Trustee’s Annual Report & Financial Statements 2008

On 31 March 2008 the value of the Fund was £3,895m (2007: £3,838m). The investment return on the assets was 4.7% compared to a Scheme specific performance benchmark that measured 10.3%. This compares to a return in 2007 of 0.4% against the Scheme specific benchmark of 1.0%. Investment managers are set a target return which is above the Scheme specific benchmark. Further details are provided in the Investment Report on pages 17 to 19. The main the reason for the Scheme’s underperformance is due to the Higher Performance portfolio. This portfolio has been changed substantially in the last 12 months.

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