Kent Pension Fund - Woodford Equity Income Fund statement
A statement about the KCC Pension Fund
The Kent Pension Fund holds an investment in the Woodford Equity Income Fund which is now being wound up. The Kent Fund received £138.9m on 30 January 2020, being the first capital distribution to investors, and we have been informed by the administrators of the Woodford fund that further payments will be forthcoming dependent on the sale of the assets of the fund.
Although any loss from the Woodford investment would be a cause for regret, at the same time we can reflect on the very positive overall performance of the Kent Fund in recent years. The Woodford investment now represents around 3% of the Fund’s total investments which were valued at about £6.6bn at 31 December 2019 compared to £6.2bn at 31 March 2019. This is an increase of £400m (6%) in the nine months, which more than offsets any potential loss on the Woodford fund.
Kent members of the Local Government Pension Scheme can be reassured that the Woodford situation will not affect the future payment of their pensions and the Kent Pension Fund remains one of the largest Local Government Pension Schemes in the country with the returns achieved in the last 3 years exceeding the average of all LGPS funds.
Last updated 19 February 2020.