News item in full

Annual meeting welcomes excellent fund performance

For the second year running, the annual pensions funds meeting, held in County Hall in early October, received very positive news in the Pension Fund’s performance.

The key messages from the 2006/2007 review were:-

• the main Pension Fund’s value is at a record high and is valued at £2.4bn, up from £2.2bn in 2005/2006
• the number of members in the Fund continues to grow and now stands at 81000, compared with 77000 in 2005/2006
• the Fund continues to receive more in contributions than it pays out in benefits to pensioners.

The Fund’s Actuary, who was also present at the meeting, praised the Fund’s investment performance but also highlighted the increasing longevity of pensioners which was resulting in an increase in Pension Fund liabilities. Work is continuing on the Fund’s 3 yearly valuations but the Actuary anticipated an improvement in the overall funding level of both the Main Fund and the smaller Admitted Bodies Fund, but cautioned that progress towards full funding remained a long term goal.

The audience heard about the changes being introduced by the New Look Pension Scheme (details of which featured in the Summer 2007 edition of Nest Egg) and prior to the meeting, were able to view the Fund’s new web site.

In conclusion, Councillor Baron, Chair of the Pensions Committee, confirmed that he and his colleagues on the Pensions Committee would continue to act in the best interests of present and future beneficiaries of the Pension Funds and hoped for another good investment return in 2007/2008.