Pensions Fund Annual Report 2011-12 , item 18. PDF 4 MB

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C h a i r m a n ’s r e p o r t Welcome to our pension fund’s annual report for the financial year ended March 2012. 2011/2012 has been a turbulent year in the financial markets with the eurozone debt crisis continuing to cause shockwaves globally and showing no signs of abating as the period ended. In the UK, where the EU is our biggest export market, we have not escaped unscathed, with the economy returning two consecutive quarters of negative growth in the second half of the period to enter a double dip recession for the first time since the 1970’s. In the face of the challenges in the financial environment, it has been pleasing that the fund, through its strategic planning has managed to grow this year, increasing in value by 4.5% to £2,679m. In doing this the fund has outperformed both its own benchmark and the average return of other local authority funds which is good news for all our stakeholders. During the year there have been further developments regarding reform to the Local Government Pension Scheme as an outcome of the Hutton review of public sector pension schemes. More details on this can be found in our fund membership pages alongside details of the current scheme. DRAFT Throughout this document you will find lots of useful information on the fund including investment performance information, details on how the fund is run and our fully audited accounts for the year. Should you have any further queries though, please feel free to contact us using the details on page 55. Finally, I would like to take this opportunity to thank the Director of Finance and Resources and his staff for their work during the year. Phillip E B Atkins Chairman (Pensions Panel) 2
F u n d m a n a g e m e n t Governance Staffordshire County Council is legally responsible for the fund. Managing the fund’s affairs effectively is one of our main aims. As a result of the Local Government Act 2000, the county council introduced a new set of rules known as the ‘constitution’. Under the constitution, the Pensions Committee and Pensions Panel are delegated to look after the fund as set out below. Pensions Committee The main tasks of the Pensions Committee are to; decide the overall funding strategy decide how much of the fund should be shared out between different types of assets and which countries they should be invested in make sure that the fund invests in different kinds of assets to spread the risk review investments to make sure they are suitable for the needs of the fund agree the terms under which bodies (for example, contractors) will be allowed to join the scheme decide how to use its discretionary powers approve the annual report and accounts monitor the overall administration of the scheme. Pensions Committee council members Philip E B Atkins Ray Barron Brian Beale Pat Corfield MaryonDRAFT Mike DRAFT Mike Maryon Michael Lawrence Stephen Sweeney Christina Jebb Geoffrey Locke 3
Page 1 and 2: Staffordshire Pension Fund Annual r
Page 3: Contents 2 3 9 18 27 53 55 Chairman
Page 7 and 8: 7 F u n d m a n a g e m e n t Pensi
Page 9 and 10: F u n d m a n a g e m e n t Adminis
Page 11 and 12: I n v e s t m e n t r e p o r t DRA
Page 13 and 14: I n v e s t m e n t r e p o r t DRA
Page 15 and 16: I n v e s t m e n t r e p o r t Inv
Page 17 and 18: I n v e s t m e n t r e p o r t Inv
Page 19 and 20: I n v e s t m e n t r e p o r t Cur
Page 21 and 22: F u n d m e m b e r s h i p Benefit
Page 23 and 24: F u n d m e m b e r s h i p aT New
Page 25 and 26: F u n d m e m b e r s h i p Benchma
Page 27 and 28: F u n d m e m b e r s h i p Custome
Page 29 and 30: Financial statements Staffordshire
Page 31 and 32: F i n a n c i a l s t a t e m e n t
Page 35 and 36: notesDRAFT DRAFT Assumptions The as
Page 37 and 38: Financial statements F i n a n c i
Page 55 and 56:
G l o s s a r y Glossary of terms A
Page 57 and 58:
C o n t a c t s If you have any que
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Pensions Fund Annual Report 2011-12 , item 18. PDF 4 MB

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