The full agenda, reports and minutes of today’s Strathclyde Pension Fund Committee includes more information on the following key (and other) issues.
As at 30 September 2009 (when the Fund’s total asset value was £9,273m) the Fund was estimated to be 83.1% funded. The Fund’s investment return for the quarter to 30 September 2009 was 16.8% compared to 12.8% for the average UK pension fund, and the Fund’s total asset value was £9,069m on 31 October.
Following the three-yearly review of the Fund’s investment strategy and structure:
• The funding of Threadneedle and PIMCO and termination of Henderson and Western have been completed.
• The Fund’s active currency strategy mandate with Mellon will be terminated with immediate effect. Record and Millennium will be retained as they remain an attractive source of potential additional active returns for the Fund.
• A tender notice has been issued for property portfolio management.
• The governance arrangements for the New Opportunities portfolio and the procurement of specialist consultancy advice as required at the discretion of the Executive Director of Financial Services have been approved.
Quarterly administration performance was again above target, except for retirement illustrations.
An action plan for further improving the maintenance of member data has been drawn up with the help of internal audit. This is being supported by the recent introduction of annual processes for reconciling employer contributions.
Two new employers were given permission to participate in the Fund as admitted bodies: City Property (Glasgow) LLP and Connaught Partnerships Ltd.
Two employers are no longer contributing to the Fund: Arden Out of School Project and SLIMS Ltd.