Kent County Council said it was not told of a decision to close a fund in which it had a significant pension investment.

The company managing the Woodford Equity Income Fund announced today that it is to be wound down.

KCC had been in the process of requesting the withdrawing £263 million from the fund earlier this year.

But that request was not acted on after trading in the fund was suspended.

Since then, there has been uncertainty about the fund and KCC’s stake and when it would recoup its money.

Cllr Charlie Simkins, chairman of the Kent Superannuation Fund Committee said: “We had not been made aware that the Woodford Equity Income Fund was being closed, as we were previously advised that the situation would be clarified in December.

“However, we believe a managed run-down of the portfolio is in the best interests of all the fund’s investors.

"It is disappointing that payments to investors will not now begin until January, rather than December.

“However, the delay in recouping the Kent Pension Fund’s investment will not impact on the fund or its ability to pay members.”

The Kent Pension Fund is one of the top 10 largest Local Government Pension Schemes in the country and

is one of the top performing.

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