The functions of the council as administering authority of the pension funds are delegated to the Pensions Committee supported on investment matters by The Pensions Investment Sub-Committee.

It is the responsibility of the Committee to determine the overall investment strategy, the type of investment management to be used, and what restrictions, if any, are to be placed on particular types of investment and the location, by market, of those investments.

The pensions funds are invested in Government bonds, equities and property, details of some of these properties can be found on the Investment properties page .

The investment management arrangements at the end of 2007/08 for the Main Fund were:-

Investment Manager	%	£ Million
In-house management of : - equities on an enhanced consensus index basis (linked to all-share index in the UK and other relevant indices in other markets) - cash	35% 5%	813 122
Active management of equities by Schroders	22%	509
Active management of UK and overseas fixed interest portfolio by Aegon	15%	359
Active management of property by Goodman Property Investors	13%	307
Active management of UK and overseas equity portfolios by Hermes with focus on company engagement	4%	101
Active management of smaller property and private equity portfolios by a variety of managers	6%	149
Total	100%	2,360

The investment management arrangements at the end of 2007/08 for the Admitted Bodies Fund were:-

Investment Manager	%	£ Million
In-house management of : - equities on an enhanced consensus index basis (linked to all-share index in the UK and other relevant indices in other markets) - cash	41% 7%	29.7 5.2
Active management of equities by Schroders	27%	19.4
Active management of UK and overseas fixed interest portfolio by Aegon	13%	9.8
Property unit trusts managed by Aberdeen and Schroders	12%	8.4
Total	100%	72.5