Have the increased resources spent at the Public Investment Corporation (PIC) helped produce high long-term returns for government employee pensions? Unfortunately, the data published by the PIC make this difficult to judge. Averaging across years for which comparable estimates are available, the chart below shows that the PIC has more or less matched the returns of its benchmark. However, the total amount spent on non-executive director remuneration is more than 3 times higher now than in 2008 in real terms. The amount spent on executive directors has not grown nearly as much. Returns to local listed funds were below benchmark in the year to March 2023, while the real value of remuneration fell compared to the previous year.
