US - Assets at the New York State Common Retirement Fund have hit $146.5bn, surpassing 2008 levels, state comptroller Thomas DiNapoli said today.
The fund returned 14.6% in the year ended 31 March. Returns were mainly driven by strong international and domestic equity markets, DiNapoli said.
Domestic equities returned 17.6%; international equities, 14.3% and private equity, 18.9%. Real estate investments returned 26.7% while emerging markets equities returned 16.1%. Treasury Inflation-Protected Securities returned 9.7% and core fixed-income, 8%t.
"The Fund remained resilient during a tough economic period," DiNapoli said. "We've come a long way back. The strong returns should reassure our beneficiaries and New York taxpayers that the Fund is strong and sustainable. New York has always paid its pension bills on time and we've invested wisely. Over the last 20 years, 83% of the costs of benefits have been funded from investment returns.
In September, the fund decreased its assumed rate of return to 7.5%. (Global Pensions; 3 September 2010)
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.