UK - The Cumbria Pension Fund has suffered from long-term underperformance, an audit commission best value inspection has revealed. In a report published this month inspectors noted that average performance in the 10 years from 1991 to 2000 was in the bottom 5% of local authority pension funds.
The £750m fund achieved a “no star” rating from the commission and came 99th out of the 100 funds over that period. According to the review, the scheme is now improving after moving from a balan...
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