12.09.19
Dorset County public sector pension fund valued at more than £3bn
A public sector pension fund in the county of Dorset has risen to a value of £3bn for the first time, having seen a 5% rise from the start of the previous financial year.
The Dorset County Pension Fund serves more than 71,000 public sector workers across the southwest county.
Employees from councils, colleges, schools, housing groups and other bodies including social care organisations rely on the fund for their pensions.
The annual report showed figures for returns on investments were, both over single and three year spans, were marginally below the benchmark target. This was partly credited to a cautious approach to the current market outlook by auditors.
At the end of the 2018-19 financial year, the Dorset County pension scheme had 71,133 members – 25,068 paying in, 22,135 receiving a pension and 23,930 deferred members. The scheme also served fourteen pensioners now over the age of 100.
Investment through the year by the pension fund included £8.9m for Astra House in Harlow, a former office block now converted to studio apartments and flats, as well as 60 social-rented homes in Lancashire.