UK - The Greater Manchester Pension Fund's net assets have soared by more than £1.6bn to £6.65bn since last March, new figures show.
And Britain’s largest local authority fund said it has enjoyed increased returns of 3% during the past two years – despite a general market downslide.
Fund chairman Roy Oldham, leader of Tameside Council, said a “prudent investment strategy” and hands-on management tactics had helped achieve the strong performance.
He added: “The fund has won many awards, but the bottom line is the security it delivers to local pensioners who have retired from their council and this is achieved at a relatively low cost to employers. The fund also invests successfully in the local economy.”
Oldham said returns had also been bolstered by the scheme’s relatively high property allocation – particularly its investment in the Greater Manchester Property Venture Fund, to which recent investments have included the former Manchester skin hospital and Quay Street redevelopment.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.