Property holdings in Pension Fund

Samuel Hall made this Freedom of Information request to Middlesbrough Council

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

The request was successful.

Dear Middlesbrough Council,

I would like to request the following information:

1) The full details of what real estate assets the Teeside 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

foi, Middlesbrough Council

1 Attachment

 

[1]cid:image001.png@01D4A803.108050C0

Dear Mr Hall

 

REF NO:014041

 

Thank you for your recent enquiry, received on 5^th February 2019, in
relation to Teesside Pension Fund.  I can confirm that your enquiry is
receiving attention and a response will be provided within 20 working days
following receipt of your enquiry as allowed under the Freedom of
Information Act legislation.

 

In some circumstances a fee may be payable and if that is the case, I will
let you know the likely charges before proceeding.

 

Please do not hesitate to contact me direct on (01642) 729696/729698 or
email [Middlesbrough Council request email] should you require any further advice or
assistance with this or any other matter.

 

 

Yours sincerely

Janette Anderson

Information Request Officer

Strategy, Information and Governance

P.O. Box 500
Civic Centre
Middlesbrough
TS1 9FT

Email:   [2][Middlesbrough Council request email]
 

 

All intellectual property rights are reserved.  Trademarks, brand names,
company names, and logos are the property of Middlesbrough Council, or of
their respective owners.  Reproduction, alterations, modification,
distribution, or re-publication in any format, without prior written
permission from the property owner is forbidden.

 

The Council's copyright and other intellectual property rights are
protected by UK laws and by international treaties.

 

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References

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2. mailto:[Middlesbrough Council request email]

foi, Middlesbrough Council

1 Attachment

 

Dear Mr Hall

 

REF NO: 014041  

 

I am writing to confirm that Middlesbrough Council has now completed its
search for the information you requested on 5^th February 2019. 

 

In your request you asked for the following information:

 

1) The full details of what real estate assets the Teeside 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.

 

Response:   

 

Details of the Council’s approach to pension fund investment are included
in the Investment Strategy Statement. This has recently been updated, the
latest version can be viewed here:

 

[1]http://democracy.middlesbrough.gov.uk/ak...

 

 

Details of Teesside Pension Fund Valuation can be viewed here

 

[2]http://www.teespen.org.uk/documents/cont...

 

Details of Teesside Pension Fund latest report and accounts can be viewed
here

 

[3]http://www.teespen.org.uk/documents/cont...

 

 

The list of direct property assets we hold is attached in the excel
spreadsheet.

 

If you have any queries about this response, please do not hesitate to
contact me direct on (01642) 729696/729698 or email
[4][Middlesbrough Council request email]. Please remember to quote the reference number
shown above in any future communications.

If you are unhappy with the way your request has been handled you may ask
for an internal review within 40 days of receipt of the response. You
should write to:-

Ann-Marie Johnstone

Governance & Information Manager

P.O. Box 500,

Civic Centre,

Middlesbrough.

TS1 9FT

 

If you are not content with the outcome of the internal review, you have
the right to apply directly to the Information Commissioner for an
independent review. The Information Commissioner can be contacted at: -

 

Information Commissioner’s Office,
Wycliffe House,
Water Lane,
Wilmslow,
Cheshire,
SK9 5AF

Yours sincerely

 

Steph Robson

Information Requests Coordinator

 

Finance, Governance & Support

P.O. Box 500,

Civic Centre,

Middlesbrough.

TS1 9FT

Tel. 01642 729696

 

Email: [5][Middlesbrough Council request email]

 

All intellectual property rights are reserved. Trademarks, brand names,
company names, and logos are the property of Middlesbrough Council, or of
their respective owners. Reproduction, alterations, modification,
distribution, or re-publication in any format, without prior written
permission from the property owner is forbidden.

 

The Council's copyright and other intellectual property rights are
protected by UK laws and by international treaties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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References

Visible links
1. http://democracy.middlesbrough.gov.uk/ak...
2. http://www.teespen.org.uk/documents/cont...
3. http://www.teespen.org.uk/documents/cont...
4. mailto:[Middlesbrough Council request email]
5. mailto:[Middlesbrough Council request email]