Trustee’s Annual Report & Financial Statements 2010

On 31 March 2010, the value of the Fund was £3,877m (2009: 3,567m). The investment return on the assets was +14.3% compared to a Scheme specific performance benchmark that measured 8.0%. This compares to a return in 2009 of (3.9)% against the Scheme specific benchmark of 4.9%. 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.

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