The Strathclyde Pension Fund Committee held its regular quarterly meeting today.
As a result of gloomy consumer and investor sentiment and higher energy and food costs starting to dampen high street spending, the Fund’s investments returned –1.6% in the quarter to 30 June 2008. The FTSE All Share fell by 1.4% in the quarter and the MSCI All Country World index fell by 1.5%.
The Fund ‘s value at 30 June was £9.2bn. Its funding position has reduced from an estimated 100% at the end of December 2007 to 85% at the end of June 2008.
The No.3 Fund’s funding position has reduced from 88% to 86% over the last quarter.
The Committee approved an updated Statement Of Investment Principles and the Investment Advisory Panel will be looking at increasing the Fund’s allocation to private equity as part of a review of investment strategy over the coming year.
As a result of the major initiative on membership data, outstanding errors amongst major employers have been reduced to 3.9% from 9.3% over the quarter.
A detailed project plan for implementing the New Local Government Pension Scheme in Scotland from 1st April 2009 is in place and many of the first steps in communicating the changes to employers and employees have already been taken.
Three new Admitted Bodies (new employers) were given permission to participate in the Fund: Strathleven Regeneration Company Ltd, City Markets (Glasgow) LLP and Glasgow Community Justice Authority.
To view the agenda, reports and minutes of the meeting follow this link.