Reporting Pensions

Your quarterly newsletter containing statutory pension information.

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Issue: Summer 2024

 Pension Investments – Using our voting rights to drive positive change

The Pension Fund owns shares in thousands of companies operating across all parts of the economy. Having shares in a company means that the Fund is part-owner of that company, alongside other investors. 

As a part owner the Fund has the right to vote at the annual meeting held by a company. The fund delegates responsibility for voting on its behalf to Brunel, our investment partner. 

Case Study 1 

One of the ways the Fund tries to deliver its Responsible Investment commitments is to vote on issues it feels are important. 

At the most recent annual meeting of the oil and gas company Shell, Brunel voted in favour of asking Shell to publish data on the amount of carbon emitted by people using their products, such as petrol. This received supporting votes from around 20% of shareholders, sending a strong signal to Shell that this is something investors would like to see. 

Case Study 2 

Brunel also lets companies know if it intends to put forward a resolution for investors to vote on. Sometimes this can encourage the company to agree to doing the things asked for in the resolution, so that it doesn’t have to be put forward for a vote. 

A recent example of this was at Barclays Bank where Brunel put forward a resolution asking the company how it is managing the risk of financing new oil and gas projects. 

Following engagement and negotiation that lasted a few months, Barclays committed to changing its lending activities including:

  • no direct financing for new oil and gas projects
  • restrictions on lending to oil and gas companies with long term expansion plans; and
  • in the future only lending to companies in the Energy sector with plans to transition away from fossil fuels. 

Although this policy is not perfect it does show progress, and on that basis, Brunel withdrew the resolution. 

The Oxfordshire Pension fund uses a range of tools like those illustrated in the examples above to encourage companies to improve, so that the Fund is more likely to deliver the benefits due to its members. These include talking to company management, working with policy-makers and using our vote where this is the best approach to drive positive change. 

For more information please visit our Pension Fund Investments web pages or the website of the Brunel Partnership

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New Pensions Manager 

We would like to introduce you to our new Pension Services Administration Manager. Vicki Green has recently been appointed to this post following Sally Fox’s retirement. 

Vicki is already a familiar face and is stepping into the role, bringing with her 25 years of experience in the LGPS, most recently as Benefits Team Leader in Oxfordshire. Vicki is looking forward to the challenges presented by this role.

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Annual allowance 

When your pension growth is close to or exceeds the government’s annual allowance threshold, we must issue a Pension Saving Statement to you before 6 October. If you don’t receive a statement but know that you need one, then please get in touch immediately with Pension Services. 

If you exceed the annual allowance, you will have to pay tax to HMRC. This is your own personal responsibility; the fund may be able to assist but only if you act within the timetable below. 

If the tax charge on the excess is at least £2000 you may qualify to ask the fund to pay the charge on your behalf (also known as “Scheme Pays”) in exchange for permanently reducing your benefit. 

It is your responsibility to report any payment due by breaching the Annual Allowance to HMRC on your self-assessment tax return. 

More information and a ready reckoner: 

Watch our helpful video,: 

Timetable

  • 6 April 2024 – End of Pension Input Period 
  • 6 October 2024 – Members will be notified of any breach of annual allowance by Pension Fund 
  • 31 December 2024 – Tax return online deadline (if HMRC is to collect tax through your tax code) 
  • 31 January 2025 – Final tax return deadline 
  • 31 July 2025 – Pension Fund must receive Scheme Pays election for Annual Allowance charges declared in tax return

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Annual Benefit Statements 

Your annual benefit statement for your active employment will be available on your online pension account by 31 August 2024. Log in or register at https://oxfordshire.pensiondetails.co.uk/. 

Your statement will show the pension benefits that you’ve built up in the Oxfordshire Pension Fund up to 31 March 2024 and provide a forward projection to your normal pension age. Your statement also reminds you about whether you’ve nominated beneficiaries and prompts you to update your details. 

We will send you an email later in the summer to remind you that your statement is ready to view. 

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Useful links

Advisory services

Be ‘scamsmart’ -  find out more on how scammers work and get advice on the FCA’s website https://www.fca.org.uk/scamsmart/how-avoid-pension-scams .

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