WELCOME TO: HERTFORDSHIRE LGPS EMPLOYERS MEETING Hertfordshire County Council www.hertsdirect.org

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Agenda Review of the Year Membership Statistics Accounts Investments AVCs Looking to the Future Investments Cost Sharing Administration Scrutiny

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<p>WELCOME TO: HERTFORDSHIRE LGPS EMPLOYERS MEETING Hertfordshire County Council OVERVIEW OF PENSION FUND ACTIVITY Chris Sweeney Director of Finance, Information &amp; Commercial Services Hertfordshire County Council Agenda Review of the Year Membership Statistics Accounts Investments AVCs Looking to the Future Investments Cost Sharing Administration Scrutiny Review of the Year Membership Statistics Employees Active members28,042 Deferred Members22,096 Pensioners21,003 71,141 Review of the Year Membership Statistics Employers County / District Councils 11 Parish / Town Councils 37 Scheduled Bodies 9 Foundation Schools 40 Contractors 31 Other Bodies 66 Total194 Review of the Year Accounts 2007/082008/09 to 31/12/08 Contributions in138m103m Benefits Paid &amp; Expenses103m80m Net Investment Income78m55m Value of the Fund2,066m1,728m Review of the Year Investments Allocation at 31 st December 2008 Review of the Year Economic Headlines Interest rates all time low Technical recession Unemployment 6.3% Taxpayers underwriting banks bad debts FTSE All share down 29.9% in 2008 Review of the Year Impact on Investments 2008: minus 23.9% Held: Lehman Brothers, AIG, RBS Avoided: Hedge Funds, Madoff Review of the Year Standard Life AVCs Reduction in value of Pension Sterling Fund Subsequent reversal of decision Clear information on investment decisions needed plus recommend financial advice Looking to the Future Investments - Long Term View Not the time to sell Fund Managers being cautious Restructured fund management in May 5 year average performance still positive: + 4.0% per annum Looking to the Future Investments Impact on Contributions Funding level: % now55% Next valuation 2010 Contributions fixed until 31 st March 2012 Looking to the Future Cost Sharing Set out in new 2008 scheme To be implemented 2010 valuation Aim is for employees and employers to share future cost increases Employee contribution or benefits Use national model fund Data Quality Letter Looking to the Future Administration HCC and Serco working together Scheme Booklets Newsletters / Bulletins Improvement Agenda Looking to the Future Scrutiny of Public Sector Schemes Loss of private sector final salary schemes Pressure from taxpayers Other public sector schemes unfunded Management Changes Director of Finance to be replaced by Director of Resources and Performance</p>

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