The Strathclyde Pension Fund might indeed be commended for its performance, and that reflects the fact that the local government pension scheme in Scotland is a success story.

A number of options exist for funds that report a surplus, and approaches might differ from one fund to the next. Clearly, the experience of Strathclyde Pension Fund in recent years is an example of good practice. However, I understand that the other 10 Scottish funds are also more than 100 per cent funded. Scottish fund authorities meet to discuss investments on a regular basis. Closer collaboration is an approach that may be a viable option for them.

More widely, we encourage an approach to investment finance that brings together individuals, businesses and organisations with relevant experience and interests to promote investment opportunities in Scotland and support growth.