Transport for LondonTfL Pension Fund
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On 31 March 2011, the Fund's value was £5,699m. This was an increase of £601.2m 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 2010/11 |
Money out 2010/11 | ||
|---|---|---|---|
|
Total income |
£465.3m |
Total outgoings |
£283.0m |
|
Employers' contributions |
£271.3m |
Pensions and other benefits paid |
£267.2m |
|
Investment income |
£77.5m |
Investment expenses |
£7.5m |
|
Transfers in from other pension schemes |
£71.5m |
Administration expenses |
£3.8m |
| Pension levies | £1.7m | ||
|
Members' contributions |
£45.0m |
Payments to leavers |
£1.7m |
| Other payments | £1.1m | ||
|
Change in market value of investments |
£418.9m |
||
| Item | Cost |
|---|---|
| Staff costs | £2.0m |
| Fund office running costs | £0.9m |
| Professional fees | £0.8m |
| Communications and consumables | £0.2m |
Download the full TfL Pension Fund report and accounts 2011 (PDF 420KB)
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 2011.
| Who manages the Fund | |
|---|---|
| IronBridge Capital Management LP (Global Equities) | 6.0% |
| JO Hambro Capital Management Ltd (Global Equities) | 4.0% |
| Taube Hodson Stonex Partners LLP (Global Equities) | 6.0% |
| Goldman Sachs Asset Management (Bonds) | 15.9% |
| Legal & General Investment Management (Index tracking and liability matching assets) | 52.0% |
| Nomura Asset Management UK Limited (Pacific Basin Equities) | 4.0% |
| Burgundy Asset Management (North American equities) | 2.0% |
| Semperian PPP Investment Partners Holdings Limited (Infrastructure assets) | 3.2% |
| Colonial First State Global Asset Management (Infrastructure assets) | 1.2% |
| Bridgewater Associates Inc (Global tactical asset allocation) | 2.0% |
| Blue Crest Capital Management (UK) LLP (Multi strategy) | 2.0% |
| Partners Group (UK) Limited (Private equity) | 0.7% |
| Davidson Kempner (Distressed debt) | 0.6% |
| Siguler Guff & Company) (Distressed debt) | 0.4% |
The table above shows the target allocations of the Fund's assets between investment managers.
| The Fund's assets | |
|---|---|
| UK equities | 16.7% |
| Overseas equities | 41.3% |
| UK Government bonds | 15.8% |
| UK Government index-linked gilts | 5.6% |
| Overseas bonds | 2.2% |
| Corporate bonds | 6.2% |
| Cash and other investments | 12.2% |
Top 10 shares
The Fund has significant holdings in the shares (equities) of a number of major quoted companies. The top 10 direct holdings on 31 March 2011 are shown in the table below:
| Company | Value |
|---|---|
| Nestle | £18.7m |
| Occidental Petrol | £15.4m |
| Union Pacific | £15.3m |
| National Oilwell Varco | £14.6m |
| Svenska Handelsbanken | £14.3m |
| Oracle | £14.2m |
| Apple Computer | £12.3m |
| Hutchinson Whampoa | £12.1m |
| Samsung Electronics | £11.9m |
| Exxon Mobil | £10.7m |
| Total | £139.5m |
