

Annual benefit statement for current and previous members

This year’s benefit statements have been sent out to both current and previous members of the fund. Your statement details the pension benefits that you have built up through your membership of the EAPF up to 31 March 2015.

This year the statements contain comprehensive information about your benefits that for some members spans three different Schemes. They also include new information to help you with your retirement planning, such as your projected maximum lump sum and reduced pension. Due to the complexity of the Schemes and the additional figures, the amounts in some statements may have been under quoted. This is nothing to be concerned about, we are correcting this data and will issue a revised statement to everyone in the coming weeks, so please use this new statement.  If you are approaching retirement, or are simply keen to know what your projected lump sum and reduced pension figures would be, then please do not hesitate to contact Capita to request a personalised retirement quote or to clarify any other queries that you may have.

Registered users of our EAPF Online service should look out for online versions of their statements coming soon.

If you have any queries about your benefit statements, please contact Capita by email at info@capita.org.uk

Engaged Investor article on how the EAPF communicated legislative changes to members

Speaking to Sarah Benwell from Engaged Investor magazine, Craig Martin and David Williams reflect on last year’s Scheme changes, and the importance of good administration and communication.

To read the article please click here

Professional Pensions article on member engagement and responsible investment

Earlier in the summer ShareAction and Professional Pensions hosted a roundtable on the issue of member engagement with responsible investment. The event brought together a number of interested parties and industry experts which included the EAPF and the enclosed article highlights some of the work we are doing as a Fund.

To read the article please click here 

Changes announced to annual allowance in the Chancellor’s summer 2015 budget

The Chancellor has announced further changes to the taxation of pension savings that will include restriction to pensions’ tax relief for individuals with incomes above £150,000.  This income includes pension contributions and introduces the new concept of ‘adjusted income’.

For every £2 of adjusted income over £150,000, an individual’s annual allowance will be reduced by £1.  This reduction will be tapered, and the maximum reduction is £30,000, leaving anyone with adjusted income on or above £210,000 with a remaining allowance of £10,000.

This will be effective from 6 April 2016.

Further information on tapered annual allowance can be found here

Environment Agency Pension Fund win the Professional Pensions Communications award for 2015

Professional Pensions magazine announced the Environment Agency Pension Fund as winners of its award for Best Communications for the Public Sector 2015.  The Team has been recognized for the successful implementation of a Communication program that was initiated two years ago and has culminated in this award.

Dawn Turner (Head of Pension Fund) said:

‘We are particularly pleased to have won this award when we consider the standard of shortlisted finalists with some very large pension funds that included West Midlands, Greater Manchester and Merseyside Pension Funds’.

Sustainable Equities – an insight into the search process

In September 2014 the Environment Agency Pension Fund launched a search for new managers for its global sustainable equity mandate and has now successfully completed the appointment of 4 new Sustainable Equity managers. 

To read information on our search criteria, our successful appointments, and an insight into the global sustainable equity market please click here.

Pensions Expert article on EAPF’s communications strategy

Pensions Expert magazine ran an article last week on the EAPF drive to boost transparency and engagement with members.  This follows last years’ article highlighting our ongoing work to redesign our website as part of an ongoing communications drive to improve awareness.

To read the article please click here.

EAPF wins the Best ESG Programme at the Institutional Investors awards 2015

EAPF won the Best ESG Programme at the Institutional Investors Awards 2015 at the UK and Ireland Pension Fund Roundtable held at the Syon Park Hotel in Richmond this June.  These prestigious awards are designed to honour outstanding achievement, innovation and industry service amongst institutional asset owners. Nominees are selected and voted for by their industry peers.

Click here to see us receive our award. 

EAPF commits to low carbon index for global equities

The Environment Agency Pension Fund has transitioned its portfolio of passively managed global equities (which invests broadly in most global companies) to a new fund, to be run against the new MSCI Low Carbon Target World Index (the Index). The amount involved is around £280m, over 10% of the Fund and this continues our next step in our strategy to manage and reduce climate risk in our investments.

To read the press release in full please click here

'Your pension' newsletter (spring edition)

The latest edition of ‘Your pension’ newsletter has been sent to members’ home addresses. The newsletter contains up to date information about the Scheme, and we are happy to hear your comments and thoughts. A Welsh version is also available.

Please click here to download the newsletters.

Celebrating 10 years of Responsible Investment

2015 marks the 10th anniversary of the implementation of responsible investment for the EAPF and in March; we celebrated this milestone at the Standard Life offices in London, our longest standing Fund Manager.

We invited our Pension Committee and a gathering of stakeholders who helped us achieve this success over the last decade.  The gathering reflected on the last 10 years, and also the challenges facing the Fund for the next decade in this important area of investment.

Part of this strategy included a commitment to sustainable investment, which has grown over the decade to represent 25% of our fund value.

As part of celebrating the last 10 years, we will reflect on what we have done, how we address our current challenges and our ambitions for the future.

 We will be presenting ten articles on different aspects of responsible investment over the coming year, and our first chapter, published at the end of May will explain what RI is, and the difference it has made.

Later chapters will expand on our approach to climate risk and other aspects of our strategy.

To find information on the release of our other 10 -4 -10 chapters please click here

To read our first chapter, an ‘Introduction and overview of EAPF approach to responsible investment’ click here

Financial Times article on Investors climate change gamble

The Financial Times recently highlighted that nearly half the World’s biggest investors have been accused of failing to protect their portfolios from climate change, according to the Asset Owners Disclosure Project (AODP).

AODP is an independent non-for-profit global organisation whose objective is to protect members’ retirement savings from the risks posed by climate change by improving the level of disclosure and industry best practice.

The 2015 report by AODP,  which provides an index of the World’s 500 largest investors, highlighted 9 investors who achieved their highest AAA rating this year which included the EAPF.  The Environment Agency Pension Fund is the UK's number 1 leader managing climate risk and 5th globally.

To read the Financial Times article please click here (to access the full article you will need to register with the FT)

To read the full Asset Owners Disclosure Project report please click here.

Changes announced to lifetime allowance in the 2015 budget

The Chancellor has announced in the 2015 Budget that the Government intends to reduce the current lifetime allowance (LTA) of £1.25 million to £1 million from April 2016.  It is not yet clear what protection will be offered for members who have currently accumulated lifetime pension benefits between the £1 million and £1.25 million limits.

The Chancellor also announced that there are plans to link the future value of the Lifetime Allowance to the Consumer Prices Index (CPI) from 2018.

The changes will not affect the majority of EAPF members. We will keep you updated with information regarding the proposed change to the LTA and any other important changes that may affect your pension.  In the meantime, if you would like more information about the LTA you may download the tax controls factsheet here or contact Capita.

Could you be a Pension Board Member?

Click here to find out more.

Introduction of Local Pension Boards for Local Government Pension Scheme (LGPS)

The Public Service Pensions Act 2013 requires the establishment of a Pension Board from 1 April 2015. The Pension Fund has recently provided UNISON with a briefing note that explains the governance structure of the Fund, and how the Board will assist the further development of our governance arrangements.

To view the briefing please click here

We will shortly be writing out to pensioner and deferred members of the EAPF inviting applications to join the Pensions Committee and Pension Board, and further information will be made available on this website.

EAPF press release on the launch of A Guide to Responsible Investment Reporting in Public Equity

Sixteen UK Pension Funds that include the Environment Agency Pension Fund have today published 'A guide to Responsible Investment Reporting in Public Equity'.  The guide is intended to provide a useful tool to help support accountability between asset owners and fund managers and help improve transparency.

To read the press release in full please click here

To read the guide please click here

EAPF press release and Financial Times article on the Schemes’ challenge to BP and Shell on risks to climate change

The Environment Agency Pension Fund as part of a group of more than 50 institutional investors have filed resolutions to encourage BP and Shell to disclose risks associated with climate change in their annual reporting.

To read the press release in full please click here.

To read the Financial Times article please click here.

'Your pension' newsletter (winter edition)

The latest edition of ‘Your pension’ newsletter has been sent to members’ home addresses. We hope you like the new look newsletter which contains up to date information about the Scheme, and we are happy to hear your comments and thoughts. A Welsh version is also available.

Please click here to download the newsletters.

Responsibly investing the Environment Agency Pension Fund

There has been some press coverage about the Environment Agency Pension Fund, here are the facts.

Spotlight 2014

Spotlight, our publication that summarises all the facts and figures for the Active and Closed Funds, is now available for 2014. You can read it here.  

Awards for 2014


November – IPE Environmental Social Governance & IPE Inaugural Climate Related Risk Management

In November we won the inaugural award for our approach to Climate Related Risk Management at the Investment of Pensions Europe Awards.  We were also joint winners of an award recognising the management of Environment, Social and Governance risks.

  • To read the IPE Environmental Social Governance article please click here
  • To read the IPE Inaugural Climate Related Risk Management article please click here

May - Portfolio Institutional - Best implementation of responsible investment - Winner

Our success is in recognition of the EAPF’s contribution to the wider development of Responsible Investment.

Changes to Prudential exit charges

The Prudential have announced that they will reduce the exit charges on their in-house AVCs and this will be backdated to 19 March 2014. Any leavers who have had charges in excess of £400 imposed on them after this date will be paid a refund.

This is to reduce the charge to the higher of £400 or the equivalent new charge. This will be paid in the form of an ex-gratia payment to members.

The new exit charges will be:

Period to retirement from first payment  Exit charge 
Leaving within 1 year   3%
Leaving between 1 and 2 years  2%
Leaving between 2 and 3 years  1%
Leaving after 3 years   No charge

If you have any queries related to this issue, please contact Prudential at 0845 607 0077.

EAPF response to draft Regulations on Scheme Governance

The Pension Committee have provided a response to the Department of Communities and Local Government (DCLG) consultation paper on improving governance in the LGPS. Click here to view the paper.

Use of discretions

The EAPF and Fund employers have separate responsibilities and can exercise a number of discretions under the LGPS Regulations.

Fund employers are required to publish their policy on these discretions:

  • click here to find out more about the Employing Authority discretions
  • click here to find out more about the Shared Services Connected Ltd discretions
  • click here to find out more about the Administering Authority discretions

Pension Expert article on EAPF’s communications strategy

Pension Expert magazine has recognised the EAPF’s ongoing work on a redesign of its website as part of an ongoing communications drive to boost transparency and engagement among our members.

To read the article please click here.

Pension Expert article on pension scheme investment

Local authority schemes have rejected Government proposals to mandate pooling assets into a passively managed common investment vehicle.

To read the article please click here.

EAPF response to consultation on Opportunities for Collaboration, Cost Savings and Efficiencies

The Pension Committee have provided a response to the DCLG consultation paper for identifying efficiencies in the LGPS.

To view the consultation response please click here.

Annual Report & Accounts

Details of this year’s Annual Report & Accounts have been added to the Publication for Members section of the website. The documents provide information about the governance, administration, management and performance of the Active and Closed Funds.

National Rivers Authority 25th year reunion

Earlier in the year we sent out an invitation to the National Rivers Authority 25th year reunion at Bristol Zoo on 10 April 2014. Around 120 people attended the event and demonstrated their generosity by raising over £2,000 for Water Aid. 

'Your pension' newsletter (spring edition)

The latest edition of ‘Your pension’ newsletter has been sent to members’ home addresses. We hope you like the new look newsletter which contains up to date information about the Scheme, and we are happy to hear your comments and thoughts. A Welsh version is also available.

Principles for Responsible Investment article

The EAPF have recently featured a case study on the Principles for Responsible Investment (PRI) website as part of a work programme on environmental and social themed investing. This work explores the question of environmental and social impact through different responsible investment approaches.

To read the article click here.

Sustainable equities and the practicalities of a long term mandate

In the second in a series of articles on a potential global new sustainable equities mandate for the £2.2 billion assets of the EAPF, the Fund explores the practicalities of a long term investment mandate. To read the article click here.

The EAPF – developing the mandate of the future?

The Fund’s approach to responsible investment was recently highlighted and published in Responsible Investor magazine, which recognises the Fund as an influential investor, as well as exploring best practice and how the market has evolved. To read the article click here and to see the actual article click here.

Last updated: 20/10/2017

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