UK - Net returns on investments at the London Pensions Fund Authority (LPFA) suffered under the fall of equity markets, as revealed by the body's annual report and accounts for 2000-01.
Net returns on investments for 2000-01 was £121.4m, compared with £205.9m for 1999-00. Net assets at the LPFA for 2000-01 was £2.8bn, compared with £3bn for 1999-00.
Despite this decrease, pension fund income increased to £178.3m in 2000-01, compared with £173.7m in 1999-00.
According to actuarial firm Hymans Robertson, the UK equity market fell by 10.8% from March 2000 to March 2001. The firm explained that recent falls should be taken into perspective, adding that prior years’ returns had been very strong.
“The fall in equity prices was triggered by declining economic growth which was most obvious in the US,” said Hymans Robertson in a market commentary.
“Profit warnings from a diverse range of companies, and the publication of increasingly cautious economic forecasts, added to investors’ concerns.”
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