2010/11 (PDF, 48 Pages, 1013KB) - THE LOCAL GOVERNMENT ...

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Financial Statements - Notes to the Accounts14. Summary of Managers Portfolio Values as at 31 March 20112011 2010£’m % £’m %Externally ManagedJP Morgan (European Equities) 192 3.8 177 3.8UBS (US Equities) 417 8.2 381 8.1Nomura (Japan) 201 4.0 204 4.4Nomura (Pacific Rim) 0 0 182 3.9Nomura (Emerging Markets) 0 0 260 5.6Schroders (Fixed Income) 189 3.7 177 3.8Legal & General (Pooled Assets - UK Equities & Index Linked) 859 16.9 940 20.1Legal & General (Fixed Income) 195 3.8 183 3.9Unigestion (European Equities) 147 2.9 138 2.9M&G (UK Equities) 167 3.3 146 3.1M&G (Global Emerging Markets) 134 2.6 0 0TT International (UK Equities) 148 2.9 139 3.0Blackrock (UK Equities) 165 3.2 143 3.1Blackrock (Pacific Rim) 110 2.2 0 0Newton (UK Equities) 135 2.7 122 2.6Amundi (Global Emerging Markets) 139 2.7 0 0Maple-Brown Abbot (Pacific Rim Equities) 104 2.0 0 03,302 64.9 3,192 68.32011 2010£’m % £’m %Internally ManagedUK Equities 481 9.4 467 10.0European Equities 144 2.8 132 2.8Property (Direct) 252 5.0 210 4.5Property (Indirect) 172 3.4 88 1.9Private Equity 241 4.7 192 4.1Hedge Funds 225 4.4 231 4.9Infrastructure 38 0.8 0 0Opportunities 115 2.3 87 1.9Short Term Deposits & Other Investments 117 2.3 76 1.61785 35.1 1,483 31.7Nomura as at 31 March 2010 had amandate for Japanese, Pacific Rim andEmerging Markets equities. Followinga tender exercise they were retainedfor Japanese equity mandates,but their Pacific Rim and Emerging5,087 100.0 4,675 100.0Market mandates were reallocatedto Blackrock and Maple-Brown Abbot(Pacific Rim equities mandates). Amundiand M&G were appointed for theEmerging Markets equity mandates.30 Financial Statements www.merseysidepensionfund.org.uk
15. Additional Voluntary Contribution Investments 16. Compensatory Added Years (CAYs)The Committee holds assets investedseparately from the main fund.In accordance with regulation 5 (2) (c)of the Pensions Schemes (Managementand Investment of Funds) Regulations1998, these assets are excludedfrom the Pension Fund accounts.The aggregate amount of AVC investments is as follows:The Scheme providers are Equitable Life,Standard Life and Prudential. Individualmembers participating in this arrangementeach receive an annual statementconfirming the amounts held on theiraccount and the movements in the year.2011 2010£000 £000Equitable Life 2,898 3,100Standard Life 6,035 6,834Prudential 4,079 4,40013,012 14,334Changes during the year were as follows:Contributions 1,705 1,575Repayments 3,544 1,879Change in market values 517 1,863In previous years’ accounts, payments ofCAYs to pensioners, and the equivalentrecharge to the employers who grantedthese additional payments were includedwithin the figures of Benefits Payable(Note 4 to the accounts) and“Contributions Receivable” (Note 3 tothe accounts). Since the implementationof the LGPS (Miscellaneous) Regulations2009 SI 3150, which came into force 31December 2009, this has been technicallyincorrect. As it is now unlikely that employerswill take up the option within thoseregulations to convert current rechargeableCAY benefits into Scheme Pension oradditional pension, these transactionsare now shown outside the accounts as aseparate note. A prior period adjustmenthas been made in respect of the financialyear ended 31 March 2010 to removethese entries from the financial statements.2011 2010£000 £000Received from Employers 11,560 12,183Paid as Benefits 11,560 12,183Net Impact on MPF accounts 0 0www.merseysidepensionfund.org.uk Financial Statements 31
Page 2: Contents3 Management Structure4 Cha
Page 6 and 7: Management of the FundThe overall r
Page 8 and 9: Investment ReportYear ended 31 Marc
Page 10 and 11: Investment ReportYear ended 31 Marc
Page 12: 12Knowsley Hall
Page 15 and 16: Rental incomeRental income from pro
Page 17 and 18: 4. Benefits Payable5. Payments to a
Page 19 and 20: 7. InvestmentsMarket Value @31.3.10
Page 21 and 22: Forward Foreign ExchangeContract Se
Page 23 and 24: Carrying Amount31 March 2011Loans a
Page 25: Disclosure Note Re: Transaction Cos
Page 28 and 29: Financial Statements - Notes to the
Page 32 and 33: Financial Statements - Notes to the
Page 34 and 35: Audit ReportIndependent auditor’s
Page 36 and 37: Scheme Administration ReportMerseys
Page 38 and 39: Scheme Administration ReportPropose
Page 40 and 41: Scheme Administration ReportKey Imp
Page 42 and 43: 42Merseyside Pension Fund
Page 44 and 45: Appendix AScheme employers with act
Page 46: Appendix CInformation ContactsPosit

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