Brunel Pension Partnership Limited is a public body for the purposes of the Freedom of Information Act 2000 and the Environmental Information Regulations 2004. As such, we are required to adopt a publication scheme, under which we regularly publish certain types of information.
In order to comply with that obligation, we have adopted the model publication scheme approved by the Information Commissioner’s Office, a copy of which can be found here.
This page sets out the information which we are required to publish in accordance with the model scheme.
Brunel Pension Partnership Limited (Brunel) is a company limited by shares, registered in England and Wales (company no. 01429110).
Brunel was formed as part of the LGPS pooling initiative, to act as the pool operator for the Brunel Pension Partnership pool, the members of which are the pension funds of the county councils of Avon, Buckinghamshire, Cornwall, Devon, Dorset, Gloucestershire, Oxfordshire, Somerset, Wiltshire, and the Environment Agency. We act as the discretionary investment manager to our Clients and are authorised by the FCA (reference no. 790168) for the conduct of investment business. Our FCA registration can be found here.
Brunel is based in Bristol. Its registered office address is at 5th Floor, 101 Victoria Street, Bristol, United Kingdom, BS1 6PU.
In terms of governance, we have a board comprising four executives and three non-executives (recruitment is underway for a fourth non-executive board member), including a non-executive chair. Details of the board can be found here. We are owned by our Clients in equal shares, each client holding two shares in our issued share capital.
If you require more detail, please contact Dawn Turner on [email protected]
What we spend and how we spend it
Our annual budget is funded by our shareholders. We are non-profit making and any surplus generated in a financial year is either returned to shareholders or retained with their consent in order to meet future expenditure.
We are a body subject to procurement regulations. When we enter into contracts, we comply with the Public Contracts Regulations (PCR) if applicable.
What our priorities are and how we are doing
Our priorities are to achieve greater consistency in implementing our Clients’ asset allocation and make savings of £550m on behalf of the Clients by 2036. By the end of the calendar year to September 2018, we had implemented six portfolios with total estimated savings for actual allocations of circa £203m to 2036.
How we make decisions
Most of the day-to-day decisions affecting Brunel are made by the Board. However, certain decisions have been reserved to our shareholders, which therefore require their prior approval before they can be implemented.
More broadly, Brunel’s activities are subject to scrutiny and oversight by the Brunel Oversight Board (BOB), which comprises representatives of our Clients, typically members of their respective Pensions Committees. In addition, our Client Group (CG), comprising officers from our Clients’ pension funds, provide BOB with advice on pensions and investment matters. Neither CG nor BOB are decision-making bodies.
Our policies and procedures
Lists and registers
Our shareholders are:
Our statutory books are available for inspection at our registered office.
The services we offer
We act as the discretionary investment manager of our 10 Clients in accordance with our duties and obligations under applicable regulations. We do not act for any client that is not the administering authority of a UK local government pension scheme and are unable to offer services to any person that is not a professional investor (as defined in the FCA Handbook).
Under applicable regulations, each of our Clients retains responsibility for how they allocate assets within the LGPS funds that they administer. Once they have made their allocations, we offer them a broad range of portfolio options, with the aim of allowing them the flexibility to meet their own investment strategy needs, whilst equipping us to manage risk and generate sustainable, long-term returns. These options currently comprise 24 portfolios across three strategies, namely active equities, passive equities and private markets.
We deliver these strategies in the following ways:
As stated in our Values, at Brunel we believe in making long-term, sustainable investments supported by robust and transparent processes, in accordance with our Responsible Investment Policy and Responsible Stewardship Policy. In collaboration with all our stakeholders we are forging better futures by investing for a world worth living in.