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Campaign Success On Pensions
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Date: 14th Nov 2007
LTU has been concerned for a number of years about SWIP’s continuing management of the Lloyds TSB Pension Funds despite the fact that they are serial under-performers.
Mark V Brown, Assistant General Secretary, said “It’s been our contention that this serial under-performance has gone unchecked because SWIP is part of the Lloyds TSB Group and that to move the funds elsewhere would be an unpalatable public admission of defeat. The reality is that any other Investment Manager would have been given the boot a long time ago.”
In a letter to the Chairman of the Trustees LTU said “...given SWIP’s serial under-performance over the last few years, the Lloyds TSB Pension Funds should be moved to better performing funds, be they actively or passively managed.”
The Trustees have now done what we asked and moved the bulk of the return-seeking from SWIP to the Legal and General. Mr Brown said “SWIP had more years than they deserved to show that they could outperform agreed benchmarks and they failed continuously. The Trustees made the right decision eventually. We now need to focus our attention on the valuation process and ensure that is carried properly.
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