Environment Agency Pension Fund Investments

The request was successful.

Dear Environment Agency,

I would like to request the following information:

1) The full details of what the Environment Agency Pension Fund currently invests in, including the name and amounts of each asset class or investment being held.

2) The investments broken down into different categories/types of holding, including: Index Linked Securities, Unit trust Property, Cash Instruments, Unit Trust Equities, Infrastructure, Fixed Interest Securities, Equities Segregated Unlisted, Equities Segregated UK, Equities Segregated Foreign as well as any other investments that the Pension Fund holds.

3) The industrial sector of each investment e.g. Aerospace & Defense, Oil & Gas Producers, Pharmaceuticals & Biotechnology, Media, Banks, Mining, Government, Automobiles, Financial Services, Housing and any other sectors that the Pension Fund holds investments in. Examples of Pension Funds which have previously included this data in their publicly released investments include Buckinghamshire and Derbyshire. (i)

4) A full list of all the companies which the Pension Fund currently invests in (this should be covered in the above requests). This list should include the names of each company and the amount invested in each company.

5) Can you clearly specify the total value of all investments that the Pension Fund holds in sterling.

6) 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, can you also provide the password to the excel sheet. When considering the request for this data in excel format, please refer to Innes v Information Commissioner [2014] EWCA Civ 1086 (ii), which allows a requestor to express a preference for communication by a particular means, specifically: "an applicant's right to choose to have information provided to him in electronic form extends to a right to choose the software format in which it is embodied." (iii)

I would like to receive the information in electronic format. 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 confidentiality 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.' (iv)

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,

Edward Jones

(i) Buckinghamshire https://www.whatdotheyknow.com/request/2... Derbyshire https://www.whatdotheyknow.com/request/2...

(ii) Innes v Information Commissioner [2014] EWCA Civ 1086 http://www.bailii.org/ew/cases/EWCA/Civ/...

(iii) Section 11 FOIA and the Form of a Request https://panopticonblog.com/2014/08/01/se...

(iv) 'Freedom of Information Awareness Guidance 5: Commercial Interests' Office of the Information Commissioner, Page 10, https://www.humanrightsinitiative.org/pr...

Enquiries, Unit, Environment Agency

5 Attachments

Please note this is an auto reply message.

 

Thank you – the Environment Agency has received your email.

 

Due to the ongoing COVID-19 pandemic which is affecting staff and
resources within the Environment Agency, we may take longer than the
normal 10 working days we aim to reply by.

 

Freedom of Information Act and Environmental Information Regulations state
that a public authority must respond to requests for information within 20
working days.

 

However we will aim to provide an answer as soon as we can.  

 

For information on what you can expect from us and our full service
commitment to you then please visit our website: 

[1]https://www.gov.uk/government/publicatio...

 

If you have made a data request, you may wish to look at
[2]www.data.gov.uk to see if the data you have requested is available
online.
  

Usually we make no charge for providing information. In some cases we may
make a charge for licensed re-use of our data. Where this is the case, we
will notify you in advance.

 

If you have provided any personal information (also called personal data)
in your enquiry, the Environment Agency will follow all applicable UK and
EU data protection laws in how we treat it. We may use your information to
help you with your enquiry, if necessary. More details on your rights and
how we will process your personal information can be found in our Personal
Information Charter:

[3]https://www.gov.uk/government/organisati...

 

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If your email was to report an environmental incident i.e. pollution, fish
in distress, dumping of hazardous waste etc. then please call our
Freephone 24 hour Incident Hotline on 0800 80 70 60.   

 

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Kind Regards,

 

National Customer Contact Centre - Part of National Operations Services

( Tel: 03708 506 506

: Web Site: [5]www.gov.uk/environment-agency

 

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Information in this message may be confidential and may be legally
privileged. If you have received this message by mistake, please notify
the sender immediately, delete it and do not copy it to anyone else. We
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still check any attachment before opening it. We may have to make this
message and any reply to it public if asked to under the Freedom of
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attachments sent to or from any Environment Agency address may also be
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Enquiries, Unit, Environment Agency

5 Attachments

Good morning Edward

 

I have passed your e-mail to our Pensions team who will deal with your
request.

 

The Freedom of Information Act and Environmental Information Regulations
state that a public authority must respond to requests for information
within 20 working days, but we aim to respond to all enquiries as quickly
as we can.

 

You can find more information about our service commitment by clicking on
the link below:  

 

[1]https://www.gov.uk/government/publicatio...

  

Please quote your enquiry reference 200701/ALC04 in any correspondence
with us regarding this matter.

 

 

Regards

 

Customer Services

Environment Agency - National Customer Contact Centre

Part of National Operations Services

 

Tel: 03708 506 506

Web Site: [2]www.gov.uk/environment-agency

 

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Pensions, HR Team, Environment Agency

5 Attachments

Hi there,

 

This request is not something our team would be able to respond to but I
have passed it to Martin Parsons on the Environment Agency Pension Fund
Management team and he will provide a response.

 

Thanks,
Esra

 

From: Enquiries, Unit
Sent: 01 July 2020 10:00
To: '[FOI #672343 email]'
<[FOI #672343 email]>
Subject: FW: Ref 200701/ALC04 Freedom of Information request - Environment
Agency Pension Fund Investments

 

Good morning Edward

 

I have passed your e-mail to our Pensions team who will deal with your
request.

 

The Freedom of Information Act and Environmental Information Regulations
state that a public authority must respond to requests for information
within 20 working days, but we aim to respond to all enquiries as quickly
as we can.

 

You can find more information about our service commitment by clicking on
the link below:  

 

[1]https://www.gov.uk/government/publicatio...

  

Please quote your enquiry reference 200701/ALC04 in any correspondence
with us regarding this matter.

 

 

Regards

 

Customer Services

Environment Agency - National Customer Contact Centre

Part of National Operations Services

 

Tel: 03708 506 506

Web Site: [2]www.gov.uk/environment-agency

 

Click an icon to keep in touch with us:-

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National Requests, Environment Agency

5 Attachments

Dear Edward,

 

Thank you for your request for information.

 

We are treating your enquiry as an Information Request under the
Environmental Information Regulations 2004/Freedom of Information Act
2000.

 

Your request will be dealt with by our National Request Team under
reference NR176210

 

The Environment Agency covers England only.

 

For Scotland, Northern Ireland and Wales, please see the links below:

 

[1]http://www.sepa.org.uk/

 

[2]http://www.doeni.gov.uk/niea/

 

[3]http://www.naturalresourceswales.gov.uk/

 

If you have provided any personal information (also called personal data)
in your enquiry, the Environment Agency will follow all applicable UK and
EU data protection laws in how we treat it. We may use your information to
help you with your enquiry, if necessary.

 

More details on your rights and how we will process your personal
information can be found in our Personal Information Charter:

 

[4]https://www.gov.uk/government/organisati...

 

The Environment Agency’s obligation under the relevant legislation is to
provide you with the requested information within 20 working days from the
date your enquiry is received, but we shall endeavour to respond as soon
as we can.

 

In the meantime should you have any queries regarding this request please
contact us at: [5][email address]

 

 

Kind regards

 

National Request Team

National Customer Contact Centre

Contact Centre Services - Part of Operations, Regulation, Monitoring &
Customer

Environment Agency

 

( External:  03708 506 506

 

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Information in this message may be confidential and may be legally
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Information Act, Data Protection Act or for litigation. Email messages and
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accessed by someone other than the sender or recipient, for business
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National Requests, Environment Agency

6 Attachments

Dear Mr Jones,

 

I am writing to you in relation to your request for information NR176210,
which we received on 24 June 2020.

Please be assured that we are looking into your enquiry but have
encountered delays that mean we are not currently in a position to
respond.

Please accept my apologies for this delay. We will be in touch as soon as
we are able.

Kind regards,

Maria Bisby

Customer Service Adviser, National Requests, NCCC

Contact Centre Services - Part of Operations, Regulation & Customer

 

( Tel: 03708 506 506

: Web Site: [1]www.gov.uk/environment-agency

 

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National Requests, Environment Agency

8 Attachments

Dear Mr Jones,

 

With regards to your request, reference number NR176210.

 

Please find our response attached.

 

Please accept our apologies for the delay.

 

Kind regards

 

Maria Bisby

Customer Service Adviser, National Requests, NCCC

Contact Centre Services - Part of Operations, Regulation & Customer

 

( Tel: 03708 506 506

: Web Site: [1]www.gov.uk/environment-agency

 

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From: Enquiries, Unit
Sent: 01 July 2020 10:00
To: '[FOI #672343 email]'
<[8][FOI #672343 email]>
Subject: FW: Ref 200701/ALC04 Freedom of Information request - Environment
Agency Pension Fund Investments

 

Good morning Edward

 

I have passed your e-mail to our Pensions team who will deal with your
request.

 

The Freedom of Information Act and Environmental Information Regulations
state that a public authority must respond to requests for information
within 20 working days, but we aim to respond to all enquiries as quickly
as we can.

 

You can find more information about our service commitment by clicking on
the link below:  

 

[9]https://www.gov.uk/government/publicatio...

  

Please quote your enquiry reference 200701/ALC04 in any correspondence
with us regarding this matter.

 

 

Regards

 

Customer Services

Environment Agency - National Customer Contact Centre

Part of National Operations Services

 

Tel: 03708 506 506

Web Site: [10]www.gov.uk/environment-agency

 

Click an icon to keep in touch with us:-

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Dear Environment Agency,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of Environment Agency's handling of my FOI request 'Environment Agency Pension Fund Investments'.

You provided a link to the Investment Holding Data on the EAPF website: https://www.eapf.org.uk/investments/inve...

However, the investment data at that link is from 30 September 2019 - over 9 months out of date. In my original request, I asked for the: "full details of what the Environment Agency Pension Fund currently invests in". Data from September 2019 is not current. Pension Funds often report their investments quarterly, so can you please provide the most recent investment data you can provide from 2020?

Finally, it says on the EAPF investment holdings page: "As part of our commitment to continuous improvement and being open and transparent, we have published our entire holdings of the fund. We will update the data every 6 months." - obviously it is more than 6 months since the data has been updated, so you may also want to update the website itself?

Yours faithfully,

Edward Jones

Enquiries, Unit, Environment Agency

5 Attachments

Please note this is an auto reply message.

 

Thank you – the Environment Agency has received your email.

 

Due to the ongoing COVID-19 pandemic which is affecting staff and
resources within the Environment Agency, we may take longer than the
normal 10 working days we aim to reply by.

 

Freedom of Information Act and Environmental Information Regulations state
that a public authority must respond to requests for information within 20
working days.

 

However we will aim to provide an answer as soon as we can.  

 

For information on what you can expect from us and our full service
commitment to you then please visit our website: 

[1]https://www.gov.uk/government/publicatio...

 

If you have made a data request, you may wish to look at
[2]www.data.gov.uk to see if the data you have requested is available
online.
  

Usually we make no charge for providing information. In some cases we may
make a charge for licensed re-use of our data. Where this is the case, we
will notify you in advance.

 

If you have provided any personal information (also called personal data)
in your enquiry, the Environment Agency will follow all applicable UK and
EU data protection laws in how we treat it. We may use your information to
help you with your enquiry, if necessary. More details on your rights and
how we will process your personal information can be found in our Personal
Information Charter:

[3]https://www.gov.uk/government/organisati...

 

Environmental Incident

 

If your email was to report an environmental incident i.e. pollution, fish
in distress, dumping of hazardous waste etc. then please call our
Freephone 24 hour Incident Hotline on 0800 80 70 60.   

 

For more details about incident reporting please see our website:

[4]https://www.gov.uk/report-an-environment...

Kind Regards,

 

National Customer Contact Centre - Part of National Operations Services

( Tel: 03708 506 506

: Web Site: [5]www.gov.uk/environment-agency

 

Click an icon to keep in touch with us:-

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Information in this message may be confidential and may be legally
privileged. If you have received this message by mistake, please notify
the sender immediately, delete it and do not copy it to anyone else. We
have checked this email and its attachments for viruses. But you should
still check any attachment before opening it. We may have to make this
message and any reply to it public if asked to under the Freedom of
Information Act, Data Protection Act or for litigation. Email messages and
attachments sent to or from any Environment Agency address may also be
accessed by someone other than the sender or recipient, for business
purposes.

References

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Enquiries, Unit, Environment Agency

Good afternoon,

Thank you for your enquiry.

I have sent your enquiry to our National Requests team.

The customer charter for data requests is 20 working days.

Kind Regards

Corina Ward

National Customer Contact Centre
Environment Agency

Tel: 03708 506 506
Web Site: https://www.gov.uk/environment-agency

Click an icon to keep in touch with us:-

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National Requests, Environment Agency

5 Attachments

Dear Edward

 

RE: Request for a review of a response to an information request under the
Freedom of Information Act 2000 (FOIA) / Environmental Information
Regulations 2004 (EIR)

 

Thank you for your email which was received on 3 August 2020.  We are
treating your email as a request to review our decision to refuse some of
the information you requested by your email received on 24 June 2020 and
a complaint that in making our response we did not follow our internal
procedures.

 

We are required to provide you with a response to your request for a
review within a maximum of 40 working days which we calculate to be 30
September 2020.  However, we will try to respond to you well before this
date.

 

Yours sincerely

 

National Request Team

National Customer Contact Centre

Contact Centre Services - Part of Operations, Regulation, Monitoring &
Customer

Environment Agency

 

( External:  03708 506 506

 

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From: Enquiries, Unit
Sent: 07 August 2020 13:38
To: Edward Jones <[FOI #672343 email]>
Subject: RE: Ref:200807/CLW04 Internal review of Freedom of Information
request - Environment Agency Pension Fund Investments

 

Good afternoon,

 

Thank you for your enquiry.

 

I have sent your enquiry to our National Requests team. 

 

The customer charter for data requests is 20 working days.

 

Kind Regards

 

Corina Ward

 

National Customer Contact Centre

Environment Agency

 

Tel: 03708 506 506

Web Site: [6]https://www.gov.uk/environment-agency

 

Click an icon to keep in touch with us:-

 

 

 

 

 

show quoted sections

National Requests, Environment Agency

6 Attachments

NR181060

 

Dear Mr Jones

Review of Freedom of Information/Environmental Information Request
NR176210

 

Request by Edward Jones in respect of information relating to EAPF
Investment Holdings

 

I refer to your e-mail dated 03 August 2020, in which you advise us that
you are appealing our decision to refuse disclosure of information that
you requested in your letter of 31 July 2020

 

The Environment Agency received the request on 03 August 2020 and we
responded to that email on 13^th August confirming our course of action.

 

Review

I have conducted a review and I agree you are right – the EAPF should be
publishing its investment holdings on a quarterly basis.

 

Currently, we publish holdings on a 6 month basis with a 3 month lag. 
March data was historically chosen as this is subject to external audit.
September's data was then also chosen to equally balance out the holdings
over the year. The reason that there was a 3 month lag was to protect the
intellectual property of certain fund managers.

The reason you received older data is that the statutory date for a
response fell just prior to the publishing of the latest data. The
holdings of 31 March 2020 was published on our website on 11 August 2020. 
Therefore the response at the time was appropriate.

In response to your second email however, we have looked at how we can
improve.  We have spoken to fund managers to understand concerns they had
and we have looked at what new systems we need internally to be able to
improve our reporting.

 

I am pleased to say that we will move to quarterly reporting with a 6 week
lag from December 2020 at the very latest. The 6 week lag is due to the
need to receive the information from our custodian and  fund managers and
then to check and validate it before publication. 

 

You asked for the latest holdings information.  In response to your
request, we have generated a special report from our June 2020 holdings,
which is attached. Please refer to [1]Open Government Licence which
explains the permitted use of this information.

 

We do not hold the look through holdings for the pooled corporate bond
fund for the June holdings. Neither do we hold the information to update
the GICs classifications for the new securities in the portfolio, so there
are a number of holdings (in red) that do not have sector classifications.
We will release this information for the September holdings, which is
currently planned for January 2021, although we will aim for earlier if we
have the new system in place.  As referred to above, under the new system
we aim to publish the holdings of December 2020 by mid-February.

 

Finally you refer to our website being out of date.  Once we have the
right systems in place, we will ensure it reflects the new process of
quarterly reporting with a 6 week lag.

Right of Appeal

If you are not satisfied with this review of our decision not to supply
the requested information you can make an appeal to the Information
Commissioner, who is the statutory regulator for freedom of information. 
The address is:

 

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF.

 

Tel: 0303 123 1113 (local rate) or 01625 545 745 (national rate).

Fax: 01625 524 510.

Email: [2][email address]. 

Website: [3]http://www.ico.org.uk

 

 

Yours sincerely

 

National Request Team

National Customer Contact Centre

Contact Centre Services - Part of Operations, Regulation, Monitoring &
Customer

Environment Agency

 

( External:  03708 506 506

 

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Information in this message may be confidential and may be legally
privileged. If you have received this message by mistake, please notify
the sender immediately, delete it and do not copy it to anyone else. We
have checked this email and its attachments for viruses. But you should
still check any attachment before opening it. We may have to make this
message and any reply to it public if asked to under the Freedom of
Information Act, Data Protection Act or for litigation. Email messages and
attachments sent to or from any Environment Agency address may also be
accessed by someone other than the sender or recipient, for business
purposes.

References

Visible links
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2. mailto:[email address]
3. http://www.ico.org.uk/
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6. http://www.youtube.com/EnvironmentAgencyTV
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8. http://www.linkedin.com/company/environm...

Dear National Requests,

Many thanks for your answer, and for changing your policies about releasing the data!

A couple of questions from the June data you provided, which I hoped you could answer:

1) Why are some rows highlighted in red?

2) Can you confirm the total value of the fund from the June data that you provided, as I asked for in my original request?

3) Most of the sections added up correctly for the sub-totals provided e.g. Listed Funds, Private Market and Real Asset Funds, and Equities. However, the sub-total given for 'Fixed Income' is £ 1,230,437,532.11
. However when I add all the Fixed Income investments ( =SUM(D1671:D1994) ), I get a figure of £744,896,226.48. Are you wrong here or am I? Would be great if you confirmed either way, what is the correct sub-total for Fixed Income investments.

Many thanks again for all your help,

Yours sincerely,

Edward Jones

National Requests, Environment Agency

NR181060

 

Dear Mr Jones

 

Follow-up enquiry regarding, “Review of Freedom of
Information/Environmental Information Request NR176210”

 

Thank you for your enquiry which was received on 5 October 2020.

 

We respond to requests under the Freedom of Information Act 2000 and
Environmental Information Regulations 2004.

 

We have answered each of your questions in order:

 

1) Why are some rows highlighted in red?

 

As stated in our response, we do not hold the look through holdings for
the pooled corporate bond fund for the June holdings. Neither do we hold
the information to update the GICs classifications for the new securities
in the portfolio, so there are a number of holdings (in red) that do not
have sector classifications. We will release this information for the
September holdings, which is currently planned for January 2021, although
we will aim for earlier if we have the new system in place. 

 

 

2) Can you confirm the total value of the fund from the June data that you
provided, as I asked for in my original request?

 

The total value of assets in the EAPF Active Fund is £3,959,568,359   as
at 30/6/2020 (unaudited). This includes all cash balances and equivalents
such as accrued income, margin on derivatives etc, which are not included
in our investment holdings report

 

 

3) Most of the sections added up correctly for the sub-totals provided
e.g. Listed Funds, Private Market and Real Asset Funds, and Equities.
However, the sub-total given for 'Fixed Income' is

    £1,230,437,532.11. However when I add all the Fixed Income investments
( =SUM(D1671:D1994) ), I get a figure of  £744,896,226.48. Are you wrong
here or am I? Would be great if you confirmed either

    way, what is the correct sub-total for Fixed Income investments.

 

As at 30/6, EAPF had fixed income investments in segregated accounts of
£744.896m and a further £540.638 through pooled vehicles (included in the
listed funds total - as noted, we do not have the bond portfolio
lookthrough holdings for this off-schedule date). The value shown for the
fixed income total in the file that was created for you would appear to
have been hard coded and incorrect.

 

Please get in touch if you have any further queries or contact us within
two months if you’d like us to review the information we have sent.

 

 

Yours sincerely

 

National Request Team

National Customer Contact Centre

Contact Centre Services - Part of Operations, Regulation, Monitoring &
Customer

Environment Agency

 

External:  03708 506 506

 

 

 

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