Clwyd Pension Fund has been recognised as 'Pension fund of the year', for its 'place intentionality' approach and 4% impact asset allocation.

This year, Clwyd's local and impact investments achieved a rate of return over three times higher than the fund average. The Impact Investing Institute (III) described this as an "excellent performance".

The fund was also identified as a "trailblazer" for investing in 'place intentionality' this year – that is, mobilising private capital to invest in specific places – by impact organisations The Good Economy and Pensions for Purpose.

The organisations previously urged investors to adopt 'place-based' impact investing strategies to support inclusive economic growth. 

The Place-Based Impact Investing Project (PBII), led by advisory firm The Good Economy, the III and Pensions for Purpose, explores how to scale-up institutional capital in local and regional opportunities in sectors including affordable housing, clean energy, infrastructure, small and medium-sized enterprises finance and regeneration.

The fund reported investments returned 7.1% per annum over the three years to March 31 2021, compared with a benchmark of 7.7% per annum.

In its 2020/21 Annual Report, Clwyd Pension Fund said one of its key projects had been the implementation of the fund's updated Responsible Investment priorities, including:

• Measuring carbon exposure within the fund's investment portfolio and setting a target for carbon reduction;
• Having a dedicated social/Impact allocation of 4% by 2023.

Clwyd Pension Fund is one of 89 local funds that form the Local Government Pension Scheme in England and Wales. Representing 52 employers, they have a total of 48,800 members and manage assets of £2.4 billion ($2.9 billion).

Clywd was one of the first signatories of the III's Impact Investing Principles for Pensions, launched in 2020.