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TfL Pension Fund

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Accounts

On 31 March 2008, the Fund's value was £4,682m. This was an increase of £21m 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 2007/08

Money out 2007/08

Total income

£372.8m

Total outgoings

£230.9m

Employers' contributions

£220.9m

Pensions and other benefits paid

£213.6m

Investment income

£100.7m

Investment expenses

£7.2m

Members' contributions

£37.2m

Administration expenses

£4.3m

Pension levies £3.8m

Transfers in from other pension schemes

£14.0m

Payments to leavers

£2.0m

Change in market value of investments

 

(£121.2m)

Administration costs
Item Cost
Staff costs £1.96m
Fund Office running costs £0.68m
Professional fees £1.39m
Communications £0.2m

Download the full TfL Pension Fund Report and Accounts 2008 (PDF 1.22MB)

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 2008.

Who manages the Fund
AllianceBerstein Capital Limited (UK Equities) 9.94%
Baillie Gifford & Co (UK Equities) 9.94%
Bridgewater Associates, Inc (Currency) 1.81%
Goldman Sachs Asset Management (Bonds) 20.0%
Legal & General Investment Management (Index tracking - all assets) 46.9%
Nomura Asset Management UK Limited (Pacific Basin Equities) 5.87%
Legal & General and Trillium 6.15%

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 23.1%
UK Government bonds 7.0%
UK Government index-linked bonds 16.80%
Overseas bonds 5.0%
Corporate bonds 7.5%
Cash and other investments 6.0%

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 2008 are shown in the table below:

Company Value
Royal Dutch Shell £60.8m
Vodafone £59.3m
BG Group £52.7m
GlaxoSmithKline £48.0m
Royal Bank of Scotland £46.7m
HSBC £42.5m
BP £39.4m
BHP Billiton £36.7m
Barclays Bank £27.1m
British American Tobacco £24.9m
Total £438.1m

 
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