What a ludicrously dumb post. All pension funds have gone down recently. Every council included.
When called out on it in the comments the idiot author says:
> Perry stood for elected office. He needs to take responsibility for what has happened on his watch.
>If he isn’t up to the task, he should stand down and let someone more capable deal with the issues.
Yeah i am sure he can control global share prices. Does he think every council in the country should resign? As another commenter says:
> Totally correct. I think most pension funds are down 10-25% with US markets and bonds being major contributors. Mine own personal pension is down and I manage it actively and have kept a sizeable portion in cash.
>
> A guy called Matthew Hallett oversees the Croydon Council Pension Fund investments with Mercer as Investment Advisors. Perry isn’t even on the committee. Unfortunately the way pension funds work mean you can’t make changes quickly. Management of the underlying investments will have been appointed to different fund managers (17 according to the 2021 report) across the city all with strict guidelines and remits.
> If you want to appoint a new manager you have to go to RFP and undertake a long process to prove proper oversight.
>
> I’ve had a quick look at the 2021 report and the asset allocation looks relatively low risk. Unfortunately not much has gone up in the past year other than oil & gas.
>
>
2 comments
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What a ludicrously dumb post. All pension funds have gone down recently. Every council included.
When called out on it in the comments the idiot author says:
> Perry stood for elected office. He needs to take responsibility for what has happened on his watch.
>If he isn’t up to the task, he should stand down and let someone more capable deal with the issues.
Yeah i am sure he can control global share prices. Does he think every council in the country should resign? As another commenter says:
> Totally correct. I think most pension funds are down 10-25% with US markets and bonds being major contributors. Mine own personal pension is down and I manage it actively and have kept a sizeable portion in cash.
>
> A guy called Matthew Hallett oversees the Croydon Council Pension Fund investments with Mercer as Investment Advisors. Perry isn’t even on the committee. Unfortunately the way pension funds work mean you can’t make changes quickly. Management of the underlying investments will have been appointed to different fund managers (17 according to the 2021 report) across the city all with strict guidelines and remits.
> If you want to appoint a new manager you have to go to RFP and undertake a long process to prove proper oversight.
>
> I’ve had a quick look at the 2021 report and the asset allocation looks relatively low risk. Unfortunately not much has gone up in the past year other than oil & gas.
>
>