Cambridgeshire Pension Fund Investments Anthony Olaniyi

How are the funds invested? How has the fund performed? What is the funding position? Investments

The fund invests in accordance with applicable regulations including The Local Government Pension Scheme Regulations. The investment strategy of the funds are set and agreed by the Pension Fund Board and implemented by the Investment Sub Committee (ISC). The fund employs professional investment consultants to advise on investment decisions. The investments are managed day to day by professional investment managers working to predefined objectives. Performance of the fund and each investment manager is measured and reviewed on a regular basis. How are the funds invested?

Performance reporting Investment Managers CustodianFx execution Cost monitoring Investment Sub Committee Annual manager review How are the funds managed?

Fund structure at 31 st March 2014 Market value at 31 March 2014 £2,033m

Investment manager structure at 31 st March 2014 Total investments at 31 March 2014 = £1,659 million Market value at 31 March 2014 £2,033m

Performance of Fund Assets versus Target 2013/14 % Return

Funding level and deficit 2013 valuation Improving asset values The funding level for the whole fund not for individual employers.

Funding level and deficit The formal actuarial valuation is performed by the scheme Actuary, Hymans Robertson, every 3 years. The valuation is a snapshot at a point in time of the Fund’s liability for pension benefits promised to scheme members for service up to that date. The results of the latest valuation as at 31 March 2013 were agreed in March 2014 and showed:- Assets £1,905m Liabilities for past service£2,633m Deficit£728m Funding level72.4%

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