Transport for LondonTfL Pension Fund
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On 31 March 2009, the Fund's value was £3,829m. This was a decrease of £853m on the value at the end of last year.
Money in and out
The table below shows the money coming into and going out of the Fund during the year.
|
Money in 2008/09 |
Money out 2008/09 | ||
|---|---|---|---|
|
Total income |
£408.8m |
Total outgoings |
£239.7m |
|
Employers' contributions |
£278.3m |
Pensions and other benefits paid |
£223.9m |
|
Investment income |
£69.7m |
Investment expenses |
£3.0m |
|
Members' contributions |
£42.8m |
Administration expenses |
£4.2m |
| Pension levies | £6.1m | ||
|
Transfers in from other pension schemes |
£18.0m |
Payments to leavers |
£2.5m |
|
Change in market value of investments |
|
(£1021.7m) | |
| Item | Cost |
|---|---|
| Staff costs | £1.95m |
| Fund office running costs | £0.85m |
| Professional fees | £1.09m |
| Communications | £0.3m |
Download the full TfL Pension Fund report and accounts 2009 (PDF 1.41MB)
How we invested
The Fund is held in a range of different investments (assets) in the UK and overseas. The following tables show how the Fund was invested on 31 March 2009.
| Who manages the Fund | |
|---|---|
| AllianceBerstein Capital Limited (UK Equities) | 9.94% |
| Baillie Gifford & Co (UK Equities) | 9.94% |
| Bridgewater Associates, Inc (Currency) and Semperian PPP | 6.15% |
| Goldman Sachs Asset Management (Bonds) | 20.0% |
| Legal & General Investment Management (Index tracking - all assets) | 48.1% |
| Nomura Asset Management UK Limited (Pacific Basin Equities) | 5.87% |
The table above shows the target allocations of the Fund's assets between investment managers.
| The Fund's assets | |
|---|---|
| UK equities | 34.6% |
| Overseas equities | 23.05% |
| UK Government bonds | 6.95% |
| UK Government index-linked bonds | 16.75% |
| Overseas bonds | 5.0% |
| Corporate bonds | 7.5% |
| Cash and other investments | 6.15% |
Top 10 shares
The Fund has significant holdings in the shares (equities) of a number of major UK quoted companies. The top 10 holdings on 31 March 2009 are shown in the table below:
| Company | Value |
|---|---|
| Vodafone | £46.5m |
| Royal Dutch Shell | £44.2m |
| GlaxoSmithKline | £41.3m |
| BG Group | £36.6m |
| BHP Billiton | £29.7m |
| HSBC | £27.6m |
| BP | £27.1m |
| British American Tobacco | £22.4m |
| Tesco | £20.8m |
| Imperial Tobacco | £17.2m |
| Total | £313.4m |
