A MULTI-MILLION pound fund that looks after the pensions of tens of thousands of Council workers in South Wales has been named the best in Britain.
The City and County of Swansea pension fund that looks after the pensions of current and retired staff at Swansea and Neath Port Talbot Councils scooped Fund of the Year in the £750m to £2bn bracket at the LGC Finance Awards.
Stuart Rice, Cabinet Member for Finance, said the award was well-deserved and was a direct result of the fund’s performance in what are tough economic times.
He said: “Just before the recession hit, the finance team at the Council carried out a comprehensive investment strategy review. The result of that has been a terrific investment performance, putting the fund into the top dozen local government pension schemes in Britain.”
The major investment strategy review involved a major diversification programme which provided much-needed protection in the severe market conditions of 2008/09
Now in their 16th year, the Local Government Chronicle Finance Awards aim to recognise and reward the innovation and excellence of local government’s finance champions.
Judges said Swansea‘s award was made in recognition of the positive impact of the comprehensive investment strategy review undertaken in 2008/09 which saw the fund return upper quartile performance ranking 12th out of 89 funds.
This investment performance was coupled with continued improvements on the administrative front in dealing with members.
