We published our unaudited annual report today for the year to 31st March 2020.

The report has also been submitted to Audit Scotland for review.

Key figures and highlights of the year include:

  • Closing Fund value was  £20.9 billion
  • Total return for the year was -3.5%
    • Fund Benchmark return was -4.1%
    • FTSE All Share return was -18.5%
  • 3 and 5 year annualised return figures are +2.7% and +6.4 p.a., comfortably ahead of benchmark. But the 3-year return is less than the actuary's long-term assumption of +3.5% p.a.
  • Closing cash balance was £196m, unusually high, to ensure funds available to pay pensions.
  • Membership exceeded 250,000 for the first time in the course of the year.
  • SPF was named among the Principles for Responsible Investment Leaders Group during the year.
  • Delivery of the 2019/20 business plan had largely been completed before Coronavirus  disruption started.
  • The risk register has been reviewed in light of Covid-19. Most risks are long-term and have remained unchanged.
  • Transfer and closure of the Strathclyde No.3 Fund was completed during the year.
  • SPF is well positioned for the aftermath and recovery from Covid-19, but there can be no doubt that there will be difficult times ahead.