33718-40 Pension 2009 TEXT 28361-40 · 2019. 5. 15. · 33718-40 Pension 2009 TEXT_28361-40...

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Cynnwys

Introduction ........................................................................1

Summary ..............................................................................2

Participating Employers

Contributors

Pension Panel Members

Partners

Administration Report ............................................7

Introduction

Performance Information

Membership Numbers

Membership Analysis

Investment Report ................................................15

Introduction

Investment Management

Investment Performance

Fund Manager Performance

Details of Fund Managers

Realised Profits/Losses on Sale of Investments

Titles of Ownership

Analysis of Investments

Geographical Spread of the Fund

Largest Share Holdings

Purchases and Sales

Schedule of Investments

Statement of Investment Principles

Myners Compliance Statement

Accounts Report ....................................................27

Fund Account

Net Asset Statement

Notes to the Pension Fund Accounts

Audit Opinion

Actuary’s Report ....................................................35

Introduction

Actuarial Position

Communication Report ........................................39

Governance Arrangements

Accessing Member Services

Customer Survey

The Scheme at a Glance ........................................43

Contributors Contact Information ........................44

Contents

Cyflwyniad..........................................................................1

Crynodeb..............................................................................2

Cyflogwyr sy’n rhan o’r cynllun

Cyfranwyr

Aelodau o’r Panel Pensiynau

Partneriaid

Adroddiad Materion Gweinyddu............................7

Cyflwyniad

Ystadegau ynghylch Cyflawniad

Nifer yr Aelodau

Dadansoddiad o’r Aelodaeth

Adroddiad ar Faterion Buddsoddi........................15

Cyflwyniad

Rheoli Materion Buddsoddi

Cyflawniad y Buddsoddiad

Materion Cyflawni Rheolwr y Gronfa

Manylion ynglyn â Rheolwyr y Gronfa

Gwir Elw/Colledion ynglyn â Gwerth y Buddsoddiad

Teitl Perchnogaeth

Dadansoddi’r Buddsoddiadau

Ardal Ddaearyddol y Gronfa

Y Cyfranddalwyr Mwyaf

Prynu a Gwerthu

Rhestr o’r Buddsoddiadau

Datganiad o’r Egwyddorion ar gyfer Buddsoddi

Datganiad Cydymffurfio Myners

Adroddiad ar y Cyfrifon........................................27

Cyfrifon y Gronfa

Datganiad o’r Gwir Asedau

Nodiadau ar Gyfrifon Cronfa Pensiynau

Barn yr Archwilwyr

Adroddiad yr Actwari ............................................35

Cyflwyniad

Sefyllfa Actwaraidd

Adroddiad ar Faterion Cyfathrebu ........................39

Trefnau Llywodraethu

Manteisio ar wasanaethau sydd ar gael i’r Aelodau

Arolwg o’r Cwsmeriaid

Crynodeb o Fanteision Cynllun Pensiynau..........43

Manylion cyswllt i’r cyfranwyr..............................44

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Steve Merritt, C.P.F.A.

Group Director Corporate Services

Introduction

1

Welcome to this year’s Pension Fund Report, which sets out the activities of the Fund during 2008/09 year, and is

hopefully of benefit to all stakeholders.

The year 2008/09 has witnessed an extremely volatile economic climate, mainly stemming from the loss in confidence of

the banking sector. This turbulence in world markets has in general contributed to an adverse short-term impact on

Pension Fund investments. This should, however, be viewed in the context of the Fund’s diverse longer-term funding

plan, which aims to smooth market risk and volatility over time.

Media coverage around ‘final salary schemes’ has ensured that the Local Government Pension Scheme remains in the

spotlight. It is likely that the Scheme will continue to face many challenges ahead, with further consultation and revisions

in legislation currently being considered to support the Schemes on-going affordability.

The Rhondda Cynon Taf Pension Fund continues to steadily grow in both membership and service demand, through

active communication and awareness raising. In order to effectively manage this increase and further improve the

customer experience, it is important that the Administering Body and Fund Employers continue to work closely together.

This is the first year that the Pension Fund is required to provide a separate audit opinion, formerly part of the Rhondda

Cynon Taf Council audit of accounts. Wales Audit Office have included a certificate and opinion within the body of the

Annual Report (included on page 34).

As ever I hope the information held in the report is helpful, if though you feel it could be improved we would welcome

your suggestions.



33718-40 Pension 2009 TEXT_28361-40 28/10/2009 15:53 Page 1

2

Summary

Admitted Bodies

Academi

Capita Glamorgan Consulting

Care Council for Wales

Careers Wales Association

Careers Wales - Mid Glamorgan and Powys Limited

Finance Wales Investment

Finance Wales Plc

Local Government Data Unit

Maesteg Town Hall

Merthyr Tydfil Institute for the Blind

Penywaun Enterprise Partnership

RCT Homes

SEWOCN

Valleys to Coast Housing

Welsh Assembly Government (former Welsh Development Agency)

Welsh Joint Education Committee (WJEC)

WJEC/CBAC Services Ltd

Administering Authority

Rhondda Cynon Taf County Borough Council


Definition of Bodies

Scheduled Bodies

These include County Councils, Police Authorities and

the Environment Agency among many others.

Designated Bodies

Designated bodies, such as Community Councils have to

pass a resolution stating whom within their employment

can join the scheme.

Admitted Bodies

Admitted Bodies can participate in the scheme by means

of an admission agreement. These Admitted Bodies

may state whether all or some of their employees can

join the Scheme.

Scheduled & Designated Bodies

Amgen Cymru

Brackla Community Council

Bridgend College

Bridgend County Borough Council

Bridgend Town Council

Coleg Morgannwg

Coychurch Crematorium Joint Committee

ESIS

Gelligaer Community Council

Llanbradach Community Council (no active members at present)

Llanharry Community Council (no active members at present)

Llantrisant Community Council

Llantwit Fardre Community Council

Llwydcoed Crematorium Joint Committee

Maesteg Town Council

Merthyr College

Merthyr Tydfil County Borough Council

National Probation Service

Pontyclun Community Council

Pontypridd Town Council

Royal Welsh College of Music & Drama

South Wales Fire Authority

South Wales Police Authority

South Wales Sea Fisheries

South Wales Valuation Tribunal

Tonyrefail Community Council

University of Glamorgan

Ystrad Mynach College


3

Contributors page (Who’s Who)

Pensions Operational Manager - Philip Green

Phil began his local government career with Mid Glamorgan County Council in 1975 before

moving on to Cynon Valley Borough Council in 1978 where he was Chief Establishment Officer

prior to local government reorganisation. In 1986, Phil obtained the C.I.P.F.A. Certificate in

Payroll & Superannuation Administration.

He has been Rhondda Cynon Taf County Borough Council’s Creditors Manager since

reorganisation in 1996 and was appointed to the post of Operational Pensions Manager in

October 2006.

Pension Fund Accountant - Ryan Emmett

Ryan is responsible for assisting the Investment Officer in the maintenance and closure of the

Pension Fund accounts, having gained a BSC in Mathematics from Cardiff University; Ryan has

13 years experience with Rhondda Cynon Taf County Borough Council and has been in his

current post since January 2003.

Communications - David Williams

David joined us from Prudential where he worked as a Client Communications Presenter for

many years, facilitating hundreds of seminars for the Public & Private sector; David sees his role

primarily as one of education and simplification.

Senior Accountant, Treasury and Pension Fund Investments - Yvonne Keitch

With 27 years experience within local government, Yvonne is responsible for the administration

of the pension fund investments. Yvonne has been the fund’s Investment Manager since 1995.


4


Pension Panel Member & Leader of the Council - Councillor Russell Roberts

Councillor Russell Roberts is the Leader of the Council and Chair of the Cabinet, with special

responsibility for finance. Councillor Roberts has been a Rhondda Cynon Taf councillor since

the authority’s inception in 1996, and is the Member for Tonyrefail East.

Pension Panel Member - Councillor Clayton Willis

Councillor Clayton Willis is the Cabinet Member for Open Government. Councillor Willis has

been a Rhondda Cynon Taf councillor since the authority’s inception in 1996, and is the member

for Tynant.

Director of Financial Services & Deputy Section 151 Officer - Christopher Lee C.P.F.A.

Chris gained a BSC (Honours) degree from Swansea University in 1990 and went on to qualify as

a Public Sector Chartered Accountant (CIPFA) in 1995 whilst working as a Group Accountant at

Merthyr Tydfil Borough Council.

He joined Rhondda Cynon Taf in 1997 as a Finance Manager and was promoted in 1999 to the

post of Chief Accountant for the Council. Chris also gained experience with the Audit

Commission in 2001 before rejoining Rhondda Cynon Taf in 2002 as Divisional Director -

Finance. He now has overall responsibility for all finance and performance management

functions at the Authority.

Group Director of Corporate Services & Section 151 Officer - Steve Merritt C.P.F.A.

Steve, previously an engineer, commenced his Local Government career with Rhondda Borough

Council in 1979 as an accountancy assistant, by 1996 he had risen to the position of Assistant

Borough Treasurer. At reorganisation he transferred to Rhondda Cynon Taf County Borough

Council and since that time he has undertaken a number of roles including heading the Housing

Division. He was appointed to his present position of Corporate Services Group Director and

Section 151 officer in the early summer of 2005, this post has direct responsibility for the

pension fund.


5

Head of Service Pensions, Payroll & Payments - Ian Traylor

Ian joined Local Government in 1990 with the former Mid Glamorgan County Council and

transferred to Rhondda Cynon Taf during the 1996 re-organisation. Ian has a well-established

background in financial control / risk management with a primary career spent in Internal Audit.

More recently joined the Pensions Service in 2006 and is an active member of the Pensions

Investment Panel.

Service Director: Financial Management and Accounting - Barrie Davies C.P.F.A.

Barrie is CIPFA/ACIS qualified. He joined Local Government with Mid Glamorgan County

Council in 1985, moving to Rhondda Cynon Taf with reorganisation in 1996.

An active member of the Investment & Administration Panel, Barrie reports to the panel on

behalf of the Group Director, Corporate Services. Barrie is currently Head of Accounting

Services for Rhondda Cynon Taf.

Senior Accountant, Treasury and Pension Fund Investments - Yvonne Keitch

With 27 years experience within local government, Yvonne is responsible for the administration

of the pension fund investments. Yvonne has been the fund’s Investment Manager since 1995.

Pension Fund Accountant - Ryan Emmett

Ryan is responsible for assisting the Investment Officer in the maintenance and closure of the

Pension Fund accounts, having gained a BSC in Mathematics from Cardiff University; Ryan has

13 years experience with Rhondda Cynon Taf County Borough Council and has been in his

current post since January 2003.


6

Scheme Actuary - Hewitt Associates Limited

The primary role of the actuary is to provide the fund with information about the fund’s liabilities and the best way of

meeting these liabilities. A valuation of the fund takes place every three years that enables the actuary to calculate

liabilities versus the fund’s assets. The actuary will then recommend appropriate contribution rates for employers to

help prevent any future shortfalls.

Hewitt were appointed as the schemes actuary in October 2003 and conduct the fund’s

triennial valuation.

Fund Managers

The investment of the Pension Fund’s assets is the responsibility of external Fund Managers appointed by the Fund.

These Fund Managers are given specific mandates and performance targets, which are monitored by the Rhondda Cynon

Taf Investments Panel at quarterly meetings.

Baillie Gifford Asset Management

Baillie Gifford was appointed as balanced equity managers during January 2005, replacing the

Fund’s previous manager, Deutsche Asset Management. Gareth Roberts oversees the fund’s

investments. The Fund’s Client Relationship Manager is Nigel Morecroft.

F & C Management

Investment managers to the pension fund since 1994, F & C hold a balanced equity mandate, and a separate bond

mandate. The Client Relationship Manager for both the Equity and Fixed Interest portfolios is Michel Bernard.

For the bond mandate the Fund manager is Helen Roberts and the equity mandate is managed by

Julian Cane.

AVC Provider - Prudential

Prudential were appointed as the fund’s Additional Voluntary Contributions (AVC) provider in 2002, and as a leading

Local Government AVC provider, they work closely with our Pensions Section in ensuring members are aware of

their options in topping up their existing pension provision.

Partners

Newton's

Newton's was appointed as a high alpha equity manager during August 2008. They have a

mandate of £178 million. The Fund's client relationship manager is Fiona Talbot.

Paul Markham is the Fund Manager.

Record Currency Management

Record Currency Management were appointed in October 2007 to manage an investment in a Currency Alpha pooled

product. Record are based in Windsor & currently manage $55bn worth of mandates.

The relationship managers for the fund are Carl Beckley, Client Team Director & Caroline Scollan,

Client Team Associate Director.

ING Real Estate

ING Real Estate were appointed in October 2007 to manage pooled property investments

for the fund. ING have mandates totalling over 100bn euros. The client manager for the

fund is Mark Bunney.


Philip Green

Pensions Operational Manager

Administration Report

7


In last year’s report, I announced that we had 2

members of the section pass an examination for The

Institute of Payroll Professionals Foundation in Local

Government Pension Administration and as we were

again supporting officers through this study programme

in 2008/09, we looked forward to being able to

announce further successes. Well, I am pleased to

announce that a further 3 have now also achieved this

level. The LGPS and Pensions work in general, is

becoming increasingly complex, I believe it is vitally

important that we continue to invest in the skills

development of our staff in order to ensure we can

deliver the required quality of service to our customers,

within the resources available.

There has been no conclusion on the outstanding issue

of extending protections under the old “85 year rule”.

88

Introduction

We have now come through the first year of the New

Look LGPS which came into force on 1st April 2008

and generally things have gone well considering the

problems associated with its introduction.

Not unexpectedly, there have been issues which have

caused concerns amongst the stakeholders of the

scheme particularly around the implementation of the

new ill-health arrangements. The Department for

Communities and Local Government (CLG) published

guidance on the regulations in November 2008 and in

August 2009, further supplementary guidance was issued

jointly by CLG and the Faculty of Occupational

Medicine, to assist Independent Registered Medical

Practitioners (IRMP’s) in their assessments.

The protracted work undertaken by the Government

Actuary Department (GAD) to review and revise the

various factors used in pension calculations and

transfers during the second half of 2008/09, clearly

introduced further operational difficulties for scheme

administrators. The delays in new GAD factors and

guidance being issued resulted in software providers

supplying late updates to systems and this had an impact

on some areas of our work which is reflected in our

performance data included at the end of this report.

Scheme employers’ annual returns reflecting the banded

contributions, have been submitted for the first time

and have proved particularly challenging for some. We

have done and will continue to work with employers to

assist this process, as it is imperative that the employee

data is accurate and timely, with next year being a

valuation year.

Benefiting from shared working arrangements with

other Welsh Pension Funds, the 2008 Annual Benefit

Statements were produced in a new format under the

“All Wales Pension Funds” logo. Feedback received was

generally very positive although we had experienced

some issues and these have been aired and addressed

via the Communication Forums at both Rhondda

Cynon Taf and All Wales levels. The collaboration

continues and the outcome we expect is further

improvement for 2009.


At the time of writing this report, a separate

consultation exercise is expected on the broader debate

about the longer term future of the Scheme and how it

might respond to changes in the workplace, workforce

and economy. Rumours abound regarding the possibility

of movement towards “career average” as opposed to

“final salary” and extending “normal retirement age”

beyond 65. Possibly reducing the actual number of

pension funds through further regionalisation has also

been mentioned.

While the issues of living longer are looming large for

pension schemes at present, at the other end of the

pension spectrum, changes are soon to come into

operation to set the lowest age that most people can

retire. From April 2010, this will increase from 50 to 55,

with the exception of those due to ill-health, where

there is no age restriction.

Under the Welsh Assembly Government Making the

Connections Agenda, work has begun on a feasibility

exercise to consider the merits of closer working

arrangements between the 8 Welsh LGPS Funds.

9

Forward Look

Although the introduction of the New Look LGPS in

April 2008 addressed some of the issues around

affordability, together with the statutory requirement to

have cost sharing arrangements in place by 31st March

2009, already further, serious questions are being asked

about the longer term affordability of the current scheme.

Scheme regulations have been amended to introduce a

process intended for cost sharing based on a “model

fund” approach commencing from 2010, although any

effects and outcomes are not anticipated to have effect

until 2013 or 2014 at the earliest.

CLG issued a further informal consultation document in

June 2009 on LGPS Affordability, Viability and Fairness.

The document sets out initial suggestions for

stakeholders to consider as a feasible and balanced

response to the current stock market impacts on LGPS

fund liabilities likely to be identified in the forthcoming

2010 valuation exercise. In addition, there are

considerations regarding a realignment of the employee

pension contribution tariff, and particularly the

proportion of pensionable pay being contributed by

higher paid members towards their pension benefits.


10


As mentioned in the 2008 Annual Report, from 1st

September 2008, we have been able to measure our

performance on a new set of key process indicators

which had been identified and agreed upon via the

relevant panels and employer communication forum and

the results for the period up to 31st March 2009 are

listed below.

* Divorce estimate calculations for members were

affected by the changes to GAD guidance introduced

during this period. Some work was stockpiled whilst

software updates were developed in accordance with

new factors with some aspects also having to be

calculated manually.

Procedure DescriptionPerformance

TargetActual

Performance

Divorce Estimate (calculation for members)

10 days 68.29% *

Preserved Benefit (notification to leavers)

10 days 92.88%

Refund of Contributions (payment back to schememembers)

10 days 100%

Employer Request forRetirement Estimate

5 days 94.26%

Retirement Payment (from active membership)

5 days 96.00%

Preserved Benefit into Payment on Retirement

5 days 89.28%

Transfer In (calculation from previouspension scheme including late transfer applications)

10 days 100%

Transfer Out (payment to receiving pension scheme)

10 days 100%

Payment on Death ofActive and DeferredMembers

7 days 97.37%


11

Numbers 2006/07 2007/08 2008/09% Increase

from 06/07

Active Employers 43 46 46

Contributors 22,656 23,103 23,391 +3.2%

Pensioners 12,400 12,563 12,778 +3%

Dependants 2,342 2,373 2,423 +3.5%

Deferred Beneficiaries 8,427 9,594 11,042 +31%

Membership of the Fund

Fund membership at 31 March is as follows:-


12

Number of contributing members

0

5000

10000

15000

20000

25000

2265623391

2007

2008

2009

23103

0

2400

4800

7200

9600

1200011042

8427

9594

2007

2008

2009

Number of Deferred Beneficiaries

Membership and Analysis of The Fund

Fund membership at 31st March is as follows: -


13

1520114742 14936

2007

2008

2009

0

3750

7500

11250

15000

Number of Pensioners and Dependants

0

500

1000

1500

2000

2500

3000

2355 2351

2509

2007

2008

2009

Number of Undecided Withdrawals

These are former members of the pension fund who have not made a decision regarding their pension rights.


14

Membership Analysis

Leavers from active status

2007 2008 2009

Refund of contributions 90 75 114

Transfers to other schemes 26 4 0

Death in Service 15 18 20

Ill Health retirements 120 124 105

Early / normal retirements 169 161 212

Redundancy / efficiency retirements 86 53 36

Preserved Benefits 1002 964 1122

Other leavers 13 12 30

Total 1521 1463 1639

Deferred benefits – number of exits 2007 2008 2009

Refund of contributions 0 0 0

Transfer to other schemes 143 168 101

Deaths 3 12 20

Ill Health retirements 10 21 16

Early / normal retirements 152 188 194

Other benefits 7 4 3

Number of deferred members re-entering the scheme 15 18 62

Total 330 411 396

Deferred Benefits - Exits


Yvonne Keitch

Senior Accountant, Treasury and Pension Fund Investments

Investment Report

15


16

Introduction

In absolute terms, investment market returns during 2008/09 were extremely disappointing. Equity markets were

severely impacted by the global slowdown. Domestic equities fell by 29% whilst overseas returns ranged from –30% in

Europe to -4% in Japan. The full impact of the overseas equity losses was cushioned to some extent by the significant

weakness of Sterling against other currencies.

At the start of the financial year, the market value of the Rhondda Cynon Taf Pension Fund investments was £1,343.5

million. By the 31st March 2009 the Fund had decreased in value to £1,100.6 million.

At the 31st March 2009, Rhondda Cynon Taf was commencing phase three of its investment alignment review exercise.

The purpose of the review is to better match the fund’s assets to its liabilities, and to improve long-term performance by

reducing exposure to market risk. The Pension Fund is currently tendering for an active UK equity manager and a

passive global equity / bond manager.


Investment strategy is considered and agreed by the Pension Fund Investment Panel, which is chaired by the Rhondda

Cynon Taf Group Director, Corporate Services and consists of two Rhondda Cynon Taf Council members, two

independent advisors and other senior finance officers.

The Panel meets quarterly to determine policy in the light of market movements and to question and challenge the

Investment Managers on their performance. The Fund managers carry out the actual day-to-day investment management

of the Fund. There are currently seven separate investment mandates.

Baillie Gifford Traditional Equities, F&C UK Equities, Baillie Gifford High Alpha Equities, Newton High Alpha

Equities, F&C Bonds, ING Real Estate, and Record Active Currency.


For the year ending 31st March 2009, the Fund obtained a return of -19.3% against a WM Local Authority Average of -

19.9%, which ranked in the 40th percentile. The Fund’s three-year return was -5.4% against the WM average of -5.9%,

ranking in the 38th percentile of Funds measured.

The following analysis provides returns by asset class for 2008/09.

* The benchmark return is the WM local authority average.

Benchmark 2008/09 RCT 2008/09

UK Equities -29.1 -30.6

Overseas Equities

US -16.6 -16.4

Continental Europe -30.0 -30.6

Japan -14.0 -15.6

Total Pacific (ex Japan) -20.5 -23.1

Other Intl Equities -25.6 -34.1

UK Bonds -1.7 5.1

Overseas Bonds 9.2 9.8

Property -27.1 -3.5

Cash / Other Investments -3.3 -16.2

TOTAL ASSETS* -19.9 -19.3


17

WM Benchmark

%

Manager’s Return

%

F&C Management (UK equities) 2.1 4.1

Baillie Gifford (traditional equities) -24.9 -26.0

Baillie Gifford (high alpha equities) -20.6 -21.9

F&C Management (Bonds) -29.3 -30.4

ING Real Estate 4.1 -3.4

Record Currency Manager n/a -25.8


The table below shows the relative performance of each manager against their respective benchmarks for the year ending

31 March 2009.

*All fund managers have customised benchmarks.

*Newton have been managing their mandate for less than a year.


18


The market values of investments held by the fund managers employed by the fund are detailed in the following table.

No single investment accounted for more than 5% of the Fund’s assets.

The market value of investments shown in this table includes short term investments such as cash balances and money

deposits, and so differs from the total of long term investments only.


A net loss of £92.705 million was made by the Fund on the sale of investments in 2008/09

(£106.193 million profit in 2007/08):

Profits and losses are calculated on historical costs. When only part of a holding is sold, the average cost method is used.

The figures shown include currency gains and losses. If currency gains and losses are excluded there was a net loss of

£89.359 million.

Titles of Ownership

The Pension Fund’s Custodians, State Street Bank & Trust hold certificates covering registered holdings.

Fund Manager

Market Value Proportion of Fund

31/03/08£’000

31/03/09£’000

31/03/08£’000

31/03/09£’000

Baillie Gifford (equities) 325,857 187,792 24.2 17.2

F & C (equities) 473,143 160,697 35.2 14.6

Baillie Gifford (high alpha equities) 218,486 170,151 16.2 15.5

Newton (high alpha equities) 0 177,599 0 16.1

F & C (bonds) 191,370 292,171 14.3 26.5

ING (property) 51,601 49,912 3.8 4.5

Record (currency) 54,481 40,414 4.1 3.7

Internally managed 29,788 21,893 2.2 2.0

Total 1,344,726 1,100,629 100.00 100.00

2007/08

£’000

2008/09

£’000

Profits on sales 157,846 100,476

Losses on sales (51,653) (193,181)

Net Profit / (Loss) on sales 106,193 (92,705)


19

2007/08 2008/09

£’000 £’000 £’000 £’000

Equities

UK 412,686 251,145

Overseas 404,838 393,892

817,704 645,037

Fixed Interest

UK 134,014 259,022

Overseas 55,129 19,158

189,143 278,180

Index Linked

UK 0 10,816

Overseas 0 0

10,816

Pooled Investments

UK - property 4,866 5,957

Overseas - property 46,205 40,891

UK - forward Forex contracts 54,481 40,414

UK - other 18,089 3,102

Overseas - other 150,589 30,425

274,230 120,789

Total Long-Term Investments 1,281,077 1,054,822


Portfolio Distribution/Geographical Spread of the Fund

The Fund Managers invest in shares in a number of countries. The table below shows the value of shares held by the

Fund Managers as at 31st March 2009:

Area £’000 %

UK equities 284,672 25.9

European equities 112,308 10.2

US and Canadian Equities 169,002 15.4

Japanese Equities 35,517 3.2

Pacific Equities 35,440 3.1

Other International Equities 41,625 3.8

Bonds 288,996 26.3

Property 46,848 4.3

Currency 40,414 3.7

Cash & Equivalents 45,807 4.1

Total 1,100,629 100.00

The Investments Panel has decided that the Fund will not enter into any stock lending arrangements.

The Panel will review this decision periodically. All investments held are ‘quoted’ investments.


20

Share £’000

BG Group 4,931,455

Glaxosmithkline 4,251,766

British American Tobacco 3,744,176

Imperial Tobacco 3,431,730

BHP Billiton 3,313,086

Capita Energy 3,193,883

Vodafone 3,149,587

Reed Elsevier 2,643,196

HSBC 2,588,701

Tesco 2,517,128

Total 33,764,708


The ten largest holdings of each Equity Fund Manager as at 31st March 2009 are:

Baillie Giffords Ten Largest Holdings

Share £’000


Wolseley 2,775,901

Bunzl 2,561,985


Vodafone 1,728,043

Rolls Royce 1,451,060

Cairn Energy 1,252,800

HSBC 1,209,553

Aggreko 953,510

Lonmin 595,980

Total 17,601,956

Baillie Giffords (High Alpha) Ten Largest Holdings

Share £’000

Vodafone 3,471,929

Cable and Wireless 3,143,970

BAE Systems 2,107,289

Standard Chartered 2,014,818

BP 1,761,485


Smith & Nephew 1,594,271

Icap 1,422,340

BNY MFM Ltd 1,065,627

Prudential 836,022

Total 19,121,135

Newton (High Alpha) Ten Largest Holdings

Share £’000

BP 13,780,365

Vodafone 11,661,245

BG Group 8,252,959



HSBC 6,472,091

Rio Tinto 5,932,780

Scottish Southern 5,757,252

Tesco 4,733,787

Shire 4,689,188

Total 76,523,498

F & C’s Ten Largest Holdings


21

Purchases and Sales

The value of purchases and sales during 2008/09 analysed by fund manager are shown in the table below.

Fund ManagerPurchases

£’000

Sales

£’000

Baillie Gifford (equities) 106,851 164,090

Baillie Gifford (high alpha equities) 74,520 86,947

Newton (high alpha equities) 346,726 158,359

F&C (UK equities) 137,819 371,944

F&C (bonds) 885,888 781,425

ING (property) 2,148 3,526

State Street (transition only) 359,625 359,256

Total 1,913,577 1,925,537

Details of Investment Market Value £ Details of Investment Market Value £

Fixed Interest Overseas Equities

UK 269,837,581 US & Canada 169,001,355

Foreign 19,158,173 Europe 111,681,232

Japan 35,517,565

Far East / Pacific 41,259,765

International 36,431,806

Total Fixed Interest 288,995,754 Managed and unitised funds 29,359,091

Total Overseas Equities 423,250,814

UK Equities

Equities 243,996,839 Property 46,848,450

Managed and unitised funds 11,316,022 Currency 40,414,465

Total UK Equities 255,312,861 Total Long-Term Investments 1,057,822,344

Schedule of Investments at 31 March 2009


22

Rhondda Cynon Taf CountyBorough Council Pension Fund

Statement of InvestmentPrinciples

1. Overall ResponsibilityRhondda Cynon Taf County Borough Council is the

designated statutory body responsible for administering

the Rhondda Cynon Taf County Borough Council

Pension Fund on behalf of the constituent Scheduled

and Admitted Bodies. The Council is responsible for

setting investment policy, appointing suitable persons to

implement that policy and carrying out regular reviews

and monitoring of investments.

The Council has appointed the Group Director -

Corporate Services with Section 151 responsibilities to

act as adviser to the Council in respect of its Pension

Fund responsibilities. An Investment Advisory Panel

has been formed to advise him in this capacity. This is

made up of:

� Two Councillors

� The Section 151 Officer

� The Deputy Section 151 Officer

� Service Director, Financial Management and

Accounting

� Head of Service (Pension, Payroll and Payments)

� Senior Accountant, Treasury and Pension Fund

Investments

� Accountant, Treasury and Pension Fund

Investments

� Independent Advisors

The Panel meets quarterly. The Council is not strictly

a trustee (technically, this is the Department for

Communities and Local Government) but acts in a

quasi - trustee role.

2. Primary Objective

The Fund’s objective is to provide for members' pension

and lump sum benefits on their retirement or for the

dependant’s benefits on death before or after retirement,

on a defined basis.

3. Funding Objectives

Rhondda Cynon Taf should manage the Fund in such a

manner that, in normal market conditions, all accrued

benefits are fully covered by the actuarial value of the

Fund's assets and that an appropriate level of

contribution is agreed by the Authority to meet the cost

of future benefits arising.

The assumptions used for this test correspond with the

assumptions used in the latest Actuarial Valuation.

This position will be reviewed at least at each triennial

Actuarial Valuation. The Investment Advisory Panel

will be advised of any material changes to the Fund

during the inter-valuation period.

4. Investment Objectives

The Fund's objective is to achieve a return on Fund

assets which is sufficient, over the long-term, to meet

the funding objectives on an ongoing basis.

The Investment Advisory Panel will ensure that one or

more investment managers are appointed who are

authorised under the Local Government Pension

Scheme (Management and Investment of Funds)

Regulations 1998 to manage the assets of the Fund.

Contracts / mandates will be in place giving instructions

to the Managers as to how the investment portfolio is to

be managed.

The Investment Advisory Panel may give specific

directions as to the strategic asset allocations and will

ensure the suitability of assets in relation to the needs of

the Fund. The investment managers (each of which will

have a benchmark and target to reflect their mandate)

will be given full discretion over the choice of individual

stocks and will be expected to maintain a diversified

portfolio.


23

5. Kinds Of Investments To Be Held

A management agreement is in place for each

investment manager which sets out the relevant

benchmark, performance target, asset allocation ranges

and any restrictions as determined by the Investment

Advisory Panel.

The Fund currently employs the following investment

managers:-

The Investment Advisory Panel has agreed a benchmark

which provides an effective balance between risk and

return.

The Investment Advisory Panel has agreed not to invest

in private equity.

6. Policy On Risk

The adoption of an asset allocation benchmark and the

monitoring of performance relative to a performance

target constrains the investment managers from

deviating significantly from the intended approach, while

permitting flexibility to manage the Fund in such a way

to enhance returns.

The appointment of more than one investment manager

introduces diversification of manager risk.

Each manager is expected to maintain a diversified

portfolio of investments and adhere to restrictions

imposed within their agreement.

7. Expected Return onInvestments

The overall investment objective is to maximise investment

returns and to minimise employer contributions over the

long term within agreed risk tolerances.

The requirement is to move towards 100% funding over a

period of time. This is agreed with the Actuary as the

average expected future working lifetime of the scheme

membership. The funding level is computed triennially,

following an actuarial review.

The Fund's assets are managed on an active basis and are

expected to outperform their benchmarks over the long

term. In this way the investment performance achieved by

the Fund is expected to exceed the rate of return assumed

by the Actuary in funding the Fund on an ongoing basis.

The Fund's investment managers have been given weighted

average benchmarks and targets to reflect their mandates.

Both asset allocation and stock selection is monitored.

Review of the investment managers is ongoing based on

the quarterly and annual performance data supplied to the

Panel by the WM Company.

8. Realisation Of Investments

Fund Managers are required to hold only assets that are

readily realisable. Any investment within a pooled fund

that is not readily tradable requires specific approval.

9. Socially ResponsibleInvestments

The Investment Advisory Panel has considered Socially

Responsible Investment in the context of the

investment strategy. It has been decided that the

overriding principle of the Fund's investment policy is

to obtain the best possible return using the full range of

investments authorised under the Local Government

Pension Scheme regulations.

The Panel has adopted a critical engagement policy as a

means of being socially responsible. By adopting

corporate governance principles the Fund will be

attempting to encourage corporate social responsibility.

Traditional equity manager 20%

UK Equity Manager 11%

2 Global High Alpha Manager 34%

Fixed Interest Manager 20%

Property Manager 10%

Currency Manager 5%


24

10. Exercise Of Voting Rights

The Investment Advisory Panel has agreed a voting

template on how Fund Managers should base their

voting actions. An independent voting agency has been

employed to monitor the actions of the Managers.

Critical engagement is a means of being socially

responsible. Managers are required to use their

voting rights as a way of being constructively critical

of a company.

11. Custody

Rhondda Cynon Taf has appointed a global custodian.

All the investments are held by the custodian to the

account of the Pension Fund. The Council holds an

appropriate working cash balance.

12. Advisors

Rhondda Cynon Taf has appointed two independent

advisors. The Advisors are employed to give strategic

advice to the Panel on investment matters.

13. Actuary

Rhondda Cynon Taf has appointed an independent

actuary. The main purpose of the actuary is to ascertain

the Fund's financial position.

14. Administration

On behalf of Rhondda Cynon Taf County Borough

Council, the Group Director, Corporate Services exercises

continual monitoring of the fund managers' investment

related actions and administration. This includes:

� maintaining the investment ledger and suitable

accounting procedures for the Fund's assets

� preparing a quarterly report to the Investment

Advisory Panel

� preparing an audited annual report and accounts

� maintaining an up to date record of in-house

managed cash balances to ensure surplus cash is

invested promptly or that resources are available to

cover benefit payments

15. Fees Of Advisors And Fund Managers

Fund Managers fees are charged on a reducing scale basis

based on the market value of the Fund. Some managers

have performance related fees. Fees are paid quarterly.

Advisors fees are fixed and are paid quarterly.

16. Review Of Structure

The Investment Advisory Panel reviews its structure and

composition on a three - yearly basis.

17. Annual Business Plan

Rhondda Cynon Taf produces annual business plans for

all areas of service including Pensions Administration

and Fund Investment, and these can be found in the

Financial Services Business Plan.


25

Myners Investment Principles -Compliance Statement

Principle 1. Effective Decision Making

Decisions should be taken only by persons or

organisations with the skills, information and resources

necessary to take them effectively. Where trustees elect

to take investment decisions they must have sufficient

expertise and appropriate training to be able to evaluate

critically any advice they take.

Trustees should ensure that they have sufficient in-

house staff to support them in their investment

responsibilities. Trustees should also be paid, unless

there are specific reasons to the contrary.

It is good practice for trustee boards to have an investment

subcommittee to provide the appropriate focus.

Trustees should assess whether they have the right set of

skills, both individually and collectively, and the right

structures and processes to carry out their role

effectively. They should draw up a forward – looking

business plan.

� Full compliance

Principle 2. Clear Objectives

Trustees should set out an overall investment objective

for the fund that:

� Represents their best judgement of what is

necessary to meet the fund’s liabilities given their

understanding of the contributions likely to be

received from employer(s) and employees; and

� Takes account of their attitude to risk, specifically

their willingness to accept underperformance due to

market conditions.

Objectives for the overall fund should not be expressed

in terms which have no relationship to the fund’s

liabilities, such as performance relative to other pension

funds, or to a market index.

� Full compliance

Principle 3. Focus on asset allocation

Strategic asset allocation decisions should receive a level

of attention (and, where relevant, advisory or

management fees) that fully reflect the contribution they

can make towards achieving the fund’s investment

objective. Decision – makers should consider a full

range of investment opportunities, not excluding from

consideration any major asset class, including private

equity. Asset allocation should reflect the fund’s own

characteristics, not the average allocation of other funds.

� Full compliance

Principle 4. Expert advice

Contracts for actuarial services and investment advice

should be opened to separate competition. The fund

should be prepared to pay sufficient fees for each

service to attract a broad range of potential providers.

� Full compliance

Principle 5. Explicit mandates

Trustees should agree with both internal and external

investment managers an explicit written mandate

covering agreement between trustees and managers on:

� An objective, benchmark(s) and risk parameters that

together with all the other mandates are coherent

with the fund’s aggregate objective and risk

tolerances;

� The manager’s approach in attempting to achieve

the objective; and

� Clear timescale(s) of measurement and evaluation,

such that the mandate will not be terminated before

the expiry of the evaluation timescale for under

performance alone.

The mandate, trust deed and rules should not exclude

the use of any financial instruments, without clear

justification in the light of the specific circumstances of

the fund.

Trustees, or those, to whom they have delegated the

task, should have a full understanding of the transaction

- related costs they incur, including commissions.


Principle 8. Performance measurement

Trustees should arrange for measurement of the

performance of the fund and make formal assessments

of their own procedures and decisions as trustees.

They should also arrange for a formal assessment of

performance and decision – making delegated to

advisers and managers.

� Full compliance

Principle 9. Transparency

A strengthened Statement of Investment Principles

should set out:

� Who is taking which decisions and why this

structure has been selected;

� The fund’s investment objective;

� The fund’s planned asset allocation strategy,

including projected investment returns on each asset

class; and how the strategy has been arrived at;

� The mandates given to all advisors and managers;

and

� The nature of the fee structures in place for all

advisers and managers, and why this set of

structures has been selected.

� Full compliance

Principle 10. Regular reporting

Trustees should publish their Statement of Investment

Principles and the results of their monitoring of

advisers and managers. They should send key

information from these annually to members of the

funds, including an explanation of why the fund has

chosen to depart from any of these principles.

� Full compliance

26

They should understand all the options open to them in

respect of these costs, and should have an active

strategy – whether through direct financial incentives or

otherwise – for ensuring that these costs are properly

controlled without jeopardising the fund’s other

objectives. Trustees should not without good reason

permit soft commissions to be paid in respect of their

fund’s transactions.

� Full compliance

Principle 6. Activism

The mandate and trust deed should incorporate the

principle of the US Department of Labour

Interpretative Bulletin on activism. Trustees should also

ensure that managers have an explicit strategy, indicating

the circumstances in which they will intervene in a

company; the approach they will use in doing so; and

how they measure the effectiveness of this strategy.

� Full compliance

Principle 7. Appropriate benchmarks

Trustees should:

� Explicitly consider, in consultation with their

investment manager(s), whether the index

benchmarks they have selected are appropriate; in

particular, whether the construction of the index

creates incentives to follow sub-optimal investment

strategies;

� If setting limits on divergence from an index, ensure

that they reflect the approximations involved in

index construction and selection;

� Consider explicitly for each asset class invested,

whether active or passive management would be

more appropriate given the efficiency, liquidity and

level of transaction costs in the market concerned;

and

� Where they believe active management has the

potential to achieve higher returns, set both targets

and risk controls that reflect this, giving the

managers the freedom to pursue genuinely active

strategies

� Full compliance


Ryan Emmett

Pension Fund Accountant

Accounts Report

27


28

2007/08 2008/09

£’000 £’000 £’000 £’000

Contributions Receivable

(82,130) From employers (76,549)

(22,569) From members (25,201)

(101,750)

(14,634) Transfers In (5,915)

(3,444) Other Income (3,471) (111,135)

Benefits Payable

59,804 Pensions 63,373

10,988 Lump Sum Retirements Benefits 15,168

785 Lump Sum Death Benefits 1,388

79,929

Payments to and on account of leavers

5,201 Transfers out 2,197

37 Other payments 17

2,214

1,686 Administrative Expenses 1,687 83,830

(44,330) Net (Additions) / Withdrawals from

dealings with members

(27,305)

Returns On Investments

(40,003) Investment Income (39,400)

Change in Market Value of Investments

(106,193) Realised Gains 92,705

146,615 Unrealised Gains 215,414

308,119

Investment Management Expenses

2,648 Fund Management Fees 3,342

475 Investment Administration Expenses 281

3,623

3,542 Net Returns on Investments 272,342

(40,788) Net (Increase) / Decreases in Fund

during the year

245,038

(1,315,955) Opening Net Assets (1,356,743)

(1,356,743) Closing Net Assets (1,111,705)

Fund Account


The accounts summarise the transactions of the scheme and deal with the net assets

at the disposal of the trustees. They do not take account of obligations to pay pensions and benefits

which fall due after the end of the scheme year.

The actuarial position of the scheme, which does take account of such obligations, is dealt with in the

Actuarial Report. These accounts should be read in conjunction with that report.

Net Asset Statement

31/03/08 31/03/09

£’000 £’000 £’000

Investment Assets

Fixed Interest Securities

156,560 Public Sector 185,737

32,583 Corporate Bonds 92,442 278,179

817,704 Equities 645,036

Index Linked Securities

0 Public Sector 10,817

10,817

Pooled Investment Vehicles

62,991 Open Ended Investment Companies 32,462

105,687 Managed Funds 1,066

54,481 Forward Foreign Exchange Contracts 40,414

51,071 Property 46,848

120,790

63,482 Cash Investments 49,153

Other Investment Balances

10,039 Investment Debtors 5,119

300 Tax Recoverable 648 5,767

1,354,898 1,109,742

Investment Liabilities

(4,911) Investment Creditors (5,374)

1,349,987 Net Investment Assets 1,104,368

Current Assets

5,230 Contributions Due from Employers 5,270

1,508 Cash Balances 1,600

246 Other Assets 163

183 Amounts Owed from RCT 648

7,681

Current Liabilities

(411) Other Liabilities (344) (344)

1,356,743 Total Assets 1,111,705


30

S.Merritt C.P.F.A.


A full and comprehensive report of the Pension Fund Accounts can be obtained on request

from Ryan Emmett on 01443 680734.


31


Introduction

These accounts have been prepared in accordance with

the requirements of the Pensions SORP (The Financial

Reports of Pension Schemes (Revised May 2007)) and

the Code of Practice on Local Authority Accounting.

The revised SORP introduced a new valuation basis for

investments, using a bid price rather than mid price

method. Since the difference in overall valuation is

immaterial, comparative figures for 2007/08 have not

been restated.

Accounting Policies

Accruals Concept

All material categories of income and expenditure

are accounted for using the accruals concept, except

transfer values. These categories include fund

contributions, investment income, benefits paid,

administration costs, investment management fees

and advisors fees.

Investment Management and

Administration Costs

Equity and bond managers’ fees are charged on a

reducing scale based upon the market value of the

fund. The property (ING) and currency (Record)

managers are paid a fee based on the market value

of the fund plus a share of any out-performance if

targets are achieved.

Of the two pension fund advisors, one receives a

fixed fee and the other receives a fixed fee plus

expenses, plus a fee for additional meetings above

the four quarterly Panel meetings.

Investment Valuation

Listed securities are valued in accordance with FRS

26, using bid prices as at 31st March 2009 obtained

from recognised Stock Exchanges. Sterling valuations

of securities denominated in foreign currencies are

based on closing exchange rates as at 31st March

2009. Valuations of property investments are based

on independent professional valuations.

Additional Voluntary Contributions

(AVC’s)

Scheme members may elect to make additional

voluntary pension contributions from their salaries.

These AVC’s are not included in the Pension Fund

Accounts in accordance with regulation 5(2)(b) of the

Pension Scheme (Management and Investment of

Funds) Regulations 1998.

The amount of AVC contributions paid during the

year amounted to £725k (£552k in 2007/08) and the

market value of separately invested AVC’s at the

balance sheet date was £3,908k (£3,670k in 2007/08).


32

Contributions

Employers’ Contributions

Employers’ contribution rates are determined by the

Fund’s actuary so as to maintain the fund in a state

of solvency, having regard to existing and

prospective liabilities. Valuations of the Fund’s

assets and liabilities for this purpose are carried out

every three years. The latest valuation was carried

out as at 31st March 2007 and the results are

implemented from 1st April 2008.

Employees’ Contributions

Changes to the Local Government Pension Scheme

mean that from 1st April 2008 employee

contributions are tiered, so that higher earners pay a

greater percentage of their salary into the scheme.

The bands for the year 2008/09 were:

The bands will be updated every year for cost of

living increases.

Employees who previously paid a protected rate of

5% will have their contributions increased on a

phased basis until they come into line with other

members by 1st April 2011.

Taxation

UK Income and Capital Gains Taxes

Since 1st July 1997, the Fund has been liable to

income tax on interest and dividends. Investment

income is therefore shown net with irrecoverable

tax netted off against income. No Capital Gains

Tax is chargeable.

There is a small liability to income tax on refunds

of contributions and compounded pensions

(small pensions converted into lump sums).

These amounts are paid to HMRC on a quarterly

basis.

Value Added Tax

Since the County Borough Council is the

administering authority, VAT is recoverable on all

Fund activities. The accounts are shown exclusive

of VAT.

Overseas Withholding Tax

The Fund is exempt from tax on US investment

income. Most other overseas investment income

suffers withholding tax in the country of origin.

Any recoverable tax is shown as an investment

balance in the Net Assets Statement.

Full Time Equivalent Pay Contribution Rate

Up to £12,000 5.5%

More than £12,000, up to £14,000 5.8%

More than £14,000, up to £18,000 5.9%

More than £18,000, up to £30,000 6.5%

More than £30,000, up to £40,000 6.8%

More than £40,000, up to £75,000 7.2%

More than £75,000 7.5%


33

Employee

Contributions

Employer

Contributions

Pensions, Lump Sums

and Death Benefits

Type of Body2007/08

£’000

2008/09

£’000

2007/08

£’000

2008/09

£’000

2007/08

£’000

2008/09

£’000

Administering 7,984 8,357 31,501 27,112 14,429 14,449

Admitted 2,773 3,575 7,828 9,680 4,867 5,987

Scheduled 11,812 13,269 42,855 39,757 52,281 59,493

Total 22,569 25,201 82,184 76,549 71,577 79,929

2007/08

£’000

2008/09

£’000

Fund Management Expenses 2,648 3,342

Investment Administration Expenses 475 281

Pension Administration Expenses 1,686 1,687

Total 4,809 5,310

Administration Costs

The administration costs borne by the Pension Fund in 2008/09 are set out below:

This represents 0.48% (0.35% in 2007/08) of the value of the Pension Fund as at 31st March 2009.

Contributions Receivable and Benefits Payable

Contributions received and benefits paid are shown in the following table, analysed by type of employing body.

Included in employer contributions are £442k of augmented contributions (£54k in 07/08).

Employers’ contributions (as a percentage of pensionable pay) also include normal contributions for current service

benefit accruals (14.7%), plus deficit funding contributions for past service benefit accruals (7.1%), less an amount for

assumed additional short-term investment returns ( -1.7%).

Transactions with Related Parties

In the course of fulfilling its role as administering authority to the Fund, Rhondda Cynon Taf CBC provided services to

the Fund for which it charged £1.3m (£1.3m in 2007/08). These costs are mainly in respect of those staff employed in

ensuring that the pension service is delivered.

At the year end contributions outstanding from the Employing Bodies in the Fund amounted to £5.3m (£5.2m in

2007/08), of which £4.0m related to employer contributions and £1.3m to employee contributions.

Contingencies

There is a contingent liability of £375k (£380k in 2007/08) in respect of potentially refundable contributions for leavers

who have not yet claimed refunds.


Audit Opinion

Independent Auditor’s Statement to the Members of the AdministeringAuthority of Rhondda Cynon Taf Local Government Pension Fund

We have examined the pension fund accounts and related notes contained in the 2008/2009 Annual Report of Rhondda

Cynon Taf Pension Fund to establish whether they are consistent with the pension fund accounts and related notes

included in the Statement of Accounts produced by Rhondda Cynon Taf County Borough Council for the year ended

31 March 2009 which were authorised for issue on 29 September 2009. The pension fund accounts comprise the Fund

Account and the Net Assets Statement.

Respective responsibilities of the Administering Authority and theIndependent Auditor

The Administering Authority, Rhondda Cynon Taf County Borough Council, is responsible for preparing the Annual

Report. Our responsibility is to report our opinion on the consistency of the pension fund accounts and related notes

contained in the Annual Report with the pension fund accounts and related notes included in the Statement of Accounts

of the Administering Authority. We also read the other information contained in the Annual Report and consider the

implications for our report if we become aware of any misstatements or material inconsistencies with the pension fund

accounts.

Basis of opinion

We conducted our review of the Annual Report in accordance with the requirements of International Standard on

Auditing (UK and Ireland) 720 ‘Other information in documents containing audited financial statements’ issued by the

Auditing Practices Board.

We planned and performed our work to gain reasonable assurance that the pension fund accounts and related notes

included in the Annual Report of the Pension Fund are consistent with the pension fund accounts and related notes

included in the Statement of Accounts produced by Rhondda Cynon Taf County Borough Council.

Opinion

In our opinion the pension fund accounts and related notes included in the Annual Report of Rhondda Cynon Taf

Pension Fund are consistent with the pension fund accounts and related notes included in the Statement of Accounts

produced by Rhondda Cynon Taf County Borough Council for the year ended 31 March 2009 which were authorised for

issue on 29 September 2009 on which we issued an unqualified opinion.

G. M. Lewis

Appointed Auditor

29 September 2009

Wales Audit Office, 24 Cathedral Road, Cardiff, CF11 9LJ.

34


By Hewitt Associates Limited

Actuary’s Report

35


3636

Introduction

The Scheme Regulations require that a full actuarial

valuation is carried out every third year. The purpose of

this is to establish that the Rhondda Cynon Taf County

Borough Council Pension Fund (the Fund) is able to

meet its liabilities to past and present contributors and

to review employer contribution rates. The last full

actuarial investigation into the financial position of the

Fund was completed as at 31 March 2007, in accordance

with Regulation 77(1) of the Local Government Pension

Scheme Regulations 1997.

Actuarial Position

1. Rates of contributions paid by the participating

Employers during 2008/09 were based on the

actuarial valuation carried out as at 31 March 2007.

2. The valuation as at 31 March 2007 showed that the

funding ratio of the Fund had improved since the

previous valuation with the market value of the

Fund’s assets at that date (of £1,327.3M) covering

70% of the liabilities allowing, in the case of current

contributors to the Fund, for future increases in

pensionable remuneration.

The main reasons for the improvement in the funding

ratio since 31 March 2004 were higher than expected

investment returns on the Fund's assets, along with

additional employers' contributions. These were partially

offset by the impact of changes in the actuarial

assumptions used to reflect higher price inflation

expectations and longevity improvements.

3. The valuation also showed that the required level of

contributions to be paid to the Fund by participating

Employers (in aggregate) with effect from 1 April

2008 was as set out below:

� 14.7% of pensionable pay to meet the liabilities

arising in respect of service after the valuation date.

Plus

� 7.1% of pensionable pay to restore the assets to

100% of the liabilities in respect of service prior

to the valuation date, over a recovery period of

25 years from 1 April 2008.

Less

� 1.7% of pensionable pay in respect of assumed

additional investment returns over the period to

1 April 2011.


37

6. The main actuarial assumptions were as follows:

Discount rate for periods

In service

Admitted Bodies 6.2% a year

Scheduled Bodies 6.2% a year

Left service

Admitted Bodies 5.2% a year

Scheduled Bodies 6.2% a year

Short term investment returns until 1 April 2011

Equity/property assets 7.1% a year

Other investments 5.2% a year

Rate of general pay increases 4.7% a year

Rate of increases to pensions in payment 3.2% a year

Valuation of assets marketvalue

These figures are based on the Regulations in force, or

enacted by Parliament and due to come into force, at the

time of signing the valuation report and, in particular,

allowed for the following changes to the Fund benefits

since the previous valuation:

� The Rule of 85 retirement provisions were

reinstated, and subsequently removed again.

Transitional protections for some categories of

member were extended to widen their coverage.

� Changes were made consistent with the Finance

Act 2004.

� A new scheme has been put in place which came

into effect as at 1 April 2008. All existing members

transferred to the new scheme as at that date.

The cost of future benefit promises had increased

compared with the costs identified in the previous

valuation. This was due to the combined impact of

benefit changes, changes in economic conditions and

increased life expectancy.

4. The majority of Employers participating in the

Fund pay different rates of contributions

depending on their past experience, their current

staff profile, and the recovery period agreed with

the Administering Authority.

The rates of contributions payable by each

participating Employer over the period 1 April 2008

to 31 March 2011 are set out in a certificate dated

27 March 2008 which is appended to our report of

the same date on the actuarial valuation.

If the assumptions are borne out in practice, the

rate of contribution for each employer would

increase as at 1 April 2011 due to the cessation of

the allowance for assumed additional short term

investment returns. It would then continue at the

resultant level for the balance of the recovery period

used for that employer, before reverting to the

relevant long term rate. In practice contribution

rates will be reviewed at the next actuarial valuation

which is due to be carried out as at 31 March 2010.

5. For the majority of employers, the contribution

rates were calculated using the projected unit

actuarial method and the rates for all employers take

account of the Fund’s funding strategy as described

in the Funding Strategy Statement.


38

Hewitt Associates Limited does not accept any

responsibility or liability to any party other than our

client, Rhondda Cynon Taf County Borough

Council, in respect of this statement.

Hewitt Associates Limited

02 June 2009

7. This statement has been prepared by the Actuary to

the Fund, Hewitt Associates Limited (previously

Hewitt Bacon & Woodrow Limited), for inclusion in

the accounts of Rhondda Cynon Taf County

Borough Council. It provides a summary of the

results of the actuarial valuation which was carried

out as at 31 March 2007. The valuation provides a

snapshot of the funding position at the valuation

date and is used to assess the future level of

contributions required.

This statement must not be considered without

reference to the formal valuation report which

details fully the context and limitations of the

actuarial valuation.


David Williams

Communications

Communication Report

39


40


Administering authorities must ensure that existing solid

governance arrangements are maintained and developed

to help support the decision making process.

The Governance arrangements for the Rhondda Cynon

Taf Pension Fund are summarised and clarified in a

number of key documents that relate to the effective

stewardship of the Fund.

� An overarching Governance Statement of Compliance

that indicates the Fund’s position against the

Government’s best practice standards.

� A Governance Policy Statement which provides an

overview of the management structure, decision

making and employer engagement within the

scheme.

� We are committed to providing a comprehensive

communication and information service to

participating employers and members of the

pension scheme and the services we provide can be

found in our Communications Policy Statement.

� The Statement of Investment Principles which shows, in

detail how we manage the Fund’s investments.

� The Funding Strategy Statement which provides a

summary of how we will fund our pension liabilities.

All of these documents can be found under the

Library/Governance section of our pension website, or

alternatively, please contact our helpdesk for a copy.

Here are just some of the services that

members can access

HelpdeskOur Helpdesk continues to assist with pension queries

and calls can be made between the hours of 9 a.m. to

5 p.m. Monday to Friday.

You can contact the Helpdesk on 01443 680 611

Internet Access

In continuing to make our services as accessible as

possible we will continue to develop our Internet site,

this site is solely devoted to our members needs and

offers the following information: -

� On-line Scheme Guide

� Interactive Pensions Calculator

� Latest News and Issues

� A whole host of other information on The Local

Government Pensions Scheme

Contact the web site via www.rctpensions.org.uk

Presentations

The Communications Team is happy to provide

seminars based on the following lifestyle changes: -

� Induction

� Mid Life Planning

� Pre Retirement

Should any employer wish to receive these presentations

please contact our Communications Manager on the

following help-line number: - 01443 680646


4141

Additional Voluntary Contributions

For those members of the Local Government Pension Scheme who may be considering “topping up” their existing

pension provision they can contact our AVC provider Prudential, directly.

In addition to providing commission free, factual information, Prudential can offer presentations and face-to-face

consultations to all staff within the Rhondda Cynon Taf Pension Fund.

Contact the Pension Connection Help-line on

0845 607 0077Dates to remember

NovemberPublication of annual Pension Fund Report

Employers Annual General Meeting

December Issue Annual Benefit Statements

January Publication of All Wales Newsletter

March Notification of Contribution Banding

April Publication of Pensioner Newsletter

June Customer Survey


42

Of the 1000 questionnaires distributed, 386 (38.6%) were returned. The results are as follows:

In the last 12 months, have you contacted the pension section:

Frequently - 0.5% Occasionally - 9.5% Rarely - 14% Never - 76%

Was the last contact an enquiry or complaint?

Enquiry - 98.5% Complaint - 1.5%

How did you last contact the pension section?

In person - 7.5% In writing - 9% By telephone - 83.5% By Email - 0%

At the time of your last contact, how good or poor was the service provided in respect of:

Very Good Good Poor

Speed of service 64% 34% 2%

Courtesy of staff 78% 21.5% 0.5%

Fairness of treatment 72% 27.5% 0.5%

Overall, what is your view of the services provided by the Pension Section?

Very Good - 72.5% Good - 26.5% Poor - 1%

Customer Survey

Each year we issue a standard of service questionnaire

to a cross section of pensioners in order to obtain

customer feedback and help inform the service going

forward. We distributed 1,000 questionnaires in June

and received responses from 386 of our members.

66 respondents chose to add general comments or

suggestions to their questionnaires. A selection follows:

“Excellent Pension Service”

“It has been such a refreshing change to deal

with a department who are helpful,

courteous and efficient. Thanks!”

“Very satisfied with the service provided”

“Found the service sympathetic and useful”

Of the replies received, 153 respondents chose to add

comments relating to the newsletter. A selection is

listed below:

“Very informative and enjoyable”

“Enough info and easy to digest,

keep up the good work”

“Not really of interest”

“A well presented Newsletter”

“Adequate”

“Good. Quite Informative”

“I always read it – and keep it for reference”

“Newsletter is fine, topical and easy to understand”

This year’s Pensioner Newsletter was produced in larger print and we asked members in the survey if they had a preference.

94% of members who expressed an interest said they preferred this new format, 1% had no preference with 5% favouring

the small print format.


43

The Scheme at a glance

Eligibility for membership

To be able to join the LGPS, members of relevant

LGPS employers, need to have a contract of

employment that is for at least 3 months and members

must be under age 75.

If you are eligible for membership, you will

automatically become a member unless you are

employed by an admitted body in which case you will

have to opt to join.

Police, fire-fighters and teachers are not allowed to join.

Employee contributions

Members’ contribution rates will be between 5.5% and

7.5% of their pensionable pay and it is the employers’

responsibility to allocate the correct pay band.

Members who work part time will be allocated a rate

based on their whole time pay rate but will only pay

contributions on the pay they earn.

Members can access Information on pay bands via the

Pensions Helpdesk or Pensions Website.

Benefits on retirement

Pension benefits are calculated as 1/60th of the final

year’s pay for each year of membership. Actual

membership may be enhanced automatically in cases of

ill health retirement.

For part timers, benefits are calculated in the same way

but scheme membership will count at its part time

length whilst the pay is increased to its full time

equivalent.

It is possible to exchange up to 25% of your pension

for a one off tax free lump sum; members who choose

to commute part of their pension for cash in this way

will receive £12 tax free cash for each £1 of pension

given up.

Those members’, who joined the scheme prior to 01

April 2008, will continue to have their benefits (before

that date) calculated based on 1/80th accrual for

pension and 3/80th lump sum.

Age of retirement

The normal retirement date for new scheme members

is age 65.

Pension benefits are payable at any age if retirement

results from ill health.

Members can elect to receive benefits from age 60 but

may have their benefits reduced. Some categories of

members will have transitional protections* in place

whereby these reductions are reduced, or do not apply.

*Members can access further information on transitional

protections from the Pensions Helpdesk.

It may be possible to retire and receive benefits from the

age of 55 with employer consent, your employer has the

discretion to make this decision but must set out their

policy on this in a published statement (age 50 for

members who joined the scheme prior to 31 March 2008

and retire with employer consent before 01 April 2010).

Benefits must be taken no later than age 75.

Benefits on death in service

A lump sum death grant of three times pay is payable

and Rhondda Cynon Taf Pension Fund has absolute

discretion over deciding who to pay the death grant to

although the Fund allows members to say to whom they

would like the death grant paid.

Pensions may also be payable to the member’s widow,

widower, registered civil partner, nominated cohabiting

partner and/or dependent children.

Maximising Your RetirementBenefits

The Scheme offers several ways for members to

improve benefits:

� Paying Additional Regular Contributions (ARC) to

buy extra LGPS pension.

� Making extra provision through a money purchase

Additional Voluntary Contributions (AVC) scheme

which is operated in conjunction with the Prudential

offering pension and life insurance options.


44

Benefits on death afterretirement In certain limited circumstances, a lump sum death grant

may be payable. If so, Rhondda Cynon Taf Pension

Fund has absolute discretion over the distribution of

this lump sum among the deceased’s family, dependants,

personal representatives or nominated beneficiaries. The

amount of any lump sum depends on the length of the

person’s membership and the period for which the

pension has been in payment. Pensions are also

generally payable to the pensioner’s widow, widower,

registered civil partner, nominated cohabiting partner

and/or dependent children.

Cost of living increases Pensions payable to members who retire on health

grounds and to members’ spouses and children are

increased annually in line with the Retail Prices Index.

Pensions payable to other members who have reached

the age of 55 also benefit from annual inflation

proofing. Where a pensioner has an entitlement to a

Guaranteed Minimum Pension (relating to membership

up to 5 April 1997), some or all of the statutory

inflation proofing may be provided by the Department

for Work and Pensions.

Further information More information about the Scheme can be found in

the Members Guide available from any of the

participating employers or from the Pensions Section.

Contributors’ ContactInformation

For information about the Local Government

Pension Scheme and pension matters in general

please contact:

The Pensions Helpdesk

Tel: 01443 680611 Fax: 01443 680717 or write to:-

Group Director Corporate Services, Pension Section,

Rhondda Cynon Taf County Borough Council,

Bronwydd, Porth, CF39 9DL.

Email: [email protected]

Pensions Administration Policy

Mr Philip Green - Pensions Operations Manager

Tel: 01443 680611


Fund Investments

Miss Yvonne Keitch - Investment Officer

Tel: 01443 680563


Pension Fund Accounts

Mr Ryan Emmett - Pensions Fund Accountant

Tel: 01443 680734


Pensions Presentations or Training Sessions

Mr David Williams - Communications Manager

Tel: 01443 680646


Creative Design, RCT, September 2009, J/B 33718-40


33718-40 Pension 2009 Cover IMPOSED_Layout 1 28/10/2009 15:42 Page 1

Cynnwys

Introduction........................................................................1

Summary..............................................................................2


Contributors


Partners

Administration Report............................................7

Introduction


Membership Numbers

Membership Analysis

Investment Report................................................15

Introduction






Titles of Ownership


Geographical Spread of the Fund


Purchases and Sales

Schedule of Investments

Statement of Investment Principles

Myners Compliance Statement

Accounts Report....................................................27

Fund Account

Net Asset Statement


Audit Opinion

Actuary’s Report....................................................35

Introduction

Actuarial Position

Communication Report........................................39


Accessing Member Services

Customer Survey

The Scheme at a Glance........................................43

Contributors Contact Information........................44

Contents

Cyflwyniad ..........................................................................1

Crynodeb..............................................................................2

Cyflogwyr sy’n rhan o’r cynllun

Cyfranwyr


Partneriaid

Adroddiad Materion Gweinyddu ............................7

Cyflwyniad

Ystadegau ynghylch Cyflawniad

Nifer yr Aelodau


Adroddiad ar Faterion Buddsoddi ........................15

Cyflwyniad

Rheoli Materion Buddsoddi

Cyflawniad y Buddsoddiad

Materion Cyflawni Rheolwr y Gronfa

Manylion ynglyn â Rheolwyr y Gronfa

Gwir Elw/Colledion ynglyn â Gwerth y Buddsoddiad

Teitl Perchnogaeth

Dadansoddi’r Buddsoddiadau

Ardal Ddaearyddol y Gronfa

Y Cyfranddalwyr Mwyaf

Prynu a Gwerthu

Rhestr o’r Buddsoddiadau

Datganiad o’r Egwyddorion ar gyfer Buddsoddi

Datganiad Cydymffurfio Myners

Adroddiad ar y Cyfrifon ........................................27

Cyfrifon y Gronfa

Datganiad o’r Gwir Asedau


Barn yr Archwilwyr

Adroddiad yr Actwari ............................................35

Cyflwyniad

Sefyllfa Actwaraidd

Adroddiad ar Faterion Cyfathrebu ........................39


Manteisio ar wasanaethau sydd ar gael i’r Aelodau


Crynodeb o Fanteision Cynllun Pensiynau ..........43

Manylion cyswllt i’r cyfranwyr ..............................44

33718-40 Pension 2009 Cover IMPOSED_Layout 1 28/10/2009 15:42 Page 2


Cyfarwyddwr Cyfadran y Gwasanaethau Corfforaethol

Cyflwyniad

1

Croeso i Adroddiad Blynyddol Cronfa Pensiynau ar gyfer 2008/2009. Dyma adroddiad sy’n nodi gweithgarwch y Gronfa yn

ystod y flwyddyn yma. Hyderaf bydd yr Adroddiad o ddiddordeb i’n ddarllenwyr.

Mae hinsawdd economaidd hynod gyfnewidiol wedi bod i 2008/09, ac sy’n deillio o ddiffyg hyder yn y sector bancio’n

bennaf. Mae cynnwrf ym marchnadoedd y byd wedi cyfrannu at effaith andwyol ar fuddsoddiadau’r Gronfa Pensiynau yn y

tymor byr. Dylid edrych ar yr hyn yng nghyd-destun cynllun cyllido enag y Gronfa yn y tymor hir, gyda’r nod o leddfu

peryglon y farchnad ac anwadalrwydd dros gyfnod o amser.

Mae sylw’r cyfryngau ynghylch ‘cynlluniau cyflog terfynol’ wedi gofalu bod Cynllun Penisynau Llywodraeth Leol yn cael sylw

dro ar ôl tro. Mae hi’n debyg y bydd y Cynllun yn wynebu nifer o heriau yn y dyfodol. Bydd gwaith ymgynghori a diwygiadau

pellach yn y ddeddfwriaeth yn cael eu hystyried yn gefn i fforddiadwyedd cyfredol y Cynllun.

Mae Cronfa Pensiynau Rhondda Cynon Taf yn parhau i dyfu’n raddol o ran aelodaeth a galw ar y gwasanaeth, diolch i

drefnau cyfathrebu a chodi ymwybyddiaeth gweithredol. I ddibenion rheoli’r Gronfa’n effeithiol, mae hi’n bwysig bod y Corff

sy’n Gweinyddu a Chyflogwyr y Gronfa yn parhau i gydweithio.

Dyma’r tro cyntaf roedd gofyn i’r Gronfa Pensiynau i baratoi barn yr archwilwyr ar wahân, a oedd yn y gorffennol yn ffurfio

rhan o archwiliad cyfrifon Cyngor Rhonda Cynon Taf. Mae Swyddfa Archwilio Cymru wedi cynnwys tystysgrif a barn yng

nghorff yr Adroddiad Blynyddol (gweler tudalen 34).

Fel arfer, hyderaf bydd yr wybodaeth sydd yn yr adroddiad yma o gymorth ichi, ond os ydych chi o’r farn bod modd gwella ar

yr adroddiad a’i gynnwys, croesawn eich sylwadau.



33718-40 Pension 2009 TEXT WLSH_28361-40 29/10/2009 11:30 Page 1

2

Crynodeb

Cyrff sy wedi’u derbyn i’r Cynllun

Yr Academi

Capita Glamorgan Consulting

Cyngor Gofal Cymru

Cymdeithas Gyrfa Cymru

Cwmni Gyrfa Cymru - Morgannwg Ganol a Phowys Cyf.

Finance Wales Investment

Finance Wales Plc

Uned Ddata Llywodraeth Leol

Neuadd Tref Maes-teg

Sefydliad i’r Deillion Merthyr Tydfil

Partneriaeth Menter Pen-y-waun

Cartrefi RhCT

SEWOCN

Valleys to Coast Housing

Llywodraeth Cynulliad Cymru(WDA gynt)

Cyd-Bwyllgor Addysg Cymru (CBAC)

Gwasanaethau WJEC/CBAC Cyf.

Awdurdod Gweinyddu

Cyngor Bwrdeistref Sirol Rhondda Cynon Taf

Diffiniad o Gyrff

Cyrff sydd ar y rhestr

Mae’r rhain yn cynnwys Cynghorau Sir, Awdurdodau’r

Heddlu ac Asiantaeth yr Amgylchedd ymhlith nifer eraill.

Cyrff sydd a’r hawl i benderfynu

Mae gofyn bod cyrff sydd â’r hawl i benderfynu, megis

Cynghorau Cymuned, yn cymeradwyo penderfyniad sy’n

nodi pwy o blith y rhai hynny y maen nhw’n eu cyflogi

sy’n cael ymuno â’r cynllun.

Cyrff sydd wedi’u derbyn i’r cynllun

Mae modd i gyrff sydd wedi’u derbyn gymryd rhan yn y

cynllun drwy gytundeb derbyn. Mae cyrff sydd wedi’u

derbyn i’r cynllun yn cael nodi un ai rhai o’u gweithwyr

sy’n cael ymuno â’r cynllun ynteu bawb.

Cyrff sydd â’r hawl i benderfynu a

chyrff sydd wedi’u derbyn i’r cynllun

Amgen Cymru

Cyngor Cymuned y Bracla

Coleg Pen-y-bont ar Ogwr

Cyngor Bwrdeistref Sirol Pen-y-bont ar Ogwr

Cyngor Tref Pen-y-bont ar Ogwr

Coleg Morgannwg

Cyd-bwyllgor Amlosgfa Llangrallo

ESIS

Cyngor Cymuned Gelligaer

Cyngor Cymuned Llanbradach(dim aelodau gweithredol ar hyn o bryd)

Cyngor Cymuned Llanhari(dim aelodau gweithredol ar hyn o bryd)

Cyngor Cymuned Llantrisant

Cyngor Cymuned Llanilltud Faerdref

Cyd-bwyllgor Amlosgfa Llwytgoed

Cyngor Tref Maes-teg

Coleg Merthyr Tydfil

Cyngor Bwrdeistref Sirol Merthyr Tydfil

Y Gwasanaeth Prawf Gwladol

Cyngor Cymuned Pont-y-clun

Cyngor Tref Pontypridd

Coleg Brenhinol Cerdd a Drama Cymru

Awdurdod Tân De Cymru

Awdurdod Heddlu De Cymru

Pysgodfeydd Môr De Cymru

Tribiwnlys Prisio De Cymru

Cyngor Cymuned Tonyrefail

Prifysgol Morgannwg

Coleg Ystrad Mynach

Cyflogwyr sy’n cymryd rhan yn y Cynllun


3

Tudalen y cyfranwyr (Pwy ydy Pwy)

Rheolwr Materion Gweithrediadau Pensiynau - Philip Green

Dechreuodd Phil ar ei yrfa ym myd awdurdodau lleol gyda Chyngor Sir Morgannwg Ganol ym

1975. Symudodd e i Gyngor Bwrdeistref Cwm Cynon ym 1978 yn Brif Swyddog y Sefydliad cyn

cyfnod aildrefnu byd llywodraeth leol. Enillodd Phil gymhwyster C.I.P.F.A Certificate in Payroll and

Superannuation Administration ym 1986.

Mae Phillip wedi bod yn Rheolwr Credydwyr Cyngor Bwrdeistref Sirol Rhondda Cynon Taf ers

y cyfnod aildrefnu ym 1996 a chafodd ei benodi’n Rheolwr Materion Gweithrediadau Pensiynau

ym mis Hydref 2006.

Cyfrifydd Cronfa Pensiynau - Ryan Emmett

Ryan sy’n gyfrifol am gynorthwyo Swyddog Buddsoddiadau’r gronfa ar faterion gweinyddu a

chau cyfrifon Cronfa Pensiynau. Mae gradd mewn Mathemateg o Brifysgol Cymru, Caerdydd

gydag e. Mae e wedi cael 13 mlynedd o brofiad gyda Chyngor Bwrdeistref Sirol Rhondda Cynon

Taf, ac mae wedi bod yn ei swydd bresennol ers Ionawr 2003.

Cyfathrebu - David Williams

Cyn dod i weithio i’r Garfan Materion Pensiynau, bu David yn gweithio i gwmni Prudential, lle

buodd yn Gyflwynydd Cyfathrebu â Chleientiaid am nifer o flynyddoedd. Trefnodd gannoedd o

seminarau ar gyfer y sectorau cyhoeddus a phreifat yn ystod yr amser hwnnw. Yng ngolwg David,

addysgu a symleiddio materion yw ei brif swyddogaeth.

Uwch Gyfrifydd, Y Trysorlys a Buddsoddiadau’r Gronfa Pensiynau - Yvonne Keitch

A hithau wedi gwasanaethu ym maes llywodraeth leol ers 27 o flynyddoedd, mae Yvonne yn

gyfrifol am weinyddu buddsoddiadau’r gronfa pensiynau. Mae hi wedi bod yn Rheolwr

Buddsoddiadau’r Gronfa ers 1995.


4


Aelod o’r Panel Pensiynau ac Arweinydd y Cyngor - Y Cynghorydd Russell Roberts

Mae’r Cynghorydd Russell Roberts yn Arweinydd y Cyngor a Chadeirydd y Cabinet, a chydag e

gyfrifoldeb penodol dros faterion cyllid. Mae’r Cynghorydd Roberts wedi bod yn aelod o Gyngor

Rhondda Cynon Taf ers sefydlu’r awdurdod ym 1996. Fe ydy’r Cynghorydd dros Ddwyrain

Tonyrefail.

Cynghorydd sy’n rhan o’r Panel Pensiynau - Y Cynghorydd Clayton Willis

Mae’r Cynghorydd Willis yn Aelod o’r Cabinet ar Faterion Llywodraethu Agored. Mae e wedi

bod yn aelod o Gyngor Rhondda Cynon Taf ers sefydlu’r awdurdod ym 1996, ac fe sy’n

cynrychioli cylch etholaethol Ty’n-y-nant.

Cyfarwyddwr Uwchadran Gwasanaethau Cyllid a Dirprwy Swyddog Materion

Adran 151 y Ddeddf - Christopher Lee C.P.F.A.

Ar ôl ennill gradd BSc(Anrh) o Brifysgol Cymru Abertawe ym 1990, aeth Chris ymlaen i ennill

cymhwyster Public Sector Chartered Accountant (CIPFA) ym 1995, tra oedd yn cynnal swydd Cyfrifydd i

Gyngor Bwrdeistref Merthyr Tudful.

Ymunodd â Rhondda Cynon Taf yn Rheolwr Cyllid ym 1997 a chafodd ei ddyrchafu i swydd Prif

Gyfrifydd y Cyngor ym 1999. Bu’n gweithio i’r Comisiwn Archwilio cyn ail-ymuno â Rhondda Cyn

Taf yn Gyfarwyddwr Uwchadran Materion Cyllid yn 2002. Chris sy’n bennaf gyfrifol am faterion

rheoli cyflawniad a chyllid yr awdurdod.

Cyfarwyddwr y Gwasanaethau Corfforaethol a Swyddog Materion Adran 151 y Ddeddf - Steve Merritt C.P.F.A.

Roedd Steve yn arfer bod yn Beiriannydd. Dechreuodd weithio i Gyngor Bwrdeistref Cwm

Rhondda ym 1979, yn gynorthwywr materion cyllid, erbyn 1996 roedd yn Drysorydd

Cynorthwyol y Fwrdeistref. Yn ystod cyfnod yr ad-drefnu, symudodd i Gyngor Bwrdeistref Sirol

Rhondda Cynon Taf ac ers hynny mae e wedi ymgymryd â nifer o swyddi, gan gynnwys rheoli

Uwchadran Tai’r Fro. Penodwyd ef i’w swydd bresennol, Cyfarwyddwr Cyfadran y Gwasanaethau

Corfforaethol a Swyddog Materion Adran 151 y Ddeddf yn gynnar yn ystod haf 2005.

Mae’r swydd hon yn uniongyrchol gyfrifol am y gronfa pensiynau.


5

Pennaeth Gwasanaeth Pensiynau, Cyflogres a Thaliadau - Ian Traylor

Mae Ian wedi bod yn gwasanaethu ym maes llywodraeth leol ers 1990 gan ddechrau gyda

Chyngor Sir Morgannwg Ganol a throsglwyddo i Gyngor Rhondda Cynon Taf yn ystod cyfnod

yr aildrefnu ym 1996. Mae gan Ian gefndir cadarn ym maes rheolaeth ariannol / rheoli risgiau ac

mae e wedi treulio’r rhan fwyaf o’i yrfa yn gweithio ym maes Archwilio Mewnol. Ymunodd Ian

â’r Gwasanaeth Pensiynau yn 2006 ac mae e’n aelod gweithredol o Banel Buddsoddiadau’r

Gronfa Pensiynau.

Cyfarwyddwr Gwasanaeth: Rheoli Materion Ariannol a Chyfrifeg - Barrie Davies C.P.F.A.

Mae Barrie yn meddu ar gymhwyster CIPFA/ACIS. Dechreuodd ar ei yrfa ym maes

Llywodraeth Leol pan ymunodd â hen Gyngor Sir Morgannwg Ganol ym 1985. Symudodd i

Rondda Cynon Taf yn ystod cyfnod yr aildrefnu ym 1996.

Mae’n aelod gweithredol o Banel Buddsoddi a Gweinyddu’r Gronfa ac yn cyflwyno adroddiadau

i’r panel ar ran Cyfarwyddwr Cyfadran y Gwasanaethau Corfforaethol. Barrie yw Pennaeth

Gwasanaethau Cyfrifeg Rhondda Cynon Taf.

Uwch Gyfrifydd, Y Trysorlys a Buddsoddiadau’r Gronfa Pensiynau - Yvonne Keitch

A hithau wedi gwasanaethu ym myd llywodraeth leol ers 27 o flynyddoedd, mae Yvonne yn

gyfrifol am weinyddu buddsoddiadau’r gronfa pensiynau. Mae hi wedi bod yn Rheolwr

Buddsoddiadau’r gronfa ers 1995.

Cyfrifydd Cronfa Pensiynau - Ryan Emmett

Ryan sy’n gyfrifol am gynorthwyo Swyddog Buddsoddiadau’r gronfa ar faterion gweinyddu a

chau cyfrifon Cronfa Pensiynau. Mae gradd mewn Mathemateg o Brifysgol Cymru, Caerdydd

gydag e. Mae e wedi cael 13 mlynedd o brofiad gyda Chyngor Bwrdeistref Sirol Rhondda Cynon

Taf, ac mae wedi bod yn ei swydd bresennol ers Ionawr 2003.


6

Actwari’r Cynllun – Hewitt Associates Limited

Prif swyddogaeth yr actwari ydy rhoi gwybodaeth i’r gronfa ynghylch ei hymrwymiadau a’r ffordd orau o gyflawni’r

ymrwymiadau hynny. Mae prisiad o’r gronfa bob 3 blynedd ac mae hynny’n galluogi’r actwari i gyfrifo’r ymrwymiadau

o’u cymharu ag asedau’r gronfa. Yn sgîl hynny bydd yr actwari’n argymell graddau cyfraniadau i’r cyflogwyr er mwyn

osgoi unrhyw ddiffyg yn y dyfodol.

Cafodd cwmni Hewitt ei benodi yn actwari i’r cynllun ym mis Hydref 2003 ac mae’n

gyfrifol am gynnal prisiad 3 blynedd y gronfa.

Rheolwyr y Gronfa

Rheolwyr Cronfa allanol, wedi’u penodi gan y gronfa, sy’n gyfrifol am fuddsoddi asedau’r Gronfa Pensiynau. Fe fydd

Rheolwyr y Gronfa yn cael cyfarwyddiadau a thargedau cyflawniad penodol. Bydd Panel Buddsoddiadau Rhondda Cynon

Taf yn cadw llygad ar y rhain, ac yn cynnal cyfarfod bob 3 mis i wneud hynny.

F & C Management

Mae F&C Management yn rheolwyr buddsoddiadau’r gronfa pensiynau ers 1994. Mae gyda F&C fandad

soddgyfrannau cytbwys a mandad y bond ar wahân. Michael Bernard ydy Rheolwr Cysylltiadau â Chlientiaid y cwmni

ar gyfer portffolios Soddgyfrannau a Llog Penodol.

Rheolwr y Gronfa ar gyfer mandad y bond yw Helen Roberts a Julian Cane yw rheolwr y fandad

soddgyfrannau.

Partneriaid

Record Currency Management

Cafodd Record Currency Management ei benodi ym mis Hydref 2007 i reoli buddsoddiad mewn cynnyrch cyfun Currency

Alpha. Mae swyddfa Record yn Windsor, ac ar hyn o bryd maen nhw’n rheoli gwerth $55 biliwn o fandadau.

Rheolwyr perthynas y gronfa yw Carl Beckley, sef Cyfarwyddwyr y Tîm Clientiaid, a Caroline Scollan,

Cyfarwyddwr Cyswllt y Tîm Cleientiaid.

ING Real Estate

Cafodd ING Real Estate ei benodi ym mis Hydref 2007 i reoli buddsoddiadau cyfun

mewn eiddo y Gronfa. Mae gan ING fandadau o dros 100 biliwn ewro. Y rheolwr

clientiaid ar gyfer y gronfa yw Mark Bunney.

Newton's

Fis Awst 2008, penodwyd gwmni Newton yn rheolwyr cronfa soddgyfrannau alffa uwch.

Mae gyda nhw fandad o £178 miliwn. Rheolwr Cysylltiadau â Chleientiaid y gronfa yw

Fiona Talbot. Paul Markham yw Rheolwr y Gronfa.

Darparwr Cyfraniadau Ychwanegol Gwirfoddol (AVC) – Prudential

Cafodd cwmni Prudential ei benodi yn ddarparwr Cyfraniadau Ychwanegol Gwirfoddol y gronfa

yn 2002. Ac yntau’n ddarparwr AVC blaengar ym maes llywodraeth leol, bydd e’n cydweithio’n

agos â’n Hisadran Materion Pensiynau i ofalu bod ein haelodau ni’n gwybod am

y dewis sydd gyda nhw i ychwanegu at eu darpariaeth bresennol.

Baillie Gifford Asset Management

Penodwyd Baillie Gifford yn rheolwyr soddgyfrannau cytbwys i’r gronfa fis Ionawr

2005, i gymryd lle Deutsche Asset Management. Gareth Roberts sy’n cadw golwg ar

fuddsoddiadau’r gronfa. Rheolwr Cysylltiadau â Chleientiaid y gronfa yw Nigel Morecroft.


Philip Green

Rheolwr Materion Gweithrediadau Pensiynau

Adroddiad Materion Gweinyddu

7


Yn adroddiad y llynedd, nodais i fod 2 o aelodau o’r

adran yma wedi llwyddo mewn arholiadau Gweinyddu

Pensiynau Llywodraeth Leol y Sefydliad ar gyfer Pobl

Broffesiynol maes cyflogresi a chan ein bod ni unwaith

yn rhagor yn llywio swyddogion eraill drwy’r rhaglen

astudio yma yn 2008/09 roedden ni’n edrych ymlaen at

adrodd am ragor o lwyddiant. Bellach, pleser ydy

cyhoeddi bod 3 aelod arall o staff wedi llwyddo yn yr

arholiadau yma. Mae gwaith CPLlL a Phensiynau’n

gyffredinol yn dod yn fwyfwy cymhleth. Rydw i o’r farn

ei bod hi’n hollbwysig ein bod ni’n dal ati i fuddsoddi

mewn rhaglenni datblygu medrau’r staff yn gymorth i

ofalu bod modd inni gynnig gwasanaeth o safon ar gyfer

ein cwsmeriaid, a hynny o fewn yr adnoddau hynny sydd

ar gael ar ein cyfer.

Does dal dim penderfyniad wedi bod ar y mater o

ymestyn amddiffyniadau yn unol â’r hen “rheol 85”.

Edrych Ymlaen

Er gwaetha’r ffaith roedd i’r CPLlL ar ei newydd wedd a

gafodd ei gyflwyno fis Ebrill 2008 wedi mynd i’r afael â

rhai o’r materion hynny sy’n ymwneud â fforddiadwyedd

ynghyd â’r gofyn statudol bod rhaid cael trefnau rhannu

costau yn eu lle erbyn 31ain Mawrth 2009, mae rhagor

o gwestiynau eisoes wedi’u codi ynglyn â materion

fforddiadwyedd y cynllun sydd ohoni yn y tymor hir.

Mae rheoliadau’r cynllun wedi’u newid i ddibenion

cyflwyno trefnau arfaethedig ar rannu costau’n seiliedig

ar “gronfa fodel”, i ddechrau yn 2010. Serch hynny, does

dim disgwyl i unrhyw effeithiau neu ganlyniadau ddod i’r

amlwg hyd nes 2013 neu 2014.

88

Cyflwyniad

Rydyn ni wedi dod i ben â’r flwyddyn gyntaf o Gynllun

Pensiwn Llywodraeth Leol (CPLIL) ar ei newydd wedd a

ddaeth i rym ar 1af Ebrill 2008. Yn gyffredinol, ac o

gadw mewn cof y problemau cychwynnol hynny, mae

pethau wedi mynd yn dda. Heb fod annisgwyl, mae

pryderon wedi bod ymhlith budd-ddeiliaid y cynllun yn

enwedig gyda golwg ar gyflwyno’r trefnau salwch

newydd. Cyhoeddodd yr Adran Cymunedau a

Llywodraeth Leol arweiniad ar y rheoliadau yma fis

Tachwedd 2008. At hynny, fis Awst 2009, cyhoeddodd

Adran Cymunedau a Llywodraeth Leol San Steffan ar y

cyd â’r Adran Meddygaeth Galwedigaethol, arweiniad

atodol yn gymorth i Ymarferwyr Meddygol Cofrestredig

Annibynnol i gynnal asesiadau.

Mae’r gwaith estynedig y mae Adran Actiwari’r

Llywodraeth (AALl) ynglyn ag ef i adolygu a diwygio’r

elfennau gwahanol hynny sy’n cael eu defnyddio wrth

gyfrifo a throsglwyddo pensiynau yn ystod ail hanner

2008/09, wedi cyflwyno rhagor o anawsterau

gweithredu i weinyddwyr y cynllun. Mae’r achosion o

oedi gyda golwg ar elfennau newydd yr AALl a

chyhoeddi’r arweiniad wedi arwain at ddarparwyr

meddalwedd yn darparu diweddariadau hwyr i systemau.

Mae hyn wedi effeithio ar rai meysydd gwaith ac mae

hyn i’w weld yn ein hadran data ar faterion cyflawniad sy

wedi’i gynnwys ar ddiwedd hyn o adroddiad.

Am y tro cyntaf, mae cyflogwyr y cynllun wedi dechrau

cyflwyno ffurflenni blynyddol sy’n adlewyrchu

cyfraniadau yn ôl band. Mae hyn wedi profi i fod yn

waith anodd i rai. Rydyn ni’n parhau i gydweithio â

chyflogwyr yn gefn i’r gwaith yma, oherwydd mae hi’n

hollbwysig cadw gwybodaeth gywir i’r funud am

weithwyr yn enwedig yn wyneb y ffaith bod y flwyddyn

nesaf yn flwyddyn prisiad o’r gronfa.

Trwy fanteisio ar drefnau cydweithio â Chronfeydd

Pensiwn Cymreig eraill, roedd model cyhoeddi

Datganiadau Buddion Blynyddol 2008 yn y drefn

newydd yn unol â logo “Cronfeydd Pensiwn Cymru

Gyfan”. Roedd yr adborth yn gadarnhaol ar y cyfan,

serch hynny, bu rhaid mynd i’r afael â rhai problemau

trwy Gylchoedd Trafod Materion Cyfathrebu yn

Rhondda Cynon Taf ac ar lefel Cymru Gyfan yn ogystal.

Mae’r gwaith yma ar y cyd yn parhau ac rydyn ni’n

disgwyl gwelliannau pellach ar gyfer 2009.


Mae'r ffaith bod pobl yn byw am hirach yn dechrau cael

effaith fawr ar nifer o gynlluniau pensiwn ar hyn o bryd,

ar ben arall y sbectrwm pensiynau, mae newidiadau ar

fin dod i rym gyda golwg ar yr oedran isaf mae'r rhan

fwyaf o bobl yn gallu ymddeol. Gan ddechrau mis Ebrill

2010, bydd yr oedran yma'n newid o 50 oed i 55 oed, ac

eithrio'r sawl sy'n ymddeol yn gynnar am resymau

salwch, lle does dim cyfyngiad oedran mewn achosion

o'r fath.

Yn unol ag Agenda “Creu’r Cysylltiadau” Llywodraeth

Cynulliad Cymru, mae dechrau ar y gwaith o gynnal

ymarfer dichonolrwydd i ystyried manteisio trefnau

cydweithio agosach rhwng 8 o Gronfeydd CPLlL Cymru.

Cyhoeddodd yr Adran Cymunedau a Llywodraeth Leol

ddogfen ymgynghori anffurfiol bellach fis Mehefin 2009

ar faterion Fforddiadwyedd, Dichonoldeb a Thegwch

CPLlL. Mae’r ddogfen yma’n pennu awgrymiadau

cychwynnol i fudd-ddeiliaid i’w hystyried yn ymateb

dichonol a chytbwys i effeithiau’r farchnad stoc sydd

ohoni ar ymrwymiadau cronfa CPLlL ac sy’n debygol o

ddod i’r amlwg yn ystod ymarfer prisio 2010.

Yn ogystal â hynny, mae ystyriaethau parthed aildrefnu

cyfraniadau pensiwn gweithwyr, yn enwedig cyfran y

cyflog pensiynadwy sy’n cael ei gyfrannu gan yr aelodau

hynny sy’n ennill symiau uwch o gyflog tuag at eu budd-

daliadau pensiwn.

Adeg paratoi’r adroddiad yma, mae disgwyl ymarfer

ymgynghori ar wahân ar y ddadl ehangach ynghylch

dyfodol y Cynllun yn y tymor hir a sut bydd hyn yn

ymateb i newidiadau yn y gweithle, gweithlu a’r economi.

Mae sibrydion ar led ynghylch symud tuag at

“gyfartaledd gyrfa” o gymharu â “chyflog terfynol” ac

ymestyn “yr oedran ymddeol arferol” y tu hwnt i 65 oed.

Mae sôn hefyd am leihau nifer y cronfeydd pensiwn trwy

aildrefnu pellach yn ogystal.

9


10

Gwybodaeth ynghylchCyflawniad

O’r 1af Medi 2008, bu modd inni olrhain materion

cyflawniad yn erbyn set newydd o ddangosyddion proses

allweddol a gytunwyd arnyn nhw drwy’r paneli

perthnasol a’r panel cyfathrebu cyflogwyr. Mae’r

canlyniadau ar gyfer y cyfnod hyd at 31ain Mawrth 2009

wedi’u rhestru isod.

* Roedd newidiadau i arweiniad Adran Actiwari’r

Llywodraeth wedi effeithio ar drefnau amcangyfrif

ysgariad i’r aelodau yn ystod y cyfnod yma. Roedd peth

gwaith wedi’i bentyrru tra roedd meddalwedd yn cael

ei diweddaru yn unol â’r ffactorau newydd, felly roedd

rhaid gwneud rhai amcangyfrifon heb ddefnyddio’r

dechnoleg yn ogystal.

Disgrifiad o’r weithdrefnTarged

Cyflawniad

Cyflawniad

Gwirioneddol

Amcangyfrif Ysgariad(amcangyfrif i aelodau)

10 diwrnod 68.29% *

Budd-daliadau Gohiriedig(hysbysiad i bobl sy’n gadael)

10 diwrnod 92.88%

Prosesu Ad-daliadau (ad-dalu aelodau o’r cynllun)

10 diwrnod 100%

Cais gan Gyflogwr amAmcangyfrif Ymddeol

5 diwrnod 94.26%

Taliadau Ymddeol(Ymddeol o AelodaethWeithredol)

5 diwrnod 96.00%

Cyfraniad Presennol ynDaliad adeg Ymddeol

5 diwrnod 89.28%

Trosglwyddo i mewn (cyfrifo’r cynllun pensiwnblaenorol gan gynnwysceisiadau trosglwyddo hwyr)

10 diwrnod 100%

Trosglwyddo allan (taliad i’r cynllun pensiwnsy’n derbyn yr arian)

10 diwrnod 100%

Taliadau MarwolaethAelodau Gweithredol aGohiriedig

7 diwrnod 97.37%


11

Aelodaeth y Gronfa

Aelodaeth y Gronfa ar 31ain Mawrth:

Nifer 2006/07 2007/08 2008/09% Cynnydd

o 06/07

Cyrff Cyflogi 43 46 46

Cyfranwyr i’r Gronfa 22,656 23,103 23,391 +3.2%

Pensiynwyr 12,400 12,563 12,778 +3%

Pobl sy’n ddibynnol 2,342 2,373 2,423 +3.5%

Buddiolwyr Gohiriedig 8,427 9,594 11,042 +31%


12

Nifer yr aelodau sy’n cyfrannu

0

5000

10000

15000

20000

25000

2265623391

2007

2008

2009

23103

0

2400

4800

7200

9600

1200011042

8427

9594

2007

2008

2009

Nifer y Buddiolwyr Gohiriedig

Aelodaeth y Gronfa a Dadansoddiad

Aelodaeth y Gronfa ar 31ain Mawrth:


13

1520114742 14936

2007

2008

2009

0

3750

7500

11250

15000

Nifer y Pensiynwyr a’r bobl sy’n ddibynnol

0

500

1000

1500

2000

2500

3000

2355 2351

2509

2007

2008

2009

Nifer y rhai sydd heb benderfynu ynghylch tynnu allan o’r cynllun

These are former members of the pension fund who have not made a decision regarding their pension rights.


14


Cefnu ar Statws Gweithredol

2007 2008 2009

Ad-dalu cyfraniadau 90 75 114

Trosglwyddo cyfraniadau i gynlluniau eraill 26 4 0

Marw yn ystod cyfnod gwasanaeth 15 18 20

Ymddeol yn sgîl salwch 120 124 105

Ymddeol cynnar / amodau arferol 169 161 212

Ymddeoliadau yn sgîl dileu swyddi / ystyriaethau effeithlondeb

86 53 36

Budd-daliadau gohiriedig 1002 964 1122

Eraill sy’n gadael 13 12 30

Cyfanswm 1521 1463 1639

2007 2008 2009

Ad-dalu cyfraniadau 0 0 0

Trosglwyddo cyfraniadau i gynlluniau eraill 143 168 101

Marw yn ystod cyfnod gwasanaeth 3 12 20

Ymddeol yn sgîl salwch 10 21 16

Ymddeol cynnar / amodau arferol 152 188 194

Taliadau eraill 7 4 3

Nifer yr aelodau ac ail ymunodd â’r cynllun 15 18 62

Cyfanswm 330 411 396

Budd-daliadau Gohiriedig – rhai sy’n gadael y Cynllun


Yvonne Keitch

Uwch Gyfrifydd, Y Trysorlys a Buddsoddiadau’r Gronfa Pensiynau

Adroddiad Ar Faterion Buddsoddi

15


16

Cyflwyniad

Ar y cyfan, siomedig iawn oedd enillion marchnadoedd buddsoddi yn ystod 2008/09. Roedd y sefyllfa fyd-eang yma wedi

effeithio ar farchnadoedd soddgyfrannau’n fawr iawn. Roedd soddgyfrannau’r DG wedi cwympo 29% a chyda

soddgyfrannau tramor yn amrywio o -30% yng ngwledydd Ewrop i -4% yn Siapan. I rai graddau, roedd sefyllfa wan y

bunt yn wyneb arian gwledydd eraill wedi lleddfu effaith hyn.

Ar ddechrau’r flwyddyn ariannol, roedd gwerth cronfa pensiynau Rhondda Cynon Taf ar y farchnad yn £1,343.5 miliwn.

Roedd y gronfa wedi gostwng i £1,100.6 miliwn erbyn 31ain Mawrth 2009.

Ar 31ain Mawrth 2009, roedd Rhondda Cynon Taf yn cychwyn ar ran tri o’r ymarferiad cyfluniad o fuddsoddiadau.

Diben y gwaith yma yw gwneud yn siwr bod asedau’r gronfa yn ddigonol ar gyfer y galw arni hi, a gwella materion

perfformiad y gronfa yn y tymor hir drwy leihau risg y farchnad yn ogystal. Ar hyn o bryd, mae’r Gronfa Bensiynau yn

gosod gwaith ar dendr ar gyfer rheolwr soddgyfrannau’r Deyrnas Gyfunol a rheolwr soddgyfrannau / bondiau goddefol

byd eang.

Rheolaeth ar Faterion Buddsoddiadau

Panel Materion Buddsoddi Cronfa Pensiynau Rhondda Cynon Taf sy’n trafod strategaeth buddsoddi ac yn penderfynu

arni hi. Cyfarwyddwr Cyfadran Gwasanaethau Corfforaethol Rhondda Cynon Taf sy’n cadeirio’r Panel, ac mae’r

aelodau’n cynnwys dau o gynghorwyr Cyngor Rhondda Cynon Taf, dau ymgynghorydd materion buddsoddi annibynnol

ac uwch-swyddogion cyllid eraill.

Mae’r panel yn cyfarfod bob 3 mis i bennu materion polisi yn ôl sefyllfa’r farchnad ac i holi a herio’r Rheolwyr Materion

Buddsoddiadau am eu perfformiad. Y rheolwyr yma sy’n gyfrifol am faterion rheoli’r gronfa o ddydd i ddydd.

Ar hyn o bryd, mae 7 o fandadau buddsoddi ar wahân.

Baillie Gifford Traditional Equities, F&C UK Equities, Baillie Gifford High Alpha Equities, Newton High Alpha

Equities, F&C Bonds, ING Real Estate, a Record Active Currency.

Hynt y Buddsoddiadau

Ar gyfer y flwyddyn hyd at 31ain Mawrth 2009, roedd yr adenillion ar ein buddsoddiadau’n -19.3%, o’i gymharu â

chyfartaledd WM ar gyfer awdurdodau lleol o -19.9%, sef 40 ar y raddfa yn ôl canran. Ar gyfartaledd dros y 3 blynedd

diwethaf, buodd ein hadenillion yn -5.4% o’i gymharu â chyfartaledd awdurdod lleol o –5.9%, sef 38 ar y raddfa yn ôl

canran ymhlith y cronfeydd a fesuron ni.

Mae’r dadansoddiad isod yn rhoi’r elw yn ôl dosbarthiad o’r asedau ar gyfer 2008/09

* Y meincnod ydy cyfartaledd WM ar gyfer awdurdodau lleol.

Meincnod 2008/09 RhCT 2008/09

Soddgyfrannau’r DG -29.1 -30.6

Soddgyfrannau Tramor

UDA -16.6 -16.4

Cyfandir Ewrop -30.0 -30.6

Siapan -14.0 -15.6

Gwledydd y Môr Tawel (heblaw am Siapan) -20.5 -23.1

Buddsoddiadau Cydwladol Eraill -25.6 -34.1

Bondiau DG -1.7 5.1

Bondiau Gwledydd Tramor 9.2 9.8

Eiddo -27.1 -3.5

Arian Parod/Buddsoddiadau Eraill -3.3 -16.2

CYFANSWM YR ASEDAU* -19.9 -19.3


17

Meincnod WM

%

Adenillion y

Rheolwyr %

F&C Management (soddgyfrannau’r DG) 2.1 4.1

Baillie Gifford (soddgyfrannau traddodiadol) -24.9 -26.0

Baillie Gifford (soddgyfrannau alffa uwch) -20.6 -21.9

F&C Management (Bondiau) -29.3 -30.4

ING (eiddo) 4.1 -3.4

Record (arian) n/a -25.8

Cyflawniad Rheolwr y Gronfa

Mae’r tabl isod yn cymharu cyflawniad pob rheolwr yn erbyn eu meincnodau am y flwyddyn hyd at

31ain Mawrth 2009.

*Mae gan y rheolwyr i gyd meincnodau sy wedi’u haddasu’n arbennig.

*Mae Newton wedi bod yn rheoli’u mandad hwythau am gyfnod sy’n llai na blwyddyn.


18

Manylion am Reolwyr y Gronfa

Mae manylion gwerth marchnad buddsoddiadau rheolwyr y gronfa sy’n cael eu cyflogi gan y gronfa i’w gweld yn y tabl

canlynol.

Doedd dim un buddsoddiad unigol yn cyfrif am fwy na 5% o asedau’r Gronfa.

Mae gwerth marchnad y buddsoddiadau yn y tabl yma’n cynnwys buddsoddiadau tymor byr fel gweddill arian neu

adneuon arian felly mae’n wahanol i gyfanswm y buddsoddiadau tymor hir yn unig.

Gwir golledion / Elw drwy Werthu Buddsoddiadau

Gwnaeth y Gronfa golledion o £92.705 miliwn yn sgîl gwerthu buddsoddiadau yn 2008/09

(elw o £106.193 miliwn yn 2007/08):

Y costau ar y pryd yw llinyn mesur cyfrif elw neu golled. Dim ond pan fo rhan o fuddsoddiad yn cael ei werthu rydyn

ni’n defnyddio ffigurau’r costau ar gyfartaledd. Mae’r ffigurau yma’n cynnwys cyfraddau gwerth y bunt yn erbyn arian

tramor. Pe bai’r cyfraddau gwerth y bunt yn erbyn arian tramor yn cael eu hepgor, roedd gwir golledion o £89.359 miliwn.

Teitl Perchnogaeth

Mae tystysgrifau parthed daliadau cofrestredig ym meddiant Ceidwad Cronfa Pensiynau, State Street Bank & Trust.

Rheolwr y Gronfa

Gwerth ar y Farchnad Canran o’r Gronfa

31/03/08£’000

31/03/09£’000

31/03/08£’000

31/03/09£’000

Baillie Gifford (soddgyfrannau) 325,857 187,792 24.2 17.2

F & C (soddgyfrannau’r DG) 473,143 160,697 35.2 14.6

Baillie Gifford (soddgyfrannau alffa uwch) 218,486 170,151 16.2 15.5

Newton (soddgyfrannau alffa uwch) 0 177,599 0 16.1

F & C (bondiau) 191,370 292,171 14.3 26.5

ING (eiddo) 51,601 49,912 3.8 4.5

Record (arian) 54,481 40,414 4.1 3.7

Rheoli’n fewnol 29,788 21,893 2.2 2.0

Cyfanswm 1,344,726 1,100,629 100.00 100.00

2007/08

£’000

2008/09

£’000

Elw drwy werthu buddsoddiadau 157,846 100,476

Colledion drwy werthu buddsoddiadau (51,653) (193,181)

Gwir golledion / elw drwy werthu buddsoddiadau 106,193 (92,705)


19

2007/08 2008/09

£’000 £’000 £’000 £’000

Soddgyfrannau

DG 412,686 251,145

Tramor 404,838 393,892

817,704 645,037

Llog Sefydlog

DG 134,014 259,022

Tramor 55,129 19,158

189,143 278,180

Mynegrifol

DG 0 10,816

Tramor 0 0

10,816

Cronfa Buddsoddiadau

DG – eiddo 4,866 5,957

Tramor - eiddo 46,205 40,891

DG – cytundebau cyfraddau cyfnewid ymlaen llaw 54,481 40,414

DG – arall 18,089 3,102

Tramor - arall 150,589 30,425

274,230 120,789

Cyfanswm Buddsoddiadau’r Tymor Hir 1,281,077 1,054,822

Dadansoddiad o’r Buddsoddiadau

Portffolio’r cyfranddaliadau / Sut mae’r cyfranddaliadau wedi’u rhannuymhlith y gwledyddMae rheolwyr y gronfa yn buddsoddi mewn cyfranddaliadau mewn nifer o wledydd. Mae’r tabl isod yn nodi portffolio’r

cyfranddaliadau a’u gwerth ar 31ain Mawrth 2009:

Maes £’000 %

Soddgyfrannau’r DG 284,672 25.9

Soddgyfrannau gwledydd Ewrop 112,308 10.2

Soddgyfrannau’r UDA a Chanada 169,002 15.4

Soddgyfrannau Siapan 35,517 3.2

Soddgyfrannau Gwledydd y Môr Tawel 35,440 3.1

Soddgyfrannau Rhyngwladol eraill 41,625 3.8

Bondiau 288,996 26.3

Eiddo 46,848 4.3

Arian 40,414 3.7

Arian Parod a Chyfwerth 45,807 4.1

Cyfanswm 1,100,629 100.00

Mae’r Panel Materion Buddsoddiadau wedi penderfynu peidio ag ymgymryd ag unrhyw drefniadau ar gyfer rhoi stoc

arfenthyg. Bydd y Panel yn adolygu’r penderfyniad yma o bryd i’w gilydd. Mae’r buddsoddiadau i gyd wedi’u ‘nodi’ yn

fuddsoddiadau.


20

Cyfranddaliad £’000

BG Group 4,931,455




BHP Billiton 3,313,086

Capita Energy 3,193,883

Vodafone 3,149,587


HSBC 2,588,701

Tesco 2,517,128

Cyfanswm 33,764,708

Casgliadau o’r Cyfranddaliadau Mwyaf

Dyma’r 10 daliad mwyaf ar gyfer pob Rheolwr Cronfa soddgyfrannau ar 31ain Mawrth 2009:

10 Daliad Mwyaf Baillie Giffords



Wolseley 2,775,901

Bunzl 2,561,985


Vodafone 1,728,043

Rolls Royce 1,451,060

Cairn Energy 1,252,800

HSBC 1,209,553

Aggreko 953,510

Lonmin 595,980

Cyfanswm 17,601,956

10 Daliad Mwyaf (Alffa Uwch) Baillie Giffords


Vodafone 3,471,929

Cable and Wireless 3,143,970

BAE Systems 2,107,289

Standard Chartered 2,014,818

BP 1,761,485


Smith & Nephew 1,594,271

Icap 1,422,340

BNY MFM Ltd 1,065,627

Prudential 836,022

Cyfanswm 19,121,135

10 Daliad Mwyaf (Alffa Uwch) Newton


BP 13,780,365

Vodafone 11,661,245

BG Group 8,252,959



HSBC 6,472,091

Rio Tinto 5,932,780

Scottish Southern 5,757,252

Tesco 4,733,787

Shire 4,689,188

Cyfanswm 76,523,498

10 Daliad Mwyaf F & C


21

Prynu a Gwerthu

Mae gwerthoedd prynu a gwerthu yn ystod 2008/09 ac mae rheolwr y gronfa wedi’u dadansoddi wedi’u rhestru

yn y tabl isod.

Rheolwr CronfaPrynu

£’000

Gwerthu

£’000

Baillie Gifford (soddgyfrannau) 106,851 164,090

Baillie Gifford (soddgyfrannau alffa uwch) 74,520 86,947

Newton (soddgyfrannau alffa uwch) 346,726 158,359

F&C (soddgyfrannau’r DG) 137,819 371,944

F&C (bondiau) 885,888 781,425

ING (eiddo) 2,148 3,526

State Street (newid yn unig) 359,625 359,256

Cyfanswm 1,913,577 1,925,537

Manylion y Buddsoddiadau Gwerth y Farchnad

£

Manylion y Buddsoddiadau Gwerth y Farchnad

£

Llog Sefydlog Soddgyfrannau Tramor

DG 269,837,581 UDA a Chanada 169,001,355

Tramor 19,158,173 Ewrop 111,681,232

Siapan 35,517,565

Dwyrain Pell / Môr Tawel 41,259,765

Rhyngwladol 36,431,806

Cyfanswm Llog Sefydlog 288,995,754Cronfeydd Cyfunol sy’n cael eurheoli

29,359,091

Cyfanswm Soddgyfrannau

Tramor423,250,814

Soddgyfrannau’r DG

Soddgyfrannau 243,996,839 Eiddo 46,848,450

Cronfeydd Cyfunol sy’n cael eu rheoli

11,316,022 Arian 40,414,465

Cyfanswm Soddgyfrannau’r DG 255,312,861Cyfanswm Buddsoddiadau’r

Tymor Hir1,057,822,344

Rhestr o’r Buddsoddiadau ar 31 Mawrth 2009


22

Cronfa Pensiynau CyngorBwrdeistref Sirol RhonddaCynon Taf

Datganiad o ‘Egwyddorion argyfer Buddsoddi’

1. Cyfrifoldeb CyffredinolCyngor Bwrdeistref Sirol Rhondda Cynon Taf yw’r

corff statudol sydd yn gyfrifol am weinyddu Cronfa

Pensiynau Rhondda Cynon Taf ar ran y cyrff

cyfansoddol sydd ar y rhestr a’r rhai hynny sy wedi’u

derbyn i’r Cynllun. Mae’r cyngor yn gyfrifol am baratoi

polisi buddsoddi, penodi pobl addas i weithredu’r polisi

hwnnw, cynnal adolygiadau a chadw llygad ar y

buddsoddiadau.

Mae’r cyngor wedi penodi Cyfarwyddwr Cyfadran y

Gwasanaethau Corfforaethol sydd â chyfrifoldebau

Swyddog Materion Adran 151 y Ddeddf i roi Cyngor

iddo ynglyn â’i gyfrifoldebau o ran y Gronfa Pensiynau.

Rydyn ni wedi sefydlu Panel Ymgynghorol Materion

Buddsoddiadau Cronfa Pensiynau yn gefn iddo. Dyma

aelodau’r panel:

� dau gynghorydd

� Swyddog Materion Adran 151 y Ddeddf

� Dirprwy Swyddog Materion Adran 151 y Ddeddf

� Cyfarwyddwr Gwasanaeth, Materion Rheolaeth

Ariannol a Chyfrifeg

� Pennaeth Gwasanaeth (Pensiynau, Cyflogres a

Thaliadau)

� Uwch Gyfrifydd, Materion y Trysorlys a

Buddsoddiadau’r Gronfa Pensiynau

� Cyfrifydd, Materion y Trysorlys a Buddsoddiadau’r

Gronfa Pensiynau

� Ymgynghorwyr Annibynnol

Mae’r Panel yn cwrdd bob chwarter blwyddyn. Dydy’r

cyngor ddim yn ymddiriedolwr yng ngwir ystyr y gair (yn

dechnegol, Adran Cymunedau a Llywodraeth Leol yw’r

ymddiriedolwr), ond yn hytrach, mae’n gweithredu fel

lled-ymddiriedolwr.

2. Prif amcan y gronfa

Prif amcan y gronfa yw ariannu budd-dal pensiwn a

chyfandaliadau i’r aelodau wedi iddyn nhw ymddeol neu

i’r rheiny sy’n ddibynnol arnyn nhw ar ôl i’r aelod farw,

boed hynny cyn ymddeol neu wedi hynny.

3. Amcanion cyllido

Dylai Rhondda Cynon Taf weinyddu’r gronfa yn y fath

fodd fel bod gwerth y gronfa, o dan amgylchiadau

cyffredin, yn fwy na digon i dalu’r hyn sy’n ddyledus i’r

aelodau hynny sydd wedi ymddeol a bod canran

cyfraniadau’r aelodau sydd heb ymddeol yn cael ei bennu

yn ddigonol ar gyfer cynnal costau’r dyfodol.

Mae’r llinynnau mesur sy’n cael eu defnyddio yn sgîl y

gwaith hwn yn cyd-fynd â llinynnau mesur y Prisiad

Actwaraidd diwethaf. Byddwn ni’n adolygu’r sefyllfa bob

3 blynedd. Yn ogystal â hynny, byddwn ni’n rhoi gwybod

i’r panel ymgynghori am unrhyw newidiadau sylweddol

yng ngwerth y gronfa yn y cyfamser.

4. Amcanion y buddsoddiadau

Amcan y gronfa yw gwneud digon o elw o’r

buddsoddiadau i ateb costau tymor hir y gronfa.

Bydd y panel ymgynghorol yn gofalu penodi un neu

ragor o reolwyr y buddsoddiadau i weinyddu asedau’r

gronfa pensiynau yn unol â Rheoliadau Cynllun Pensiwn

Llywodraeth Leol (Rheoli a Buddsoddi Cronfeydd)

1998. Bydd cytundebau/mandadau yn cael eu sefydlu ar

gyfer cyfarwyddo rheolwyr ynghylch y ffordd mae’r

portffolio o fuddsoddiadau i’w reoli.

Mae hawl gyda’r panel ymgynghorol i roi cyfarwyddyd

strategol ynglyn â dosbarthiad y buddsoddiadau a gofalu

bod yr asedau yn addas mewn perthynas ag anghenion

cyffredinol y gronfa. Bydd pob rheolwr materion

buddsoddi (gyda’i feincnod a’i darged i adlewyrchu’i

swyddogaeth) yn rhydd i ddewis ble’n union bydd e’n

buddsoddi arian y gronfa ac mae disgwyl iddo gynnal

casgliad eang o gyfrifon buddsoddi.


23

5. Mathau o fuddsoddiadau

Mae pob rheolwr wedi llofnodi cytundeb sy’n amlinellu

meincnodau, targedau, yr ystod o ddewisiadau ac

unrhyw gyfyngiadau perthnasol yn unol â chanllawiau’r

Pwyllgor Ymgynghorol.

Ar hyn o bryd mae’r Gronfa’n cyflogi’r rheolwyr

buddsoddiadau canlynol:

Mae’r Panel Ymgynghorol wedi pennu meincnod

sy’n cadw’r ddysgl yn wastad rhwng yr elfen o risg

ac adenillion.

Mae’r Panel Ymgynghorol wedi penderfynu peidio â

buddsoddi mewn soddgyfrannau preifat.

6. Polisi ynglyn â risg

Trwy osod meincnodau ar gyfer hawliau’r rheolwyr i

fuddsoddi arian y gronfa a thrwy gymharu cynnydd y

buddsoddiadau â thargedau penodol, rydyn ni’n gofalu

bod y rheolwyr ddim yn crwydro oddi wrth ein

canllawiau cyffredinol. Eto i gyd, mae’n canllawiau ni’n

ddigon ystwyth i reoli’r gronfa mewn modd a fydd yn

cynyddu’r adenillion.

O benodi mwy nag un rheolwr dros ein buddsoddiadau,

rydyn ni’n gwasgaru’r risg.

Mae’n ofynnol i bob rheolwr gynnal casgliad o

fuddsoddiadau amrywiol a chadw at y cyfyngiadau yn

unol â’r cytundeb.

7. Adenillion ar fuddsoddiadau

Prif amcan y buddsoddiadau yw cynyddu eu gwerth

gymaint â phosibl ac felly lleihau’r swm mae’r cyflogwr

yn gorfod ei chyfrannu – y cyfan o fewn y cyfyngiadau

risg sydd wedi’u nodi.

Yn ôl gofynion statudol, mae rhaid i werth y gronfa

anelu at fod yn ddigon i dalu pensiwn llawn i bob aelod

(100%). Mae hyn wedi’i gytuno gyda’r actwari ar sail oes

byd gwaith y rhai sy’n aelodau o’r cynllun. Fe fyddwn

ni’n cyfrifo maint angenrheidiol y gronfa bob 3 blynedd

yn sgîl proses adolygu’r actwari.

Mae agwedd weithredol ynglyˆn â gweinyddu’r gronfa a’r

disgwyl yw bydd iddi wneud yn well na’r meincnodau

sydd wedi’u pennu ymhen hir a hwyr. Mae’n dilyn felly

bydd yr adenillion yn fwy nag amcangyfrif yr actwari

dros y blynyddoedd.

Mae rheolwyr buddsoddi’r Gronfa wedi cael meincnodau

a thargedau pwysedig i adlewyrchu’r mandadau sydd gyda

nhw ac mae gyda ni drefnau cadw llygad ar gyfer

materion dosbarthiad asedau a dewis stoc y farchnad.

Rydyn ni’n adolygu gwaith y rheolwyr yn gyson ar sail y

data chwarterol a blynyddol rydyn ni’n eu cael gan

gwmni WM.

8. Sylweddu buddsoddiadau

Dim ond asedau sy’n gymharol hawdd eu gwerthu y mae

hawl gan y rheolwyr eu prynu. Mae rhaid i’r rheolwyr

gael caniatâd arbennig os ydyn nhw am fuddsoddi mewn

rhan o gronfa gyfunol sydd ddim yn hawdd ei gwerthu.

9. Buddsoddiadau sy’n parchuystyriaethau cymdeithasol

Mae’r panel ymgynghorol wedi ystyried mater

buddsoddiadau cymdeithasol-gyfrifol yn ystod eu

trafodaethau ynghylch y strategaeth gyffredinol ar

fuddsoddi. Penderfynwyd mai prif nod y gronfa yw cael

yr adenillion gorau posibl o’r holl ystod o fuddsoddiadau

posibl dan gyfyngiadau rheoliadau Cynllun Pensiwn

Llywodraeth Leol.

Mae’r panel wedi cytuno ar bolisi ynglyn â materion sy’n

ymwneud â chyfrifoldeb cymdeithasol. Trwy fabwysiadu

egwyddorion llywodraethu corfforaethol, bydd y gronfa

yn hyrwyddo meddylfryd moesol tuag at gyfrifoldeb

cymdeithasol corfforaethol.

Rheolwr soddgyfrannautraddodiadol

20%

Rheolwr Soddgyfrannau’r DG 11%

2 Reolwr Alffa Uwch Byd-eang 34%

Rheolwr Llog Penodol 20%

Rheolwr Eiddo 10%

Rheolwr Arian 5%


24

10. Manteisio ar hawliaupleidleisio

Mae’r Panel Ymgynghorol Materion Buddsoddi wedi

cytuno ar batrwm pleidleisio ynghylch y modd bydd

Rheolwyr y Gronfa’n penderfynu ynghylch bwrw’u

pleidleisiau. Rydyn ni wedi cyflogi Asiantaeth bleidleisio

annibynnol i gadw llygad ar y modd mae’r rheolwyr yn

pleidleisio.

Mae cynnal trafodaethau yn fodd o feithrin cyfrifoldeb

cymdeithasol. Bydd gofyn i reolwyr i ddefnyddio’u

hawliau pleidleisio i fod yn feirniadol o gwmni.

11. Ceidwaid

Mae Rhondda Cynon Taf wedi penodi ceidwad i

warchod buddsoddiadau’r gronfa ar draws y byd.

Mae gan y Cyngor gronfa fechan o arian parod wrth law.

12. Ymgynghorwyr

Mae Rhondda Cynon Taf wedi penodi dau

ymgynghorwr annibynnol. Eu swyddogaeth yw rhoi

cyngor strategol i’r Panel ar faterion buddsoddi.

13. Actwari

Mae Rhondda Cynon Taf wedi penodi actwari

annibynnol. Prif swyddogaeth yr actwari yw cadarnhau

gwerth y gronfa pensiynau.

14. Gweinyddu


sy’n monitro’r rheolwyr o ran eu gwaith buddsoddi a

gweinyddu ar ran Cyngor Bwrdeistref Sirol Rhondda

Cynon Taf, gan gynnwys:

� gweinyddu prif lyfr cyfrifon a gweithdrefnau cyfrifol

ynglyn ag asedau’r gronfa;

� paratói adroddiad bob chwarter i’r panel

ymgynghorol;

� paratói adroddiad a chyfrifon blynyddol sydd wedi’u

harchwilio’n annibynnol;

� cadw cofnod llawn o’r arian parod i ofalu naill ai fod

arian dros ben yn cael ei fuddsoddi ar unwaith neu

fod digon yno i dalu’r pensiwn.

15. Costau rheolwyr y gronfa a’rcynghorwyr

Mae rheolwyr y gronfa’n cael eu talu yn ôl system ‘cyfradd

ostyngol’ sy’n seiliedig ar werth y gronfa ar y farchnad.

Mae rhai rheolwyr yn cael eu talu yn ôl perfformiad.

Rydyn ni’n talu costau bob chwarter.

Mae’r ymgynghorwyr yn cael tâl penodedig bob chwarter.

16. Adolygiad o fframwaith ygronfa pensiynau

Mae’r panel ymgynghorol yn adolygu’i fframwaith a’i

chyfansoddiad bob tair blynedd.

17. Cynllun Busnes Blynyddol

Mae Rhondda Cynon Taf yn paratoi cynllun busnes

blynyddol ar gyfer pob agwedd o’i wasanaethau gan

gynnwys Materion Gweinyddu Pensiwn a

Buddsoddiadau, ac mae’r rhain i’w gweld yng Nghynllun

Busnes Gwasanaethau Ariannol.


25

Egwyddorion Buddsoddi Myners- Datganiad o Gydymffurfiaeth

Egwyddor 1. Penderfyniadau Doeth

Dim ond y bobl neu’r sefydliadau hynny sydd â’r

medrau, yr wybodaeth a’r adnoddau angenrheidiol ddylai

wneud penderfyniadau. Pan fo ymddiriedolwyr yn dewis

gwneud penderfyniad ynghylch materion buddsoddi,

mae rhaid bod gyda nhw’r arbenigedd a’u bod nhw wedi

cael yr hyfforddiant priodol i bwyso a mesur unrhyw

gyngor maen nhw’n ei gael.

Dylai ymddiriedolwyr ofalu eu bod yn cyflogi digon o

staff mewnol i roi’r cymorth angenrheidiol iddyn nhw

mewn cysylltiad â’u cyfrifoldebau materion buddsoddi.

Yn ogystal â hynny, dylai ymddiriedolwyr gael eu talu,

oni bai fod rhesymau arbennig i beidio.

Mae sefydlu is-bwyllgor i ganolbwyntio ar ran yr

ymddiriedolwyr yn arfer dda i’w mabwysiadu.

Dylai ymddiriedolwyr asesu p’un ai bod y medrau cywir

gyda nhw, yn unigol ac ar y cyd fel ei gilydd, a’u bod

nhw wedi’u strwythuro mewn modd sy’n eu galluogi

nhw i weithredu’n effeithiol. Dylen nhw baratoi cynllun

busnes at y dyfodol.

� Wedi cydymffurfio

Egwyddor 2. Amcanion clir

Dylai ymddiriedolwyr y gronfa baratoi amcanion clir ar

gyfer y buddsoddiadau, sy’n:

� amlinellu’r hyn maen nhw’n ei gredu sy’n

angenrheidiol i dalu costau’r gronfa, gan ystyried

swm tebygol cyfraniadau’r cyflogwyr a’r gweithwyr;

ac

� ystyried eu hagwedd tuag at risg, yn enwedig eu

parodrwydd i dderbyn tangyflawniad yn sgîl natur y

farchnad.

Ddylai’r amcanion ddim cael eu paratoi ar sail ffactorau

sydd a wnelo dim â chostau’r gronfa, megis cyflawniad y

buddsoddiadau mewn perthynas â chronfeydd pensiwn

eraill neu fynegai marchnadoedd ariannol.


Egwyddor 3. Canolbwyntio ar y math

o fuddsoddiadau

Dylid gwneud penderfyniadau strategol ynghylch y math

o fuddsoddiadau (a lle bo’n berthnasol, ffioedd rheolwyr

neu ymgynghorwyr) yng ngolau eu cyfraniad tebygol i

amcanion cyffredinol y gronfa. Dylai’r rheiny sy’n

gyfrifol am wneud y penderfyniadau ystyried ystod eang

o gyfleoedd buddsoddi, heb ddiystyru unrhyw

ddosbarth, gan gynnwys soddgyfrannau’r sector preifat.

Wrth ddosbarthu buddsoddiadau, dylid adlewyrchu

nodweddion y gronfa hon, nid dilyn tueddiadau

cronfeydd eraill.


Egwyddor 4. Cyngor arbenigol

Dylai cytundebau ar gyfer gwasanaethau’r actwari a

chyngor ynghylch buddsoddi fod yn agored i

gystadleuaeth. Dylai rheolwyr y gronfa fod yn barod i

dalu’r costau angenrheidiol ar gyfer pob gwasanaeth er

mwyn denu ystod eang o ddarparwyr.


Egwyddor 5. Mandadau diamwys.

Dylai ymddiriedolwyr y gronfa, y rheolwyr mewnol a’r

rheolwyr allanol baratoi rhestr o hawliau penodol a

chytuno arnyn nhw, gan gynnwys:

� cyfyngiadau ynghylch amcanion, meincnodau a risg

sy’n gyson ag amcanion cyffredinol y gronfa;

� agwedd y rheolwr ar sut mae cyrraedd yr amcanion

hynny; a

� amserlen(ni) benodol/penodol ar gyfer gwerthuso a

phrisio’r gronfa, gan sicrhau nad yw cyfnod yr

hawliau’n dod i ben cyn dyddiadau sydd wedi’u

pennu ar gyfer gwerthuso’r gronfa.

Ddylai’r rheolau, gweithredoedd a’r mandad ddim cau

allan unrhyw gyfrwng ariannol a fyddai’n fuddiol i’r

gronfa, oni bai fod amgylchiadau arbennig yn gorfodi

hynny.

Dylai ymddiriedolwyr, neu’r rheiny sy’n gweithredu ar eu

rhan nhw, ddeall beth yw canlyniadau costau penodol,

gan gynnwys taliadau ar sail comisiwn.


Egwyddor 8. Mesur cyflawniad

Un o swyddogaethau’r ymddiriedolwyr yw trefnu

gweithdrefnau ar gyfer mesur cyflawniad y gronfa.

Dylen nhw werthuso’u gweithdrefnau a’r penderfyniadau

yn fewnol yn ogystal â threfnu asesiad ffurfiol o

gyflawniad penderfyniadau maen nhw wedi’u dirprwyo

i’r ymgynghorwyr a’r rheolwyr.


Egwyddor 9. Bod yn agored

Dylai pob Datganiad o Egwyddorion Buddsoddi o

werth fod yn hollol agored ynghylch:

� pwy sy’n gwneud y penderfyniadau a pham dewis y

strwythur yma;

� amcanion buddsoddiadau’r gronfa;

� strategaeth arfaethedig y gronfa ynglyn â’r math o

fuddsoddiadau, gan gynnwys amcangyfrif o’r

adenillion a sut yn union y penderfynwyd ar y

strategaeth honno yn y lle cyntaf;

� y mandadau i ymgynghorwyr a’r rheolwyr; a

� threfn talu’r ymgynghorwyr a’r rheolwyr a pham

penderfynu ar y drefn yma.


Egwyddor 10. Cyhoeddi

adroddiadau’n rheolaidd

Dylai ymddiriedolwyr gyhoeddi’u Datganiad o

Egwyddorion Buddsoddi yn ogystal â chanlyniadau’r

broses o fonitro’r ymgynghorwyr a’r rheolwyr. Dylen

nhw anfon yr wybodaeth allweddol yn sgîl hynny at

aelodau o’r gronfa yn flynyddol, gan gynnwys unrhyw

wyro oddi wrth unrhyw newid yn egwyddorion y gronfa.


26

Dylen nhw fod yn deall y dewisiadau i gyd mewn

perthynas â’r costau yma a gofalu bod gyda nhw

strategaeth weithredol - naill ai trwy gyfrwng abwyd

ariannol uniongyrchol - neu arall - i ofalu bod rheolaeth

effeithiol ar y costau yma - heb beryglu amcanion eraill

y gronfa. Ddylai’r ymddiriedolwyr ddim ar unrhyw gyfrif

caniatáu taliadau comisiwn rhwydd i neb mewn

perthynas â thrafodion y gronfa - ac eithrio bod

rhesymau arbennig iawn.


Egwyddor 6. Ymagwedd weithredol

Dylai’r mandad a gweithredoedd yr ymddiriedolaeth

gynnwys egwyddorion sydd wedi’u nodi yn yr US

Department of Labour Interpretative Bulletin. Dylai

ymddiriedolwyr ofalu bod gan y rheolwyr strategaeth

benodol, a’u bod yn esbonio’n glir ym mha

amgylchiadau byddan nhw’n ymyrryd mewn

gweithgareddau cwmni buddsoddi, y modd maen nhw’n

bwriadu gwneud hynny a sut maen nhw’n mesur

effeithiolrwydd eu strategaeth.


Egwyddor 7. Meincnodau addas

Dylai ymddiriedolwyr:

� ystyried, yn echblyg, trwy ymgynghori â’u

rheolwr(wyr) buddsoddi, ydy’r meincnodau mynegai

maen nhw wedi’u dewis yn rhai priodol; yn fwyaf

arbennig, ydy creu’r mynegai yn rhoi digon o

gymhelliant i fynd ar ôl strategaethau buddsoddi nad

ydyn nhw ymhlith y gorau oll;

� gofalu os byddan nhw’n pennu cyfyngiadau sy’n

amrywio oddi ar y mynegai, eu bod yn adlewyrchu’r

dewisiadau agosaf sy’n ymwneud â llunio mynegai a

dewisiadau;

� ystyried, yn echblyg, ai rheolaeth weithredol neu

sefyll yn ôl fyddai orau ynglyn â phob dosbarth o

asedau maen nhw wedi buddsoddi ynddyn nhw o

gofio materion effeithlonrwydd, sylweddu

buddsoddiadau a chostau trafodion yn y farchnad a

fo dan sylw; a

� lle byddan nhw o’r farn bod posibilrwydd cael elw

uwch o fod yn weithredol o ran rheoli, pennu

targedau a chyfyngiadau ar risg a fo’n adlewyrchu

hynny, gan roi i’r rheolwyr ryddid i ddilyn

strategaethau sy’n wirioneddol weithredol.


Ryan Emmett

Cyfrifydd Cronfa Pensiynau

Adroddiad ar y Cyfrifon

27


28

2007/08 2008/09

£’000 £’000 £’000 £’000

Cyfraniadau i’w derbyn

(82,130) Gan y cyflogwyr (76,549)

(22,569) Gan yr aelodau (25,201)

(101,750)

(14,634) Trosglwyddiadau a dderbyniwyd (5,915)

(3,444) Enillion eraill (3,471) (111,135)

Buddion sy’n daladwy

59,804 Pensiynau 63,373

10,988 Cyfandaliadau adeg ymddeol 15,168

785 Cyfandaliadau trwy farwolaeth 1,388

79,929

Taliadau i weithwyr a adawodd

5,201 Trosglwyddiadau allan 2,197

37 Taliadau eraill 17

2,214

1,686 Treuliau Gweinyddu 1,687 83,830

(44,330) Gwir gostau ychwanegiadau

/alldyniadau drwy ddelio ag aelodau

(27,305)

Enillion ar fuddsoddiadau

(40,003) Incwm buddsoddiadau (39,400)

Newid yng ngwerth y farchnad ar y

buddsoddiadau

(106,193) Sylweddu buddsoddiadau 92,705

146,615 Buddsoddiadau heb eu sylweddu 215,414

308,119

Treuliau Rheolwyr Materion Buddsoddi

2,648 Rheolwyr y Gronfa 3,342

475 Treuliau Gweinyddu Buddsoddiadau 281

3,623

3,542 Gwir enillion o’r buddsoddiadau 272,342

(40,788) Gwir enillion / (gostyngiad) ar y

flwyddyn

245,038

(1,315,955) Gwir asedau ar ddechrau’r flwyddyn (1,356,743)

(1,356,743) Gwir asedau ar ddiwedd y flwyddyn (1,111,705)

Cyfrif y Gronfa


Mae’r cyfrifon yma’n crynhoi trafodion y cynllun ac yn cynnwys y gwir asedau hynny sydd at ddefnydd yr

ymddiriedolwyr. Dydy’r cyfrifon yma ddim yn cynnwys ymrwymiadau talu pensiynau a buddion sy’n

ddyledus ar ddiwedd y flwyddyn.

Mae sefyllfa actwaraidd y cynllun, sydd ddim yn cymryd i ystyriaeth ymrwymiadau o’r fath, i’w gweld yn

Adroddiad yr Actwari. Mae gofyn darllen y cyfrifon yma ar y cyd â’r adroddiad hwnnw.

Cyfrif Gwir Asedau

31/03/08 31/03/09

£’000 £’000 £’000

Buddsoddiadau

Gwarannau llog sefydlog

156,560 Sector Cyhoeddus 185,737

32,583 Bondiau Corfforaethau 92,442 278,179

817,704 Soddgyfrannau 645,036

Gwarannau mynegrifol penodol

0 Sector Cyhoeddus 10,817

10,817

Cronfeydd Buddsoddi

62,991 Cwmnïau Buddsoddi Penagored 32,462

105,687 Cronfeydd â chyfyngiadau 1,066

54,481 Cytundebau Cyfraddau Cyfnewid Ymlaen Llaw 40,414

51,071 Eiddo 46,848

120,790

63,482 Arian parod 49,153

Ymrwymiadau eraill

10,039 Dyledwyr Buddsoddi 5,119

300 Treth sy’n adenilladwy 648 5,767

1,354,898 1,109,742

Symiau’n ddyledus

(4,911) Credydwyr Buddsoddi (5,374)

1,349,987 Gwir Werth Asedau Buddsoddi 1,104,368

Asedau Cyfredol

5,230 Cyfrandaliadau sy’n ddyledus oddi wrth gyflogwyr 5,270

1,508 Gweddill Arian 1,600

246 Asedau Eraill 163

183 Symiau’n ddyledus oddi wrth RhCT 648

7,681

Ymrwymiadau Cyfredol

(411) Ymrwymiadau Eraill (344) (344)

1,356,743 Cyfanswm yr Asedau 1,111,705


30

S.Merritt C.P.F.A.


I gael adroddiad llawn a chynhwysfawr ynglyn â chyfrifon y Gronfa Pensiynau,

ffoniwch Ryan Emmett ar 01443 680734.


31


Cyflwyniad

Rydyn ni wedi paratoi’r cyfrifon hyn yn unol â gofynion

Datganiad o Arfer Argymelledig (SORP) Pensiynau

(Adroddiadau Ariannol Cynlluniau Pensiwn (Diwygiedig

Mai 2007)) a’r Cod Ymarfer ar gyfer Cadw Cyfrifon

Awdurdodau Lleol.

Mae’r Datganiad o Arfer Argymelledig (SORP)

diwygiedig yn cyflwyno sail prisio newydd ar gyfer

buddsoddiadau, ac sy’n defnyddio cynnig pris yn hytrach

na ddull pris canol. A chan fod y gwahaniaeth yn y

prisiad ar y cyfan yn amherthnasol, does dim ailadrodd

ar ffigurau cymharol ar gyfer 2007/08.

Polisïau Cyfrifo

Cysyniad Croniadau

Mae cymhwyso cysyniad croniadau ar gyfer

dosbarthau materol incwm a gwariant i gyd, ac

eithrio gwerthoedd trosglwyddo. Mae’r dosbarthau

yma’n cynnwys cyfraniadau cronfa, incwm

buddsoddiadau, buddion a dalwyd, costau

gweinyddu, ffioedd rheolaeth ar fuddsoddiadau a

ffioedd ymgynghorwyr.

Treuliau Rheoli a Gweinyddu’r

Buddsoddiadau

Mae rheolwyr soddgyfrannau a bondiau’n cael eu

talu yn ôl system ‘cyfradd ostyngol’ sy’n seiliedig ar

werth y gronfa ar y farchnad. Mae rheolwr eiddo

(ING) ac arian (Record) yn cael eu talu’n seiliedig ar

werth y gronfa ar y farchnad a rhan o unrhyw

dargedau rhagori y cyflawnir.

Mae un o ymgynghorwyr y gronfa pensiynau’n

derbyn tâl sefydlog ac mae’r llall yn cael tâl sefydlog

ynghyd â chostau treuliau a chostau ychwanegol pe

bai galw am fynychu cyfarfodydd ychwanegol ac

eithrio’r pedwar cyfarfod chwarterol craidd.

Prisio Buddsoddiadau

Mae gwarannau rhestredig wedi’u prisio yn ôl prisiau

canol y farchnad o Farchnadoedd Stoc cydnabyddedig

ar 31 Mawrth 2009. Mae prisiadau sterling

buddsoddiadau sy’n cael eu henwi mewn arian tramor

wedi’u seilio ar gyfraddau cyfnewid 31 Mawrth 2009.

Mae pris buddsoddiadau mewn eiddo’n cael eu rhoi

gan y rheolwyr, yn seiliedig ar brisiadau annibynnol

proffesiynol.

Cyfraniadau Ychwanegol Gwirfoddol

(AVC’s)

Mae modd i aelodau o’r cynllun i ddewis rhoi

cyfraniadau ychwanegol tuag at eu pensiwn o’u

cyflogau. Yn unol â rheol 5(2)(b), Rheoliadau

Cronfa Pensiynau (Rheoli a Buddsoddi Cronfeydd)

1998, rydyn ni heb gynnwys Cyfraniadau

Ychwanegol Gweithwyr (AVC’s) yn rhan o Gyfrifon

Cynllun Pensiynau. £725k mil oedd cyfanswm

Cyfraniadau Ychwanegol Gwirfoddol yn ystod y

flwyddyn (£552 mil yn 2007/08). Gwerth ar y

farchnad Cyfraniadau Ychwanegol Gwirfoddol sy’n

cael eu buddsoddi ar wahân ar ddyddiad y fantolen

oedd £3,908k (£3,670 mil yn ystod 2007/08).


32

Cyfraniadau

Cyfraniadau’r Cyflogwr

Actwari’r Gronfa fydd yn penderfynu graddfeydd

cyfraniadau’r cyflogwyr fel bydd y gronfa’n

parhau’n ddiddyled a bydd yn rhoi sylw i

ymrwymiadau cyfredol a rhai tebygol yn y dyfodol

wrth ddyfarnu. Bydd prisiad o asedau ac

ymrwymiadau’r Gronfa i’r diben yma bob 3

blynedd. Mae prisiad newydd ar waith ar 31ain

Mawrth 2007 a bydd canlyniadau’r prisiad yn cael

eu rhoi mewn grym o 1af Ebrill 2008.

Cyfraniadau’r Gweithwyr

Oherwydd y newidiadau i’r Cynllun Pensiwn

Llywodraeth Leol, o 1 Ebrill 2008 ymlaen, bydd

graddfeydd cyfrannu gweithwyr mewn haenau, felly

bydd y rhai sy’n ennill mwy o arian yn cyfrannu

cyfran uwch o’u cyflog i’r cynllun. Y bandiau

cyfrannu ar gyfer blwyddyn 2008/09 yw:

Bydd y bandiau’n cael eu diweddaru bob blwyddyn i roi

ystyriaeth i gynnydd yng nghostau byw.

Bydd cyfraddau cyfrannu gweithwyr a fu’n talu cyfradd

amddiffynedig o 5% yn cynyddu fesul cam nes iddyn nhw

ddod yn gyfartal ag aelodau eraill erbyn 1 Ebrill 2011.

Trethiant

Trethi Incwm a Chynnydd Cyfalaf

Gwledydd Prydain

Ers 1 Gorffennaf 1997, mae’r Gronfa wedi gorfod

talu treth incwm ar log a difidendau. Mae incwm o

fuddsoddiadau wedi’i nodi wedi didynnu’r dreth.

Does dim Treth Cynnydd Cyfalaf i’w godi arnon ni.

Mae ymrwymiad i dalu treth incwm ar ad-dalu

cyfraniadau a phensiynau wedi’u compowndio

(pensiynau bychain wedi newid yn daliadau unswm).

Mae’r taliadau yma’n cael eu talu i Gyllid a Thollau

ei Mawrhydi bob chwarter.

Treth ar Werth

Gan mai Cyngor y Fwrdeistref Sirol ydy’r

awdurdod gweinyddu, mae modd adennill TAW ar

drafodion y Gronfa. Mae’r cyfrifon wedi’u cyflwyno

heb gynnwys TAW.

Treth Ataliedig Tramor

Mae’r gronfa’n rhydd o’r dreth ar incwm o

fuddsoddiadau UDA. Mae’r rhan fwyaf o incwm

arall mewn gwledydd tramor yn destun treth sy’n

cael ei chadw’n ôl yn y wlad mae’n deillio ohoni.

Rydyn ni’n cyfri’r incwm yn wir incwm mewn

achosion lle nad oes fodd inni adennill taliadau treth.

Cyflog Amser Llawn Cyfradd Gyfrannu

Hyd at £12,000 5.5%

Dros £12,000 a hyd at £14,000 5.8%

Dros £14,000 a hyd at £18,000 5.9%

Dros £18,000 a hyd at £30,000 6.5%

Dros £30,000 a hyd at £40,000 6.8%

Dros £40,000 a hyd at £75,000 7.2%

Dros £75,000 7.5%


33

Cyfraniadau

Gweithwyr

Cyfraniadau

Cyflogwyr

Pensiynau, Cyfandaliadau a

Budd-daliadau Marwolaeth

Math o Gorff2007/08

£’000

2008/09

£’000

2007/08

£’000

2008/09

£’000

2007/08

£’000

2008/09

£’000

Gweinyddu 7,984 8,357 31,501 27,112 14,429 14,449

Wedi’u derbyn 2,773 3,575 7,828 9,680 4,867 5,987

Wedi’u rhestru 11,812 13,269 42,855 39,757 52,281 59,493

Cyfanswm 22,569 25,201 82,184 76,549 71,577 79,929

2007/08

£’000

2008/09

£’000

Treuliau Rheoli’r Gronfa 2,648 3,342

Treuliau Gweinyddu Buddsoddi 475 281

Treuliau Gweinyddu Pensiynau 1,686 1,687

Cyfanswm 4,809 5,310

Treuliau Gweinyddu

Dyma’r treuliau gweinyddu a wynebodd Cronfa Pensiynau yn 2008/09:

Mae hyn yn cyfateb i 0.48% (0.35% yn 2007/08) o werth Cronfa Pensiynau fel yr oedd pethau ar 31 Mawrth 2009.

Cyfraniadau Posibl a Budd-daliadau Posibl

Mae’r tabl isod yn nodi’r cyfraniadau a dderbyniwyd a’r budd-daliadau a dalwyd ar gyfer y cyrff cyflogi i gyd.

Mae cyfraniadau cyflogwyr yn cynnwys £442 mil o gyfraniadau estynedig (£54 mil yn 07/08).

Mae cyfraniadau gweithwyr (yn ganran o gyflog pensiynadwy) hefyd yn cynnwys cyfraniadau arferol ar gyfer cynnydd

mewn buddion (14.7%), ynghyd â gwariant ar fuddsoddiadau ar gyfer cynnydd mewn buddion yn y gorffennol (7.1%),

llai swm ychwanegol tybiedig ar gyfer enillion ar fuddsoddiadau tymor byr (-1.7%).

Trafodion â Phartïon Perthynol

Yng nghwrs cyflawni’i swyddogaeth yn awdurdod gweinyddu i’r Gronfa, mae CBS Rhondda Cynon Taf yn rhoi

gwasanaethau i’r Gronfa ac fe gododd ffioedd o £1.3 miliwn (£1.3 miliwn yn 2007/08). Mae’r treuliau yma’n bennaf

ynghylch y gweithwyr hynny sy’n cael eu cyflogi i ofalu am gynnal gwasanaeth pensiynau.

Ar ddiwedd y flwyddyn, roedd cyfraniadau a oedd yn ddyledus oddi wrth Gyrff Cyflogwyr gwerth £5.3 miliwn

(£5.2 miliwn yn 2007/08). Roedd £4.0 miliwn yn gyfraniadau cyflogwyr a £1.3 miliwn yn gyfraniadau gweithwyr.

Arian wrth gefn

Mae ymrwymiadau wrth gefn gwerth £375 mil (£380 mil yn 2007/08) ar gyfer gweithwyr sydd wedi gadael ac sydd heb

hawlio ad-daliadau.


Barn Yr Archwilwyr

Datganiad yr Archwilwyr Annibynnol i Aelodau o AwdurdodGweinyddu Cronfa Pensiynau Llywodraeth Leol Rhondda Cynon Taf

Rydyn ni wedi archwilio’r cyfrifon ar bensiynau a nodiadau cysylltiedig fel sy wedi’u cynnwys yn Adroddiad Blynyddol

Cronfa Pensiynau Rhondda Cynon Taf 2008/2009 i bennu os ydyn nhw’n gyson â chyfrifon y gronfa pensiynau a’r

nodiadau perthynol hynny sy wedi’u cynnwys yn y Datganiad ar y Cyfrifon a baratowyd gan Gyngor Bwrdeistref Sirol

Rhondda Cynon Taf ar gyfer y flwyddyn sy’n dod i ben 31 Mawrth 2009. Cafodd y dogfennau yma’u cymeradwyo ar

gyfer eu cyhoeddi ar 29 Medi 2009. Mae cyfrifon y gronfa pensiynau’n cynnwys Cyfrifon ar y Gronfa a Datganiad o

Wir Asedau.

Cyfrifoldebau priodol y Corff sy’n Gweinyddu a’r ArchwilyddAnnibynnol

Y corff sy’n Gweinyddu, sef Cyngor Bwrdeistref Sirol Rhondda Cynon Taf, sy’n gyfrifol am baratoi’r Adroddiad

Blynyddol. Ein cyfrifoldeb ni ydy ffurfio barn ar faterion cysondeb y cyfrifon ar y gronfa pensiynau a nodiadau perthynol

sy wedi’u cynnwys yn yr Adroddiad Blynyddol a chyda’r cyfrifon ar y gronfa pensiynau a nodiadau perthynol sy wedi’u

cynnwys yn yr Adroddiad ar y Cyfrifon y Corff sy’n Gweinyddu. Yn ogystal â hynny, darllenon ni’r wybodaeth ategol

sydd i’w chael yn yr Adroddiad Blynyddol a rhoi ystyriaeth i’r goblygiadau ar gyfer ein hadroddiad ninnau pe baen ni’n

dod ar draws unrhyw gamddywediadau neu anghysondebau o ran y cyfrifon ar y gronfa pensiynau.

Trefnau llunio barn

Cynhalion ni ein harchwiliad ar yr Adroddiad Blynyddol yn unol â gofynion Cenedlaethol Safonau ar Faterion Archwilio

International Standard on Auditing (UK and Ireland) 720 ‘Other information in documents containing audited financial

statements’ mae Auditing Practices Board wedi’u cyhoeddi.

Aethon ni ati i gynllunio ein gwaith i ofalu bod y cyfrifon ar y gronfa pensiynau a’r nodiadau perthynol hynny sy wedi’u

cynnwys yn yr Adroddiad Blynyddol ar y Gronfa Pensiynau yn gyson â’r cyfrifon ar y gronfa pensiynau a nodiadau

perthynol yn yr Adroddiad ar y Cyfrifon a baratowyd gan Gyngor Bwrdeistref Sirol Rhondda Cynon Taf.

Barn

Yn ein barn ni, mae’r cyfrifon ar y gronfa pensiynau a’r nodiadau perthynol hynny sy wedi’u cynnwys yn Adroddiad

Blynyddol Cronfa Pensiynau Rhondda Cynon Taf yn gyson â’r cyfrifon ar y gronfa pensiynau a’r nodiadau perthynol

hynny sy wedi’u cynnwys yn y Datganiad ar y Cyfrifon a baratôdd Cyngor Bwrdeistref Sirol Rhondda Cynon Taf ar

gyfer y flwyddyn sy’n dod i ben 31 Mawrth 2009. Cafodd y dogfennau yma’u cymeradwyo ar gyfer eu cyhoeddi ar

29 Medi 2009 a dyma ni’n llunio barn ddiamwys yn eu cylch.

G. M. Lewis

Archwilydd Penodedig

29 Medi 2009

Swyddfa Archwilio Cymru, 24 Heol y Gadeirlan, Caerdydd, CF11 9LJ

34


Gan Hewitt Associates Limited

Adroddiad Yr Actwari

35


3636

Cyflwyniad

Yn unol â Rheoliadau’r Cynllun mae gofyn bod prisiad

actwari bob 3 blynedd. Diben y prisiad ydy cadarnhau

bod Cronfa Pensiynau Cyngor Bwrdeistref Rhondda

Cynon Taf (y Gronfa) yn bodloni gofynion eu

hymrwymiadau i gyfranwyr presennol a chyfranwyr y

gorffennol ac adolygu graddfeydd cyfrannu’r cyflogwyr.

Cynhaliwyd yr ymchwiliad actwari llawn ddiwethaf ar

31 Mawrth 2007, yn unol â Rheol 77(I) Rheoliadau

Cynllun Pensiwn Llywodraeth Leol 1997.

Adroddiad yr Actwari

1. Roedd cyfraddau cyfraniadau cyflogwyr yn ystod

2008/09 yn seiliedig ar brisiad yr actwari fel yr oedd

ar 31 Mawrth 2007.

2. Roedd y prisiad fel yr oedd ar 31 Mawrth 2007 yn

dangos bod cymhareb cyllido’r Gronfa wedi gwella

ers y prisiad diwethaf gydag asedau gwerth £1,327.3

miliwn, sy’n bodloni 70% o’r ymrwymiadau, ac felly,

yn achos y cyfranwyr presennol, yn caniatáu

cynnydd yn nhaliadau pensiwn yn y dyfodol. Y prif

resymau dros y gwella yn y gymhareb prisio ers

31 Mawrth 2004 oedd enillion gwell na’r disgwyl ar

asedau’r Gronfa, ynghyd â chyfraniadau ychwanegol

o du cyflogwyr. Roedd hyn yn gwneud iawn am

effaith newidiadau yn rhagdybiaethau’r actwari a

ddefnyddiwyd i adlewyrchu disgwyliadau chwyddiant

uwch a gwelliannau o ran hirhoedledd.

3. Roedd y prisiad yn dangos hefyd bod gofyn i

gyfraddau cyfraniadau cyflogwyr sy’n rhan o’r

cynllun (gyda’i gilydd) i’r Gronfa ar 1 Ebrill 2008 i

fod fel a ganlyn:

� 14.7% o gyflog pensiynadwy i fodloni

ymrwymiadau’r gwasanaeth ar ôl dyddiad y prisiad.

Gan ychwanegu

� 7.1% o gyflog pensiynadwy i adfer yr asedau i fodloni

100% o’r ymrwymiadau’r cyn dyddiad y prisiad, dros

gyfnod o 25 mlynedd o 1 Ebrill 2008 ymlaen.

Llai

� 1.7% o gyflog pensiynadwy ynghylch elw buddsoddi

tybiedig ychwanegol dros y cyfnod tan 1 Ebrill 2011.


37

6. Dyma brif dybiaethau’r actwari

Graddfa disgownt am gyfnodau yn gwasanaethu

Mewn gwasanaeth

Cyrff sy wedi’u derbyn 6.2% y flwyddyn

Cyrff sy wedi’u rhestru 6.2% y flwyddyn

Wedi gadael gwasanaeth

Cyrff sy wedi’u derbyn 5.2% y flwyddyn

Cyrff sy wedi’u rhestru 6.2% y flwyddyn

Elw tymor byr o fuddsoddiadau tan 1 Ebrill 2011

Soddgyfrannau/eiddo 7.1% y flwyddyn

Buddsoddiadau eraill 5.2% y flwyddyn

Graddfa cynnydd cyflog yn gyffredinol 4.7% y flwyddyn

Graddfa’r cynnydd ynghylch pensiynausy’n cael eu talu

3.2% y flwyddyn

Prisio’r asedauGwerth yfarchnad

Mae’r ffigurau yma wedi’u seilio ar y Rheoliadau

sydd mewn grym, neu sy’n cael eu deddfu gan

Lywodraeth San Steffan ac yn mynd i ddod i rym,

adeg cytuno ar adroddiad y prisiad, ac sy’n

caniatáu’n benodol am y newidiadau canlynol i fudd-

daliadau’r Gronfa ers y prisiad diwethaf:

� Cafodd darpariaethau ymddeol Rheol 85 eu hadfer

a’u diddymu eto. Cafodd amddiffyniadau pontio ar

gyfer rhai categorïau o aelodau eu hehangu.

� Cafodd newidiadau eu gwneud yn unol â Deddf

Cyllid 2004.

� Daeth y cynllun newydd i rym ar 1 Ebrill 2008.

Trosglwyddwyd pob aelod cyfredol i’r cynllun

newydd o’r dyddiad hwnnw ymlaen.

Roedd cynnydd mewn addewidion buddion yn y dyfodol

o gymharu â’r costau hynny a bennwyd yn y prisiad

diwethaf. Roedd newidiadau o ran buddion, newidiadau

yn yr economi a disgwyl i bobl i fyw yn hirach yn

gyfrifol am.

4. Mae’r rhan fwyaf o gyflogwyr sy’n rhan o’r Gronfa

yn talu gwahanol gyfraddau o gyfrandaliadau gan

ddibynnu ar eu profiad, y math o weithwyr sydd

gyda nhw ar hyn o bryd, a’r cyfnod adfer a

gytunwyd arno gyda’r Awdurdod Gweinyddu.

Mae cyfraddau’r cyfraniadau sy’n daladwy gan bob

Cyflogwr sy’n cymryd rhan dros y cyfnod 1 Ebrill

2008 i 31 Mawrth 2011 i’w gweld mewn tystysgrif

ddyddiedig 27 Mawrth 2008 sydd wedi’i atodi i’n

hadroddiad o’r un dyddiad ar y prisiad actwari.

Os ceir bod y tybiaethau’n rhai ymarferol, bydd

cyfradd cyfrannu pob cyflogwr yn codi ar 1 Ebrill

2011 oherwydd bydd elw buddsoddi yn y tymor byr

yn dod i ben. Yna, byddai’r cyfraniad yn parhau ar

yr un gyfradd am weddill cyfnod adfer y cyflogwr,

cyn newid i’r gyfradd briodol ar gyfer y tymor hir.

Byddwn ni’n edrych ar gyfraddau’r cyfraniadau yn

ystod y prisiad nesaf a fydd yn cael ei gynnal ar

31 Mawrth 2010.

5. Cafodd cyfraddau cyfraniadau’u cyfrifo gan

ddefnyddio dull amcanestyniad uned actwaraidd ar

gyfer y rhan fwyaf o gyflogwyr ac mae’r cyfraddau

ar gyfer y cyflogwyr i gyd yn cymryd i ystyriaeth

strategaeth ariannu’r Gronfa fel y nodwyd yn y

Datganiad o Strategaeth Ariannu.


38

Dydy Hewitt Associates Ltd ddim yn derbyn unrhyw

gyfrifoldeb dros gorff arall heblaw am ein client ni,

Cyngor Bwrdeistref Sirol Rhondda Cynon Taf,

o ran y datganiad yma.

Hewitt Associates Limited

02 Mehefin 2009

7. Actwari’r Gronfa, Hewitt Associates Ltd (Hewitt

Bacon & Woodrow gynt) luniodd y Datganiad hwn

i’w gynnwys yng nghyfrifon Cyngor Bwrdeistref

Sirol Rhondda Cynon Taf. Mae’n rhoi crynodeb o

ganlyniadau prisiad yr actwari ar 31 Mawrth 2007.

Mae’r prisiad yn rhoi cipolwg ar werth y gronfa adeg

y prisiad ac yn cael ei ddefnyddio ar gyfer asesu

cyfraddau’r cyfraniadau sydd eu hangen.

Dylid cyfeirio at adroddiad ffurfiol y prisiad sy’n

nodi manylion ynghylch y sefyllfa a’i gyfyngiadau yn

llawn wrth ddarllen y datganiad yma.


David Williams

Cyfathrebu

Adroddiad Ar FaterionCyfathrebu

39


40


Mae gofyn bod awdurdodau gweinyddu’n gofalu bod

cynnal a chadw trefnau llywodraethu cadarn a bod

datblygu’r rhain yn gefn i drefnau dod i benderfyniadau.

Mae trefnau llywodraethu ar gyfer Cronfa Pensiynau

Rhondda Cynon Taf i’w cael mewn nifer o ddogfennau

pwysig sy’n ymwneud â stiwardio’r Gronfa’n effeithlon.

� Mae Datganiad o Gydymffurfiaeth Materion Llywodraethu

trosfwaol yn pennu sefyllfa’r Gronfa yn erbyn

safonau arfer gorau’r Llywodraeth.

� Mae Datganiad o Bolisi Materion Llywodraethu sy’n rhoi

arolwg o’r strwythur rheoli, dod i benderfyniadau a

dod â chyflogwyr yn rhan o’r cynllun.

� Rydyn ni wedi ymroi i gynnal gwasanaeth materion

gwybodaeth a chyfathrebu cynhwysfawr ar gyfer

cyflogwyr ac aelodau’r cynllun pensiynau ac mae

modd dod i hyd i’r gwasanaethau hynny rydyn ni’n

eu darparu yn y Datganiad o Bolisi ar Faterion

Cyfathrebu.

� Mae’r Datganiad o Egwyddorion Buddsoddi’n nodi’n

fanwl sut rydyn ni’n rheoli buddsoddiadau’r Gronfa.

� Mae’r Datganiad ar Strategaeth Ariannu’n crynhoi sut

byddwn ni’n mynd ati i ariannu’n ymrwymiadau

pensiwn.

Mae’r dogfennau yma i gyd wedi’u cynnwys dan adran

Llyfrgell/Llywodraethu’n gwefan pensiynau, neu fel

arall, cysylltwch â’n desg gymorth a gofyn am gopi.

Dyma rai o’r gwasanaethau mae modd i’r

aelodau fanteisio arnyn nhw

Desg GymorthMae’n desg gymorth ni yn dal i roi cymorth ynghylch

ateb eich cwestiynau ar faterion pensiynau rhwng

9.00am a 5.00pm dydd Llun i ddydd Gwener.

Ffoniwch y ddesg gymorth ar 01443 680 611

Cyrchu’r rhyngrwyd

Tra byddwn ni’n parhau i wneud ein gwasanaethau ni

mor hwylus ag y bo modd, byddwn ni’n dal ati i

fireinio’n gwefan. Mae’r wefan wedi’i llunio’n arbennig ar

gyfer diwallu anghenion ein haelodau ac mae’n cynnwys

yr wybodaeth a ganlyn:-

� Arweiniad ar-lein i’r cynllun

� Cyfrifiannell Pensiynau rhyngweithiol

� Y newyddion a’r materion diweddaraf

� Llwyth o wybodaeth ychwanegol ynglyn â Chynllun

Pensiynau Llywodraeth Leol

Cysylltwch â’r wefan trwy gyfrwng

www.rctpensions.org.uk

Cyflwyniadau

Mae Carfan Materion Cyfathrebu’n barod iawn i drefnu

seminarau i drafod y newidiadau pwysig yma o ran

ffordd o fyw:-

� Cyfnod sefydlu

� Cynllunio cyfnod canol oed

� Cyfnod ymddeol ar y gorwel

Os oes unrhyw gyflogwr a fyddai’n hoffi cael un o’r

cyflwyniadau hyn, ffoniwch Reolwr Cyfathrebu’r

garfan: - 01443 680646


4141

Cyfraniadau Ychwanegol Gwirfoddol

Fe all yr aelodau hynny o’r cynllun sy’n ystyried ‘ymestyn’ eu darpariaeth ar gyfer pensiwn ymddeol gysylltu’n

uniongyrchol â’r darparwr AVC, cwmni Prudential.

Yn ogystal â chynnig y ffeithiau’n rhad ac am ddim, mae cwmni Prudential yn trefnu cyflwyniadau ar gyfer y gweithwyr

sy’n perthyn i Gronfa Pensiynau Rhondda Cynon Taf i gyd.

Ffoniwch Wifren Gymorth Cyswllt Pensiynau ar

0845 607 0077Dyddiadau i’w nodi

TachweddCyhoeddi adroddiad blynyddol Cronfa Pensiynau

Cyfarfod Blynyddol Cyffredinol y Cyflogwyr

Rhagfyr Dosbarthu Adroddiadau Blynyddol ynglyn â Budd-daliadau

Ionawr Cyhoeddi Cylchlythyr Cymru Gyfan

Mawrth Hysbysiad o Fandiau Cyfraniadau

Ebrill Cyhoeddi Cylchlythyr Pensiynwyr

Mehefin Arolwg o’r Cwsmeriaid


42

Cafodd 1000 o holiaduron eu dosbarthu a daeth 386 (38.6%) ohonyn nhw yn ôl. Dyma’r canlyniadau:

Ydych chi wedi cysylltu ag Isadran Pensiynau yn ystod y flwyddyn ddiwethaf ?

Yn aml - 0.5% O bryd i’w gilydd - 9.5% Prin - 14% Erioed - 76%

Oedd eich neges ddiwethaf yn ymwneud ag ymholiad neu’n gwynymholiad neu’n gwyn?

Ymholiad - 98.5% Cwyn - 1.5%

Sut cysylltoch chi ag Isadran Pensiynau’r tro diwethaf ?

Galw heibio i’r swyddfa - 7.5% Trwy lythyr - 9% Dros y ffôn - 83.5% Drwy e-bost - 0%

Y tro diwethaf cysylltoch chi â ni, sut basech chi’n disgrifio’r gwasanaeth o ran:

Da iawn Gweddol Gwael

Gwasanaeth cyflym 64% 34% 2%

Cwrteisi’r staff 78% 21.5% 0.5%

Triniaeth deg 72% 27.5% 0.5%

Beth ydy’ch barn chi am y gwasanaethau mae Isadran Pensiynau’n eu cynnal at ei gilydd?

Da iawn - 72.5% Gweddol - 26.5% Gwael - 1%


Bob blwyddyn, rydyn ni’n cyhoeddi arolwg safonol o’r

gwasanaeth a’n hapymgynghori â’r aelodau sydd wedi

ymddeol yn gymorth i symud y gwasanaeth yn ei flaen.

Fis Mehefin, buon ni’n hapymgynghori â 1,000 o’n

haelodau a daeth 386 ohonyn nhw yn ôl aton ni.

Roedd 66 o’r bobl hynny a atebodd wedi penderfynu

ychwanegu sylwadau neu awgrymiadau cyffredinol i’w

holiaduron. Dyma’r math o sylwadau gawson ni:

“Gwasanaeth Pensiynau Ardderchog”

“Mae’n braf cael siarad gydag aelodau o staff

sy’n barod eu cymwynas ac sy’n gwrtais ac

yn effeithlon. Diolch!”

“Rydw i’n fodlon iawn ar y gwasanaeth”

“Gwasanaeth cefnogol a defnyddiol”

Cafodd Cylchlythyr y Pensiynwyr eleni ei gynhyrchu mewn print mwy bras a gofynnon ni i aelodau fel rhan o’r holiadur

os oedd yn well ganddyn nhw hynny.

Roedd yn well gan 94% o’r aelodau a fynegodd ddiddordeb yn y fformat newydd, doedd 1% ddim yn hoff o’r fformat ac

roedd 5% yn hoffi’r fformat blaenorol.

Ymhlith yr atebion a ddaeth i law, roedd 153 o’r bobl

hynny a ymatebodd wedi penderfynu ychwanegu

sylwadau’n ymwneud â’r cylchlythyr. Dyma’r math o

sylwadau a gawson ni:

“Llawn gwybodaeth a difyr”

“Digon o wybodaeth sy’n hawdd ei darllen, daliwch ati”

“Dim o ddiddordeb mawr”

“Cylchlythyr da”

“Digonol”

“Da. Yn cyflwyno hyn a hyn o wybodaeth”

“Rydw i bob amser yn ei ddarllen – a’i gadw er

gwybodaeth”

“Mae’r cylchlythyr yn iawn, yn trafod yr hyn sydd o

bwys ac yn hawdd ei ddeall”


43

Y Cynllun Ar Gip

Dod yn Aelod

I gael dod yn aelod o GPLlL, mae gofyn bod gan

aelodau perthnasol o GPLlL gytundebau cyflogaeth sy’n

para 3 mis man lleiaf a bod aelodau dan 75 oed.

Os ydych chi’n gymwys i ddod yn aelod, byddwch

chi’n dod yn aelod o’r cynllun yn awtomatig oni bai’ch

bod chi’n cael eich cyflogi gan gorff sy’n derbyn.

Mewn achosion o’r fath bydd gofyn ichi ddewis

ymuno â’r cynllun.

Does dim hawl gyda heddweision, dynion tân nac

athrawon i ddod yn rhan o’r cynllun.

Cyfraniadau gweithwyr

Bydd cyfraddau cyfrannu athrawon rhwng 5.5% a 7.5%

o’u cyflog pensiynadwy. Cyfrifoldeb cyflogwyr ydy

pennu’r band cyflog cywir.

Bydd aelodau sy’n gweithio rhan-amser yn cael cyfradd

sy’n seiliedig ar gyflog amser llawn, ond bydd dim ond

disgwyl iddyn nhw i dalu cyfraniadau ar hyn maen nhw’n

ei ennill yn unig.

Mae modd i’r aelodau i gael rhagor o fanylion ar fandiau

cyflog trwy gysylltu â’r Ddesg Gymorth neu alw heibio

i’r Wefan.

Buddion adeg ymddeol

Mae cyfrifo buddion pensiwn ar sail 1/60 o’ch cyflog

terfynol ar gyfer bob blwyddyn rydych chi wedi bod yn

aelod o’r cynllun. Os bydd rhaid ymddeol ar sail

afiechyd, efallai bydd modd hawlio’r buddion yn llawn

beth bynnag.

Ar gyfer y sawl sy’n gweithio rhan-amser, mae cyfrifo

buddion yn yr un ffordd ond bydd aelodaeth o’r cynllun

yn cael ei chyfrif yn ei hanner tra bod cyflog yn

chwyddo i gyfateb â chyflog amser llawn.

Mae modd cyfnewid hyd at 25% o’ch pensiwn am un

cyfandaliad di-dreth; bydd aelodau sy’n dewis cyfnewid

rhan o’u pensiwn am arian parod yn y ffordd yma’n cael

£12 o arian parod di-dreth am bob £1 o’r pensiwn a

ildiwyd.

Bydd yr aelodau hynny a ymunodd â’r cynllun cyn 01

Ebrill 2008, yn parhau i gael eu buddion (cyn y dyddiad

hynny) wedi’u cyfrifo’n seiliedig ar 1/80 ar gyfer

croniadau pensiwn a chyfandaliad o 3/80.

Oedran ymddeol

Yr oedran ymddeol arferol ar gyfer aelodau newydd ydy

65 oed.

Ar gyfer achosion o ymddeol ar sail salwch, mae modd

talu buddion ar unrhyw oedran.

Mae modd i aelodau i ddewis i dderbyn eu buddion yn

60 oed, ond ar lefel ostyngol. Bydd gan rai aelodau

amddiffyniadau pontio* yn eu lle, lle bod cwtogi ar y

gostyngiadau, neu dydyn nhw ddim yn gymwys.

*Mae modd i aelodau gael rhagor o fanylion ar amddiffyniadau

pontio trwy gysylltu â’r Ddesg Gymorth.

Gyda hawl eich cyflogwr, efallai bydd modd i weithwyr

ymddeol a derbyn buddion yn 55 oed. Eich cyflogwr sydd

â’r hawl i wneud penderfyniadau o’r fath ond mae gofyn

eu bod nhw’n pennu’u polisïau gyda golwg ar hyn o beth

mewn datganiad cyhoeddedig (50 oed ar gyfer yr aelodau

hynny a ymunodd â’r cynllun cyn 31 Mawrth 2008 ac sy’n

ymddeol â hawl eich cyflogwr cyn 1 Ebrill 2010).

Rhaid derbyn buddion yn 75 oed fan pellaf.

Buddion marw yn ystod cyfnodgwasanaeth

Mae cyfandaliad cymhorthdal marw yn ystod cyfnod

gwasanaeth gwerth hyd at 3 gwaith eich cyflog yn

daladwy ac mae gan Gronfa Pensiynau Rhondda Cynon

Taf hawliau llawn i benderfynu pwy i dalu’r cymhorthdal

iddo, serch hynny, mae’r Gronfa’n caniatáu i aelodau i

bennu’r sawl bydden nhw’n hoffi i dderbyn y swm yma.

Yn ogystal, efallai bydd talu pensiwn i wraig weddw, gwr

gweddw, partner sifil, cymar sy’n cyd-fyw a/neu blant

sy’n ddibynnol.

Manteisio i’r eithaf ar eichbuddion

Mae’r Cynllun yn cynnig nifer o ffyrdd i’r aelodau i

wella’u buddion:

� Talu Cyfraniadau Ychwanegol Rheolaidd (CYR) i

brynu pensiwn CPLlL ychwanegol

� Mae gwneud darpariaeth ychwanegol trwy gynllun

Cyfraniadau Gwirfoddol Ychwanegol (AVC) sy’n

cael ei weithredu ar y cyd â chwmni Prudential yn

cynnig dewisiadau pensiwn ac yswiriant bywyd.


44

Buddion yn achos o farwolaethar ôl ymddeol Mewn amgylchiadau cyfyng o’r fath, efallai bydd modd

talu cyfandaliadau cymhorthdal. Os felly, mae gan

Gronfa Pensiynau Rhondda Cynon Taf hawliau llawn i

benderfynu dros ddosrannu’r cyfandaliad ymhlith teulu,

dibynyddion, cynrychiolwyr personol, buddiolwyr

enwebedig yr ymadawedig. Mae union swm y

cyfandaliad yn dibynnu ar gyfnod aelodaeth yr aelod a’r

cyfnod hwnnw mae talu pensiwn. Yn gyffredinol, mae

talu pensiwn talu pensiwn i wraig weddw, gwr gweddw,

partner sifil, cymar sy’n cyd-fyw a/neu blant sy’n

ddibynnol.

Cynnydd yng nghostau bywMae pensiynau sy’n daladwy i aelodau sy’n ymddeol ar

sail salwch ac i weddwon a phlant aelodau’n codi’n

flynyddol yn unol â Mynegai Prisiau Adwerthu (RPI).

Mae pensiynau sy’n daladwy i aelodau eraill sy wedi

cyrraedd 55 oed hefyd yn manteisio ar brawf

chwyddiant blynyddol. Lle bod hawl gan bensiynwr i

hawlio Isafswn Pensiwn Gwarantedig (sy’n ymwneud

ag aelodaeth hyd at 5 Ebrill 1997), efallai bydd yr

Adran Gwaith a Phensiynau yn gyfrifol am brofion

chwyddiant statudol.

Gwybodaeth BellachMae’r Canllaw i Aelodau’n cynnwys rhagor o fanylion

am y Cynllun. I gael copi, gofynnwch i unrhyw gyflogwr

sy’n cymryd rhan yn y cynllun neu’r Adran Pensiynau’i

hun.

Manylion Cyswllt CyfranwyrGwybodaeth

Am ragor o wybodaeth ynglyn â Chynllun

Pensiwn Llywodraeth Leol a materion eraill yn

ymwneud â phensiynau, cysylltwch â:

Gwifren Gymorth Materion Pensiynau

Ffôn: 01443 680611 Ffacs: 01443 680717 neu

ysgrifennu at:- Cyfarwyddwr y Gwasanaethau

Corfforaethol, Isadran Pensiynau, Cyngor Bwrdeistref

Sirol Rhondda Cynon Taf, Ty Bronwydd, Y Porth,

Cwm Rhondda CF39 9DL

Ebost: [email protected]

Polisïau Materion Gweinyddu Pensiynau

Mr Philip Green - Rheolwr Materion Pensiynau

Ffôn: 01443 680611


Buddsoddiadau’r Gronfa

Miss Yvonne Keitch - Swyddog Buddsoddi

Ffôn: 01443 680563


Cyfrifon Cronfa Pensiynau

Mr Ryan Emmett - Cyfrifydd Cronfa Pensiynau

Ffôn: 01443 680734


Cyflwyniadau neu Seminarau Hyfforddi

Mr David Williams - Rheolwr Cysylltiadau

Ffôn: 01443 680646



33718-40 Pension 2009 TEXT 28361-40 · 2019. 5. 15. · 33718-40 Pension 2009 TEXT_28361-40...

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Transcript of 33718-40 Pension 2009 TEXT 28361-40 · 2019. 5. 15. · 33718-40 Pension 2009 TEXT_28361-40...