GMPF Weathers Stock Market Storm
The biggest local authority pension fund in the country has weathered the investment storm – and come out ahead.

The Greater Manchester Pension Fund, run by Tameside Council, is up 3% over the past two years (from March 2002 to date).  It now stands at £6.65 billion, having dropped, at its lowest in March 2003, to £5billion. In the same period, the UK stock market has shown a drop of 17%.  Since 2000, the relative performance has been even more impressive, with the stock market down 30% whilst the Fund is 1.5% up.

A prudent investment strategy linked to hands-on management has helped the award-winning fund stay ahead.  The fund now pays pensions to over 69,000 pensioners, mainly in the UK, though there are many who live all over the world; and it has over 101,000 employees paying into the fund.

“The Fund has won many awards but the bottom line is the security it delivers to local pensioners who’ve retired from their council and this is achieved at a relatively low cost to employers. The Fund also invests successfully in the local economy,” said Fund Chairman, Cllr Roy Oldham, Leader of Tameside Council.

“That we’re way ahead of many other financial organisations is a tribute to the acumen of our staff.”

“It also means, through the Greater Manchester Property Venture Fund, that we can invest in business developments throughout Greater Manchester, improving eyesores, creating local jobs and generating a good return for the Fund.”

“Recent investments have included the former Manchester Skin Hospital, Quay Street, which has been redeveloped to provide a new 60,000 sq ft office building occupied by Direct Line Insurance and the refurbishment/redevelopment of the former Chesters Brewery Salford, to create a thriving mixed-use business “village” now occupied by 25 separate companies.”

The latest in the long line of awards was the Public Treasurer 2003 award for the quality of service.

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