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  2. PENSION FUNDS
May 23, 2018 01:00 AM

LGPS in England and Wales return 19.5% in latest annual report

Sophie Baker
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    The 90 local government pension schemes in England and Wales achieved a 19.5% investment return for the year ended March 31, 2017, the latest annual report said.

    The report, published by the LGPS Scheme Advisory Board, said that return compared to a 0.1% gain in 2016, "reflecting more favorable financial market conditions."

    For the three years ended March 31, 2017, LGPS funds achieved an annualized return of 11.2%. Over a five-year period, the annualized investment return was 10.7%, and for the 10 years ended March 31, 2017, 7%.

    The assets of these pension funds grew 21% over the year ended that date to £263 billion ($327.5 billion).

    The average asset allocation for these pension funds was 62% bonds, up from 60% a year earlier. Equities allocations fell to 15% from 16% in 2016, and alternatives exposure grew to 10% from 9%.

    Real estate assets grew to 8% of the average pension fund, down from 9%; cash allocations fell to 2% from 3%; and diversified growth assets exposure was flat at 3%.

    The pension funds' latest triennial valuation as of March 31, 2016, showed a funding level of 85% across these LGPS funds. The previous triennial valuation, as of March 31, 2013, showed a funding level of 79%.

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