Dorset County pension fund at record value

Dorset County pension fund at record value

Published by Maria Greenwood at 9:09am 12th September 2019.

The Dorset County Pension fund now has a value of just over £3billion for the first time, up from £2.85 billion at the start of the last financial year.

More than 71,000 public sector workers across the whole county rely on it for their pensions.

The annual report shows that its return on investments of 6 per cent was below the benchmark return of 7.4 per cent while over three years it returned 10.6 per cent, and 8.7 per cent over five years, both longer term figures marginally below the benchmark target.

The estimated value of the fund’s assets at 30 June 2019 was £3,085m compared to £3,023m at the start of the financial year.  The quarter saw rises in all listed equities markets, which drove a rise in the value of the fund’s assets.

More than 70,000 public sector employees in Dorset and members of the fund – drawn from councils, colleges, schools, housing groups and other bodies including social care organisations.

elderly hand

Auditors say that the fund’s relative underperformance is partly a result of the high cash balances which we have been allowed to develop as part of cautious approach to the current market outlook.

Among the property purchases during the year was £8.9 million for Astra House in Harlow, a previous office block now converted to studio apartments and flats and 60 social rented homes in Buckshaw Village, Lancashire.

By Trevor Bevins, Local Democracy Reporter