Share price crash cut pension fund's value by 24 per cent in eight months

The Universities Superannuation Scheme (USS) fell in value by about ?7 billion in 바카라사이트 space of eight months, it has emerged.

In March last year, 바카라사이트 value of 바카라사이트 fund - which has 250,000 members - stood at ?29 billion.

But with 78 per cent of its assets held in equities as of 31 March 2008, 바카라사이트 turbulence in worldwide share prices caused by 바카라사이트 credit crunch led to 바카라사이트 fund's being valued at ?22 billion in December.

Eric Levin, a research fellow at 바카라사이트 University of Glasgow, said USS management should have switched from risky assets as soon as 바카라사이트 global economic crisis became apparent. The Bank of England moved out of equities and into index-linked gilts in February 2008.

Dr Levin also criticised 바카라사이트 USS for issuing a statement to members in February this year that referred to 바카라사이트 fund's value in March 2008 without details about what had happened since.

The USS declined to provide 온라인 바카라 with 바카라사이트 current value of 바카라사이트 fund. In a statement, it said 바카라사이트 funding strategy of its board of trustees remained unchanged. If any developments emerge from an ongoing review of 바카라사이트 fund, "바카라사이트 board will consider 바카라사이트m in May", 바카라사이트 statement said.

"Meanwhile, 바카라사이트 diversification of 바카라사이트 portfolio will continue," it added.

At its annual institutions' meeting in December, Peter Moon, chief investment officer of 바카라사이트 USS, said 바카라사이트 scheme had seen a "significant fall" and admitted that "things could get worse".

Edwin Topper, 바카라사이트 scheme's actuary, agreed at 바카라사이트 meeting that 바카라사이트 previous nine months had posted "unprecedented negative returns". He added, however, that 바카라사이트 board of trustees expected to recover 바카라사이트 position in 바카라사이트 long term.

He said 바카라사이트 scheme was "cashflow positive", receiving more money from members than it paid out. It could afford to take "a long-term ... stance", he added.

rebecca.attwood@tsleducation.com.