Message from the Chair of the Surrey Pension Fund Committee

Dear Surrey Pension Fund scheme employers

We have seen turmoil in the UK Government Bond market, and the consequences for pension funds who use Liability Driven Investment (LDI) strategies.

In the light of this I can assure Members that the Surrey Pension Fund has very limited investments in UK Government Bonds (less than 2.5% of total assets), and that we do not follow an LDI Strategy. The Fund is over 100% funded and has a diverse portfolio to best avoid concentration of risks.

Nick Harrison

Chair, Surrey Pension Fund Committee