What was the advice that councillors in charge of governance of the Merseyside Pension Fund were given about a Democratic majority in United States Congress and its impact on North American investments?

What was the advice that councillors in charge of governance of the Merseyside Pension Fund were given about a Democratic majority in United States Congress and its impact on North American investments?

What was the advice that councillors in charge of governance of the Merseyside Pension Fund were given about a Democratic majority in United States Congress and its impact on North American investments?

                                      

Peter Wallach (Director of Merseyside Pension Fund) 21st January 2019
Peter Wallach (Director of Merseyside Pension Fund) 21st January 2019

The author of this piece has a close relative paid a pension by the Merseyside Pension Fund. The Merseyside Pension Fund (administered by Wirral Council) is a £8.9 billion pension fund that has global investments.
Continue reading “What was the advice that councillors in charge of governance of the Merseyside Pension Fund were given about a Democratic majority in United States Congress and its impact on North American investments?”

What are 3 public meetings happening this week about?

What are 3 public meetings happening this week about?

What are 3 public meetings happening this week about?

                                     

MV Snowdrop (one of the iconic Mersey Ferries) on the River Mersey with Liverpool skyline in the background
MV Snowdrop (one of the iconic Mersey Ferries) on the River Mersey with Liverpool skyline in the background

Below is a list of details of three public meetings of local government this week by date along with a short commentary on what they are about.
Continue reading “What are 3 public meetings happening this week about?”

EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party held on the 17th September 2015

EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party held on the 17th September 2015

                                                                    

I will start off by declaring an interest as I have a close relative paid a pension by the Merseyside Pension Fund (which Wirral Council administers). My second declaration of interest is that in the section 6. Notes Action Points or Discussion Points, the reason for the extraordinary meeting of the Pensions Committee held on the 28th September 2015 was to resolve my objection to the 2014/15 accounts.

These are leaked minutes as only the first page comprising a list of those present, apologies and declarations of interest was published by Wirral Council as an appendix to this report considered by the Pensions Committee at its meeting on the 16th October 2015.

The other ten pages of the minutes of the Investment Monitoring Working Party meeting the Pension Committee decided it was not in the public interest to publish.

Below are the minutes of Wirral Council’s Investment Monitoring Working Party meeting held on the 17th September 2015.


Minutes of Investment Monitoring Working Party,

17th September 2015

In attendance:











(Chair) Councillor Paul Doughty (WBC)Peter Wallach (Head of MPF)
Councillor Geoffrey Watt (WBC)Joe Blott (Strategic Director Transformation and Resources)
Councillor Cherry Povall (WBC)Leyland Otter (Senior Investment Manager)
Councillor Pat Cleary (WBC)Greg Campbell (Investment Manager)
Councillor Adrian Jones (WBC)Susannah Friar (Property Manager)
Councillor Brian Kenny (WBC)Adil Manzoor (Tax Accountant)
John Raisin (Chair of Pension Board)Noel Mills
Donna Ridland (Pension Board)Rohann Worrall (Independent Advisor)
Louise-Paul Hill (Aon Hewitt)
Emma Jones (PA to Head of Pension Fund)

Apologies were received from:

Councillor Ann McLachlan (WBC)Councillor Paulette Lappin

Declarations of Interest

Councillor Paul Doughty declared an interest due to a relation being a beneficiary of Merseyside Pension Fund.

Councillor Geoffrey Watt declared an interest due to a relation being a beneficiary of Merseyside Pension Fund.

Introduction

1. Minutes of the meetings held on 16 April 2015.

Cllr Paul Doughty (PD) opened the meeting. There were no amendments to the minutes.

Action points

None.

2. External Manager Presentations part 1

2.1 Nomura

The Nomura Portfolio Review was presented by Masaaki Tezuka (MT) the Chief Portfolio Manager (Japan) and Andrew Whitaker (AW) Head of Relations (UK). AW introduced the themes of the presentation and MT gave the performance overview and answered questions from the panel.

A discussion ensued with regard to the investment performance and the market review of the year to June 2015. The profits among Japanese manufacturers were debated and it was expressed that it is concealing the weakness in exports. MT stated that exports have been reduced but this is expected to pick up. The competitiveness against the Asian markets was quite strong due to the exchange rate of the yen. It was further discussed that the Japanese market is lagging behind the US and European market.

Action points

None.

3. External Manager Presentations part 2

3.1 JP Morgan – European Equities

Patrick Vermulean (PV), Paul Shutes (PS) and Monique Stephens presented their European equities review and reported on performance and current portfolio positioning. PV explained that Paul Shutes is replacing Nick Wilcox and will assume the responsibility for the client management of the mandate.

A discussion ensued with regard to Ryanair and their outlook for the future. It was explained that Ryanair have changed their focus toward the customer and are addressing their business and website to improve the overall service to create a better business model akin to Easyjet.

PV discussed how they endeavour to ‘take the noise out of the market’ by monitoring earnings consensus and broker analysis; looking at normal distribution to find stocks between two extremes. PV asserted that they have good contacts with management and use a consensus to take companies out of the equation. However, when companies are all moving in the same direction the signal can be weak.

Action points

None.

4. Quarterly Review

4.1 Management Executive

PJW presented the Quarterly Review which covered themes such as the collapsing values of Chinese equities, sovereign bond markets and global monetary policy. PJW asserted that Greece was the dominant theme overall.

PJW reported on a number of issues including global government bond markets and the performance of risk assets. The value of the fund and the funding position was looked at and the performance of the Fund over the quarter and over 1 and 3 years. The asset allocation and MTAA including the MTAA panel meeting on 16 June 2015 were also reported on.

A discussion ensued with regard to the formulation of the benchmark and the strategy of the asset allocation. It was stated that the benchmark is reviewed on an annual basis and the Independent Advisors also offer guidance on this process.

Action points

None.

4.2 Market Commentary

Noel Mills (NM) gave a market commentary and reported on the market background which has been affected by the decline of the global equity market post the second quarter. This is largely a result of the Chinese equity bubble bursting and the renewed possibility of a Greek default which could see a postponement of the US economy moving to higher interest rates. The volatility of the markets continues and US monetary policy is set to tighten.

Action points

None.

4.3 Aon Hewitt Update

Louis-Paul Hill (LH) presented the Strategic Monitoring Report of Aon Hewitt to members. Within his report he gave a funding level update which looked at how the estimated funding level has progressed since the 2010 valuation. The risk analysis, asset allocation, investment outlook and ideas and current research were also reported on.

An extract from that report follows below:

Funding Level Update

Introduction

The following section sets out an estimate of how the funding level has
progressed over the period from 31 March 2010 to 30 June 2015. lt also provides an attribution analysis of the changes in the funding level.

Mercer, the Fund’s actuary, has provided information regarding the Fund’s liabilities. The estimated funding level has been updated to account for the finalised valuation results from 31 March 2013.

Funding Level Progression (4.2 Market Commentary)
Funding Level Progression (4.2 Market Commentary)

Notes:

Please note the funding level update and attribution analysis below do not constitute actuarial advice. They are instead our best estimate of how the funding level has evolved and the driving factors behind this. Further, we are not positioned to, nor do we, offer any comments on the appropriateness of the assumptions provided by the actuary.
 
The funding level fell between the actuarial valuation at 31 March 2010 and the actuarial valuation at 31 March 2013. Since the valuation at 31 March 2013, the funding level improved over the following 12 months to 85%, however the funding level deteriorated during the second half of 2014.

Using "like for like" assumptions (based on the assumptions from 31 March 2013) the funding level at 30 June 2015 remains broadly unchanged over the quarter at 77%.


Asset and Liability progression

The chart below separates the estimated movement in the funding level from the 2010 and 2013 valuation dates into: the estimated liability value movements and the asset value movements.

The liabilities increased in value significantly between 31 March 2011 and 31 December 2012, mainly due to falling gilt yields. For a year following the 31 March 2013 valuation, the present value of calculated liabilities reduced, when the prospect of tapering (a reduction of quantitative easing) caused gilt yields to rise. However, in the second half of 2014 this reversed, as gilt yields moved dramatically lower due to the falling oil price and uncertainty in Europe, resulting in the present value of liabilities rising above 31 March 2013 valuation levels.

While asset performance has been strong, the movement in the value of the liabilities has resulted in a volatile funding level.

The Fund’s assets reduced by c. 2.1% over the quarter, with all asset classes generating a negative return, with the exception of Property.

Gilt yields moved higher over the quarter, reducing the discounted present value of liabilities, as the sharp move up in German bond yields and mixed US economic data impacted the gilt market.

The changes in gilt yields since the last valuation and over the quarter are shown on the charts overleaf.

Progression of assets and liabilities
Progression of assets and liabilities
UK Fixed Income Yield Curve
UK Fixed Income Yield Curve
UK Index Linked Yield Curve
UK Index Linked Yield Curve

Reasons behind the change in funding level



The chart overleaf decomposes the change in the funding level over the quarter across the various contributing factors. The contributing factors are:

Outperformance over benchmark — Approximate impact of any outperformance (underperformance) relative to the assets’ benchmark return.

Benchmark asset return – Approximate impact of the strategic benchmark return over period.

Interest on liabilities – Given that liabilities are due to be paid at fixed points in the future, as we move closer to the time of payment, these liabilities are discounted for one quarter less thus increasing their value (all other market conditions equal). The Fund must achieve this return to keep the funding level unchanged (everything else being equal).

Change in market conditions – Change in discount rate in this period due to changes in gilt yields and inflation expectations.

Scheme experience/other — What has happened in reality to the Fund compared to what was assumed in the valuation over the period. For example, expected inflation versus realised inflation.

Benefit outgo – Assumed benefits (pensions) paid during period.

Contributions paid – Total contributions paid (either taken from the Schedule of Contributions or using actual contributions paid) during period.

Future service cost — Cost to Fund of providing benefits accrued over period.


Funding level attribution (quarter)

Funding Level Analysis - Q2 2015
Funding Level Analysis – Q2 2015
The main points to note are:

The overall effect of the strategic benchmark asset return was a negative impact on the funding level of 1.8%.

Outperformance by managers versus their benchmarks increased the funding level by 0.2%.

Interest accrued by rolling the liabilities forward over the quarter has reduced the funding level by 0.3%.

The majority of the liabilities are real (or index linked) in nature and therefore changes in the real yield will have a large effect. The result of a continued fall in yields over the quarter is shown by a 2.3% increase in the funding level. This is called the "change in market conditions".

Contributions paid resulted in an improvement of 0.3% in the funding level. Benefit payments and future service costs reduced the funding level over the period by a further 0.1% and 0.5% respectively.

Funding level attribution (since 2013 valuation)

Funding Level Analysis - since 31 March 2013 valuation
Funding Level Analysis – since 31 March 2013 valuation
The main points to note are:

The Fund’s assets and investment managers have performed strongly since the valuation.

Interest accrued by rolling the liabilities forward has reduced the funding level although the major negative impact on funding level has come from changes in the market conditions (falling gilt yields).

Contributions paid resulted in a large improvement including the lump sum paid in Q2 2014 with benefit payments and future service costs reducing the funding level.


Action points

None.

4.4 Valuation and Performance Summary including Monitoring Report

LO reported on the monitoring reported quarter 2 and noted there were some minor differences in figures produced due to reconciliation issues.

The valuation of the fund as at 30 June 2015 stood at £6.6bn and ahead of its benchmark by 0.19% returning -2.07% against the benchmark of -2.26%. The performance of the mandates was looked at to 30 June 2015. The performance of the majority of external managers has been good but M&G Recovery and M&G EM Equity continue to lag and are being monitored by the Fund.

Amundi and Legal & General Active Fixed Income continue to be on Watch status.

Action points

None.

5. Internal Presentations

The Responsible Investment report was tabled.

Action points

None.

6. Notes Action Points or Discussion Points

It was agreed that Councillor Paul Doughty, Councillor Treena Johnson, Councillor Pat Cleary and Councillor John Fulham would make up the Task & Finish Group to review the status of ethical investments and to coordinate a public message. EJ to arrange a suitable date.

An extraordinary meeting of Pensions Committee has been arranged for the 28 September 2015 to gain approval of the Annual Report.

Action points

None.

6.1 Noting items

Task & Finish Group to meet.

Extraordinary meeting of Pensions Committee 28 September 2015.

6.2 Action points

EJ to arrange suitable date of Task & Finish Group.

6.3 Summary of Recommendations

None.

6.4 Discussion Points (including any other business)

None.

5.1 Action Points

None.

Date of Next Meeting

Thursday 8 October 2015 at 10.00 am, 6th floor, Cunard Building.

If you click on any of the buttons below, you’ll be doing me a favour by sharing this article with other people.

EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party

EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party

                                                              

Pensions Committee (Merseyside Pension Fund) 16th November 2015 L to R Peter Wallach, Cllr Paul Doughty (Chair)
Pensions Committee (Merseyside Pension Fund) 16th November 2015 L to R Peter Wallach, Cllr Paul Doughty (Chair)

Please accept YouTube cookies to play this video. By accepting you will be accessing content from YouTube, a service provided by an external third party.

YouTube privacy policy

If you accept this notice, your choice will be saved and the page will refresh.

The public meeting of Wirral Council’s Pensions Committee held on the 16th November 2015

I will start this piece by declaring that I have a close family relative paid a pension by the Merseyside Pension Fund.

Monday night’s public meeting of Wirral Council’s Pensions Committee (you can view the video above) chucked out the public for two agenda items (issues about the tender exercise for CB Richard Ellis Capital Advisers Ltd (CBRE) and the minutes of the Investment Monitoring Working Party meeting of the 17th September 2015 and the 8th October 2015.

Originally one of the governance policies agreed by councillors that run the Merseyside Pension Fund stated that minutes of the Investment Monitoring Working Party and Governance Working Party should be published. I did query a while back why they weren’t, which led to the situation now where the minutes are split on the agenda and the public gets to see which councillors turned up, who sent their apologies and what the declarations of interest are.

However the rest of the minutes of those meetings (despite it being councillors that sit on these committees), councillors decide to keep the rest of the minutes a secret (on the advice of Wirral Council officers).

As it states on Wirral Council’s website the law states “Information is exempt to the extent that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information” and the reason given on Monday evening was “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”.

Strictly speaking politicians are supposed to carry out their own public interest test based on the above and I suppose I should kick up more of a fuss at this point of the meeting if they’re about to chuck us out for no reason.

The Merseyside Pension Fund is a large pension fund with billions of pounds invested. Of course as a member of the press I’m going to take a view that it’s wrong for the public sector to be engaging in these inappropriate levels of secrecy when the total number of people in the fund comes to over 100,000.

Actually persuading politicians to actually go against an officer recommendation on this though is probably beyond my powers of persuasion. So here is a leak instead of the Investment Monitoring Working Party minutes of 8th October 2015. Think of all the money I’ve saved Wirral Council by not making a FOI request for this (although no doubt they will now carry out another leak investigation!)

I’ve corrected Cllr Ann McLachlan’s name in section 1 which was misspelt as McLachalan.

NOT FOR PUBLICATION
By virtue of paragraph(s) 3 of Part 1 of Schedule 12A
of the Local Government Act 1972.

EXEMPT APPENDIX 2

Minutes of the Investment Monitoring Working Party,

8 October 2015

In attendance:

Councillor Ann McLachlan (WBC) (Vice Chair) Peter Wallach (Head of MPF)
Councillor Geoffrey Watt (WBC) Joe Blott (Strategic Director Transformation and Resources
Councillor Treena Johnson (WBC) Noel Mills (Independent Adviser)
Rohan Worrall (Independent Adviser)
Councillor Paulette Lapin (SC) Louise-Paul Hill (Aon Hewitt)
Emma Jones (PA to Head of Pension Fund)
 

Apologies were received from:

Councillor Paul Doughty (WBC) Councillor Brian Kenny (WBC)
Councillor Cherry Povall (WBC) Councillor George Davies (WBC)
Councillor John Fulham (SHC) Councillor Adrian Jones (WBC)
 

Declarations of Interest

 

Councillor Geoffrey Watt declared an interest due to a relation being a beneficiary of the Merseyside Pension Fund.

1. Introduction

Cllr Ann McLachlan (AM) chaired the meeting on behalf of Cllr Paul Doughty.

Action Points

None

2. External Manager Presentation

2.1 M&G Investments

Matthew Vaight (MV), Fund Manager and Orla Haughey (OH), Client Director, presented their global Emerging Markets Mandate to IMWP. Their agenda covered their mandate, market overview, a re-cap on their process, performance and finally their funding positioning.

Merseyside Pension Fund current holdings are valued at £112.8m. They briefed members on their bottom-up stock picking style and currently hold 50-70 stocks on behalf of the Fund.

A discussion ensued with regard to the risk in developed markets compared to emerging markets but MV argued that although a portfolio could remain cautious there are improving fundamentals in countries such as Taiwan for example which still offer opportunities as markets on cheaper valuations.

Specific risks of stocks and value was examined and how specific risks can be stock specific rather than country specific. However the sharp currency devaluations in some markets such as Brazil and Russia over the past 12 months had hit the fund’s performance where stock fundamentals had been overridden by the market’s performance. Oil prices were discussed and how this affected the markets. To further mitigate risks M&G said they have also developed a framework to look at currency which will further aid stock selection.

Questions were raised with regard to governance and M&G clarified how they work with particular companies and examine management within the organisation closely.

Ethical investments were discussed and M&G clarified they have no exposure in tobacco products or defence. M&G explained their view is that good corporate governance is an indication of quality management and is a good indicator of how a company is run. It combined to make an attractive investment and is integral to their analysis of a company.

Action points

None.

3. External Manager Presentation part 2

3.1 Maple-Brown Abbott

Geoff Bazzan (GB), Head of Asia Pacific Equities, and Susan Douse (SD), European Marketing and Client Services, presented at IMWP an overview of their organisation. They spoke about their value style and investment process and philosophy. They looked at their total performance up to 31 August 2015 and the major contributors and detractors during that period.

A discussion ensued with regard to their cyclical turn down and the classic value trap over the long term. The Chinese economy was discussed and the fact that GB believes there is still opportunities in China but be wary of companies exposed to too much US debt.

Maple-Brown Abbott’s asset allocation and in particular their specific stock selection was debated and how this has impacted on performance. GB asserted that there has been a slight improvement in performance and hopes to see this improving in the future. GB expressed the view that exposure of Chinese stocks will improve.

Maple-Brown Abbott were asked about their ethical investments and it was asserted that restrictions are imposed on companies but in the broader portfolio they do not screen out but look at the sustainability over the long term and subsequently ethical questions come into play.

Action points

None.

External Manager Presentation part 3

4.1 Amundi

Mickaël Tricot (MT), Head of Emerging Markets Equities and Peter Brackets (PB) presented the Amundi Actions Emergent Team, Process and Portfolio Review to the IMWP. MT gave Merseyside’s portfolio’s investment summary and talked about the team structure and its resources. MT explained that they combined a top-down and bottom-up featured approach which supported a high quality stock selection process which was well suited for emerging markets with higher volatility.

Ethical investments were discussed and MT asserted this was very subjective but they coupled this with knowing the companies and looking carefully at aspects of the organisation thoroughly. MT explained that although aspects of ethical investments were not mandatory, companies were coming under pressure from the stock exchange to comply with guidelines. This was becoming very important and companies are finding it beneficial to conform.

The question of how the stock exchange can apply pressure was discussed and it was stressed that there was a common current exchange of disclosure and reporting which raises issues when concerns are expressed. It was also argued that collaboration and initiatives within global firms have a consistent framework which can put pressure on managers to comply. There are also the UN PRI principles which encourage disclosure.

Amundi’s exposure in Brazil and currencies was discussed and value versus growth was debated further. Amundi noted they were always looking at changing their approach to look at more complex valuations by using supplementary tools and databases to help with analysis.

Action points

None.

5.

5.1 Noting items

None

5.2 Action Points

None

5.3 Summary of Recommendations

None

5.4 Discussion Points (including any other business)

None

Date of Next Meeting

Thursday 10 December 2015 at 10.00 am, 6th floor, Cunard Building.

If you click on any of the buttons below, you’ll be doing me a favour by sharing this article with other people.

What is a Pensions Board and can it exclude the press and public from its meetings?

What is a Pensions Board and can it exclude the press and public from its meetings?

What is a Pensions Board and can it exclude the press and public from its meetings?

                                                                   

Pensions Board meeting 13th October 2015 Foreground L to R Unknown, Patrick Moloney, Mike Hornby, Paul Wiggins, John Raisin (Chair), Anne Beauchamp Background L to R Unknown, Peter Wallach (Head of Pension Fund), Joe Blott (Strategic Director for Transformation and Resources)
Pensions Board meeting 13th October 2015 Foreground L to R Unknown, Patrick Moloney, Mike Hornby, Paul Wiggins, John Raisin (Chair), Anne Beauchamp Background L to R Unknown, Peter Wallach (Head of Pension Fund), Joe Blott (Strategic Director for Transformation and Resources)

Please accept YouTube cookies to play this video. By accepting you will be accessing content from YouTube, a service provided by an external third party.

YouTube privacy policy

If you accept this notice, your choice will be saved and the page will refresh.

Video of the Local Pensions Board (Merseyside Pension Fund) meeting on the 12th October 2015

I attended my first meeting of Wirral Council’s Pensions Board today (although this is the second meeting of the Pensions Board). Wirral Council are the Administering Authority for the Merseyside Pension Fund.

Although the venue was listed as: Merseyside Pension Fund, 7th Floor, Castle Chambers, Liverpool L2 9SH, it was in fact held in a board room on the 4th floor at the same address.

This page on the Merseyside Pension Fund’s website states who make up the Pensions Board.

Mike Hornby (a former Wirral Council councillor for Greasby, Frankby & Irby ward) was there as a member of the the Pensions Board. He is one of the employer representatives representing Wirral Council.

Paul Wiggins (one of the Member (meaning Member of the Merseyside Pension Fund) representatives) was there to represent the pensioner members in the Merseyside Pension Fund. Also there was the Independent Chair John Raisin.

The full list of nine people that make up the Pension Board can be found on the Merseyside Pension Fund website, although not all nine were present for the meeting and I haven’t listed everyone who was at the meeting above.

However what does a Pensions Board actually do? Well it’s a relatively recent legal requirement to have one that only started in April 2015. As Wirral Council administer the Merseyside Pension Fund they’re therefore required to have one. The role of the Pensions Board is to help ensure the Merseyside Pension Fund complies with governance and administration requirements.

The terms of reference state its function as follows.

2.1 The purpose of the Board is to assist the Administering Authority in its role as a scheme manager of the Scheme. Such assistance is to:

a. secure compliance with the Regulations, any other legislation relating to the governance and administration of the Scheme and requirements imposed by the Pension Regulator in relation to the Scheme and;

b. ensure the effective and efficient governance and administration of Merseyside Pension Fund.

c. provide the Scheme Manager with such information as it requires ensuring that any member of the Pension Board or person to be appointed to the Board does not have a conflict of interest.

 

It’s now where we get to a rather strange problem. Agenda item 8 of the meeting, as you can read for yourself on Wirral Council’s website attempts to exclude any members of the press and public present for items 9, 9a and 10 which refers to the Local Government Act 1972, s.100A.

Before the meeting started I would’ve liked a chance to point out verbally to someone what I’m going to write about now, but a Wirral Council officer insisted we wait in the kitchen next door instead, oh well.

There is power to exclude the press and public from a public meeting. It comes from the Local Government Act 1972, s.100A(4) and applies to meeting of a principal council and because of Local Government Act 1972, s.100E also committees and subcommittees (as well as joint committees).

The Pensions Board was never set up as a committee (or subcommittee) of Wirral Council though. In fact its terms of reference for the Pensions Board make that extremely clear.

“1.3 The Board is not a committee constituted under Section 101 of the Local Government Act 1972 and therefore no general duties, responsibilities or powers assigned to such committees or to any sub-committees or officers under the constitution, standing orders or scheme of delegation of the Administering Authority apply to the Board unless expressly included in this document.”
 

So let me get this straight, a Pensions Board whose purpose is to “secure compliance with legislation”, assigns itself a power in law to exclude press and public from its meetings that it doesn’t have?

At the meeting itself on the 13th October 2015 the Independent Chair John Raisin proposed this resolution to exclude the press and public, it was seconded and agreed by the Pensions Board.

So who do you complain to about the Pensions Board not complying with the legislation? Why the Pension Board of course as its their role to ensure the Merseyside Pension Fund complies with the legislation!

If you click on any of these buttons below, you’ll be doing me a favour by sharing this article with other people. Thanks: