For the second year in a row The Greater Manchester Pension Fund (GMPF) underperformed other local authorities, with an investment return of -0.8% for the year ending 31 March, compared with an average 0.2% achieved by the other local authority pension funds over the same period. GMPF’s 11.7% return last year was also less than the 13.2% achieved by other authorities. The result meant there was a reduction in GMPF’s assets under management, from £17.6bn at the end of March 2015 to £17.3bn this year. It took long-term annualised returns to 6.8% for the five years and 5.7% for the 10 years, to the same date. Councillor Keiran Quinn, said the return was “disappointing” but highlighted an especially difficult year for pensions in general and local authority pensions in particular.