Pension Fund goes from strength to strength
THE chair of the Greater Manchester Pension Fund would be earning a high-flying £500,000 salary if it was in the private sector, according to some of the top City financial analysts.

This top performing Fund which covers all the county’s councils has just hit the £8bn mark in investments under the chairmanship of Tameside Executive Council Leader, Cllr Roy Oldham - the £1/2m salary is the figure Cllr Oldham could expect in the private sector.

Instead the council leader was pleased to accept a specially minted golden sovereign – dated from when he took over in 1987 – presented for the way the Fund has gone from strength to strength. At the time the Fund was transferred to Tameside in 1987 its assets were worth £1,600 million.

Now it provides pensions for around 70,800 who used to work for one of the AGMA authorities and around 103,000 current employees are members paying in.

Thanks to sound investment management it is one of the most successful local government pension funds in Britain which means low employer contributions.

The Fund also aims to invest locally through the Property Venture Fund which takes on high-value developments within Greater Manchester, improving run-down sites and at the same time generating commercial returns.

“It is always worthwhile knowing where we stand as a pension fund when compared to those in the private sector. So when the independent analysts say if the Fund was run privately, a chair would earn a salary of half a million I know we’re heading in the right direction,” said Cllr Oldham.

“The main thing it emphasises to me is the simple fact that what we’re doing is not only safeguarding our current members’ pensions at a time when pension funds in general are struggling, but also safeguarding all those who will rely on the final pension in years to come. In addition we are investing millions into the north west economy in new build and new business enterprises.

“Through this prudent financial management, we’re getting the best for our pensioners and also the best for council tax payers throughout Greater Manchester,” he added.

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