Property holdings in Pension Fund

Samuel Hall made this Rhyddid Gwybodaeth request to Oxfordshire County Council

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

Roedd y cais yn llwyddiannus.

Dear Oxfordshire County Council,

I would like to request the following information:

1) The full details of what real estate assets the Oxfordshire Pension Fund currently invests in, including the name and amounts of each type of real estate asset or investment being held.

This information should be broken down into the different
categories, including:
- Listed Real Estate securities;
Unlisted/Private Real Estate Property Funds/vehicles, companies or CIS;
- Directly held properties ; and
- (listed/unlisted) Real Estate Debt Funds/vehicles.

In the case of any unlisted real estate vehicles or real estate debt vehicles, the domicile of the underlying assets should be included.

A full list of all the companies, vehicles, CIS etc in which the Pension Fund invests in or has an outstanding commitment to should be covered in the above question. This list should include the names of each company and the amount invested in each company etc.

2) The current yields of the different investments the pension fund holds.

3) Can you clearly specify the total value of all real estate investments that the Pension Fund holds.

4) I would like to receive this information in an unlocked excel sheet without protected cells (.xls). If you have to password protect the excel sheet, please can you also provide the password to the excel
sheet.
5) Please supply a copy of the Pension Scheme’s latest Statement of Investment Principles and most recent Pension Fund Report & Accounts.
I would like to receive the information in electronic format if possible. If one part of the request can be answered sooner than others, please send that information first followed by any subsequent data. If you need further clarification, please contact me by email.

Many public authorities release their contracts, minutes and other information of interactions with private vendors in line with the Freedom of Information Act. The exemption for commercial interest
under the Act (section 43) is a qualified exemption, which means information can only be withheld if it is in the public's interest.
The public have an interest in knowing what the Pension Fund is investing in, the terms of contracts and the minutes of meeting with public authorities, whether or not public money changes hands immediately.

If you are relying on section 41 (the exemption for legal breach of confidence) then I would like to know the following:

* When these confidentially agreements were agreed
* All correspondence and email in which these confidentiality agreements were discussed
* The precise wording of the confidentiality agreements.

I ask these questions because guidance issued by both the Lord Chancellor (draft guidance on FOI implementation) and the Office of Government Commerce (Model terms and conditions for goods and services) specifically state that public authorities should not enter into these types of agreements; they go directly against the spirit of the laws of disclosure. I would also point to the
Information Commissioner's guidance on accepting blanket commercial confidentiality agreements: 'Unless confidentiality clauses are necessary or reasonable, there is a real risk that, in the event of
a complaint, the Commissioner would order disclosure in any case.'(i)

Finally, within the law of confidence there is also a public interest test. Therefore, the information should be disclosed in full. If any parts are redacted they must be for information that can be proven to be a legal breach of confidence in court, and only then where secrecy can be shown to be in the public interest. These are difficult positions to argue when public money is at stake or where a public authority is offering a private company a monopoly to charge its stakeholders.

I reserve the right to appeal your decision to withhold any information or to charge excessive fees, and understand that under the act, I am entitled to a response within 20 working days. I would be grateful if you could confirm in writing that you have received this request.

Yours faithfully,

Samuel Hall

CEO Contact, Oxfordshire County Council

Our reference:  14892 FOI

 

Dear Mr Hall

 

Thank you for your request of 5 February 2019 in which you asked for
information about property holdings in the County Council’s Pension Fund.

 

Your request is being considered and Oxfordshire County Council will
respond within 20 working days in compliance with the Freedom of
Information Act 2000. This means that the council will send a response to
you by 5 March 2019.

 

If appropriate, the information requested can be made available in
alternative formats, including other languages, Braille, large print, and
audiocassette. If you require any of these formats then please let me
know.

 

Please contact me if you have any have further enquiries about your
request.  I would be grateful if you could quote the reference number
given at the top of this email.

 

Yours sincerely,

 

 

CEO Co-ordinator

CEO FOI/EIR & Complaints Co-ordinator
Democratic Support Team
Law & Governance
E-Mail: [1][email address]

Save money and paper - do you really need to print this email?

 

 

This email, including attachments, may contain confidential information.
If you have received it in error, please notify the sender by reply and
delete it immediately. Views expressed by the sender may not be those of
Oxfordshire County Council. Council emails are subject to the Freedom of
Information Act 2000. [2]email disclaimer. For information about how
Oxfordshire County Council manages your personal information please see
our [3]Privacy Notice.

References

Visible links
1. mailto:[email address]
2. http://www.oxfordshire.gov.uk/emaildiscl...
3. https://www2.oxfordshire.gov.uk/cms/site...

CEO Contact, Oxfordshire County Council

3 Atodiad

Our Ref: 14892 FOI

 

Dear Mr Hall

 

Thank you for your request of 5 February 2019 in which you asked for
information about the Oxfordshire Pension Fund’s real estate investments. 

 

Responses to your numbered points are in red as follows:

 

1) The full details of what real estate assets the Oxfordshire Pension
Fund currently invests in, including the name and amounts of each type of
real estate asset or investment being held.

 

This information should be broken down into the different categories,
including:

-         Listed Real Estate securities;

-         Unlisted/Private Real Estate Property Funds/vehicles, companies
or CIS;

-         Directly held properties; and

-         (listed/unlisted) Real Estate Debt Funds/vehicles.

 

In the case of any unlisted real estate vehicles or real estate debt
vehicles, the domicile of the underlying assets should be included.

 

A full list of all the companies, vehicles, CIS etc in which the Pension
Fund invests in or has an outstanding commitment to should be covered in
the above question. This list should include the names of each company and
the amount invested in each company etc.

 

Please find attached a spreadsheet detailing the Pension Fund’s real
estate investment holdings as at 31 December 2018. These all fall into the
category of Unlisted/Private Real Estate Property Funds/vehicles,
companies or CIS. The Pension Fund does not hold details of the domicile
of the individual properties contained in these funds. In May 2018 the
Pension Fund Committed £40m to the Brunel Pension Partnership Secured
Income portfolio, this portfolio will include investments in long-lease
property funds. As at 31 December 2018 no funds had been drawn down on
this portfolio.

 

2) The current yields of the different investments the pension fund holds.

 

The Pension Fund does not hold the yields of the real estate investments.

 

3) Can you clearly specify the total value of all real estate investments
that the Pension Fund holds.

 

As at 31 December 2018 the total value of the Pension Fund’s real estate
investments was £167,101,479.10

 

4) I would like to receive this information in an unlocked excel sheet
without protected cells (.xls). If you have to password protect the excel
sheet, please can you also provide the password to the excel sheet.

 

See response to point 1.

 

5) Please supply a copy of the Pension Scheme’s latest Statement of
Investment Principles and most recent Pension Fund Report & Accounts.

 

Please find attached a copy of the Pension Fund’s most recent Investment
Strategy Statement (this document replaced the Statement of Investment
Principles from 01 November 2016 under LGPS investment regulations issued
by the government) and Annual Report & Accounts for 2017/18.

 

Internal review

If you are dissatisfied with the service or response to your request you
can ask for an internal review as follows:

 

·         Contact the Complaints & Freedom of Information Team:
[1][Oxfordshire County Council request email] 

·         Use the online complaints form on our website:
[2]www.oxfordshire.gov.uk/complaints  

·         Write to the Complaints & Freedom of Information Team at the
FREEPOST address:

Complaints and Comments
Oxfordshire County Council
FREEPOST (RTLL-ECKS-GLUA)
Oxford OX1 1YA.

 

If you remain dissatisfied with the handling of your request or complaint,
you have a right to appeal to the Information Commissioner at: The
Information Commissioner's Office, Wycliffe House, Water Lane, Wilmslow,
Cheshire, SK9 5AF.

Telephone: 0303 123 1113 Website: [3]www.ico.gov.uk

 

Please let me know if you have further enquiries. I would be grateful if
you could use the reference number given at the top of this email.

 

Yours sincerely,

 

Gregory Ley

Financial Manager – Pension Fund Investments

 

Corporate Finance

County Hall

New Road

Oxford

OX1 1ND

 

 

This email, including attachments, may contain confidential information.
If you have received it in error, please notify the sender by reply and
delete it immediately. Views expressed by the sender may not be those of
Oxfordshire County Council. Council emails are subject to the Freedom of
Information Act 2000. [4]email disclaimer. For information about how
Oxfordshire County Council manages your personal information please see
our [5]Privacy Notice.

References

Visible links
1. mailto:[Oxfordshire County Council request email]
2. http://www.oxfordshire.gov.uk/complaints
3. http://www.ico.gov.uk/
4. http://www.oxfordshire.gov.uk/emaildiscl...
5. https://www2.oxfordshire.gov.uk/cms/site...