Travel information
Ways to get around
Accounts
Money in and out
The table below shows the money coming into and going out of the Fund during the year.
|
Money in 2016/17 |
Money out 2016/17 |
||
|---|---|---|---|
|
Total income |
£513.8m |
Total outgoings |
£407.3m |
| Employers' contribution | £324.8m | Pensions and other benefits paid | £368.5m |
| Investment income | £119.9m | Investment management | £15.9m |
| Members' contribution | £63.5m | Other payments | £4.1m |
| Transfers in from other pension schemes | £5.6m | Administration | £4.1m |
| Payments in respect of leavers | £5.9m | ||
| Pension levies | £8.8m | ||
| Change in value of investments | £1,549.9m | ||
Administration expenses
| Item | Cost |
|---|---|
| Staff costs | £2.4m |
| Fund office running costs | £0.6m |
| Professional fees | £0.7m |
| Communications and consumables | £0.3m |
How we invested
The Fund is held in a range of different investments (assets) in the UK and overseas. The following tables show how the Fund was invested on 31 March 2017.
Who manages the Fund |
|
|---|---|
| Blackrock Investment Management UK Limited (Index tracking and liability matching assets) | 44.1% |
Active Specialist |
|
| Pzena (Global equities) | 6.7% |
| Goldman Sachs (Global bonds) | 6.6% |
| JO Hambro (Global equities) | 5.2% |
| Veritas (Global equities) | 5.1% |
| Nomura (PacificBasin equities) | 2.7% |
| Burgundy (North American equities) | 2.3% |
| Ardevora (Global equities) | 2.3% |
| Russell (Global Emerging Market equities) | 2.1% |
| JO Hambro (Asia (ex Japan) equities) | 1.4% |
| Coronation (Global Emerging Market equities) | 1.3% |
| Oak Hill (Alternative credit) | 1.3% |
| Paradice (Global Small Cap equities) | 1.2% |
| Wellington (Alternative credit) | 0.8% |
| Currency overlay | 0.2% |
Alternative Assets |
|
| Bridgewater (Global Macro Systematic Hedge Fund) | 2.8% |
| CBRE (Real Estate (Fund of Funds exposure)) | 2.4% |
| Semperian (Infrastructure assets) | 2.3% |
| Credit Suisse (Reinsurance Hedge Fund) | 1.7% |
| Neuberger Berman (Global equity Fund of Funds) | 1.5% |
| Partners Group (Private Equity Fund of Funds) | 1.4% |
| Colonial First State (Infrastructure Assets) | 1.2% |
| Blackrock (UK renewables Private equity) | 1.0% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 1.0% |
| Industry Funds (Infrastructure debt) | 0.8% |
| Siguler Guff (Distressed Debt Private Equity) | 0.7% |
| AQR (Futures Hedge Fund) | 0.7% |
| Arrowgrass (Multi-Strategy Hedge Fund) | 0.7% |
| Goldman Sachs (Alternative Risk Premium Hedge Fund) | 0.6% |
| GS Mezzanine (Private Mezzanine debt) | 0.6% |
| OZ Management (Multi-Strategy Hedge Fund) | 0.4% |
| IFC (Global Infrastructure Fund) | 0.4% |
The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2017.
| The Fund's assets | |
|---|---|
| Overseas equities | 48.8% |
| Index linked instruments | 12.4% |
| Liquid alternatives |
7.9% |
| Global bonds |
6.4% |
| UK equities |
6.4% |
| Infrastructure | 5.1% |
| Alternative credit |
3.0% |
| Private equity | 3.9% |
| Real estate | 3.1% |
| Cash & other assets |
2.1% |
| Commodities | 0.5% |
| Fixed interest gilts |
0.4% |
Top 10 shares
The Fund has significant holdings in the shares (equities) of a number of major quoted companies. The ten largest holdings as at 31 March 2018 are shown in the table below:
| Company | Value |
|---|---|
| Oracle |
£34.0m |
| Microsoft |
£30.9m |
| Airbus |
£27.9m |
| Comcast | £27.6m |
| American Express | £26.2m |
| Total SA | £23.9m |
| Charter Communications |
£21.8m |
| Thermo Fisher Scientific |
£21.2m |
| Mylan |
£19.3m |
| £18.9m |
|
| Total | £251.7m |
