Premier on 2010 Public Pension Funds
Today [Mar.8] the Premier and Minister of Finance Paula Cox reported the investment performance of the Public Pension Funds for the year ended December 31, 2010.
Premier Cox said, “Last year was a favourable year for asset returns with practically all asset classes returning positive returns. I am pleased to report that as of December 31, 2010, the Contributory Pension Fund’s assets totaled $1.38 billion, an increase of about $178 million, while the Public Service Superannuation Fund’s assets totaled $453.0 million, an increase of approximately $55.6 million.”
“In this regard, it is pleasing to note that Government’s investment strategy for pension fund assets is achieving decent results. In 2001, the Government, under the advice of the Public Funds Investment Committee and our Investment Consultant, implemented an asset diversification strategy which substantially reduced the prior strategy’s exposure to the publicly traded stock markets.”
A Government spokesperson said, “For the year the Contributory Pension and Superannuation Plans’ were up 14.9% and 15.1% respectively, ranking in the 11th and 7th percentile of Public Funds.”
“The 2001 strategy implemented a much more balanced allocation within the various sectors of both the global stock and bond markets and added alternative investment strategies that have substantially improved the Public Funds’ risk-adjusted returns.”
“Largely as a result of this diversification strategy, in spite of a challenging investment environment, the Public Funds’ assets continue to perform admirably, and rank in the top 10% of public funds over the eight-year period.”
Minister Cox concluded, “I would like to commend the Public Funds Investment Committee, the technical officers from the Ministry of Finance, the Accountant General’s Department, and our Investment Consultant, New England Pension Consultants, for their sterling work in providing prudent oversight of the investments held in trust in respect of the Public Funds.”
That’s an excellent return on the investments in this environment.
This is good news. Hopefully the Minister of Finance will now release the actuarial study regarding any outstanding/unfunded pension commitment balances.
Cue UBP Applause and congrats now…….. (Silence)! Let there have been a loss – ‘ PLP Doesn’t have a clue’ … Good Results – not a flippin word.
Jokers
That is a problem with politics all around. People would be more inclined to take heed to earnest criticism when it is balanced with a recognition of things that are done well. I view it as immaturity.