Money in and out

The table below shows the money coming into and going out of the Fund during the year

Money in 2015/16

Money out 2015/16

Total income


Total outgoings

Employers' contribution£317.2mPensions and other benefits paid£328.0m
Investment income£104.8mInvestment expenses£12.8m
Members' contribution£59.1mOther payments£4.5m
Transfers in from other pension schemes£1.4mAdministration expenses£4.2m
Payments in respect of leavers£3.3m
Pension levies£7.1m
Decrease in market value of investments£211.8m

Administration expenses

Item Cost
Staff costs £2.3m
Fund office running costs £0.8m
Professional fees £0.9m
Communications and consumables £0.2m

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 2016.

Who manages the Fund 

Blackrock Investment Management UK Limited (Index tracking and liability matching assets)44.1%
Goldman Sachs Asset Management (Global Bonds)7.4%
Pzena Investment Management LLC (Global Equities)5.7%
JO Hambro Capital Management Ltd (Global Equities)5.0%
Veritas Asset Management LLP (Global Equities)4.8%
Bridgewater Associates Inc (Global Macro Systematic Hedge Fund)3.0%
Semperian PPP Investment Partners Holdings Limited (Infrastructure assets)2.9%
Nomura Asset Management UK Limited (Pacific Basin Equities)2.4%
Burgundy Asset Management (North American equities)2.2%
Ardevora Asset Management LLP (Global Equities)2.0%
CBRE Global Investors (Real Estate Fund of Funds)1.5%
Credit Suisse IRIS ALHC Fund Limited (Reinsurance Hedge Fund)1.5%
Partners Group (UK) Limited (Private Equity Fund of Funds)1.4%
Colonial First State Global Asset Management (Infrastructure assets)1.2%
JO Hambro Capital Management Limited (Asia (ex Japan) equities)1.2%
Blackrock Renewable Income Fund UK (Private Equity)1.1%
BrigadeCapital Management LLC (Alternative Credit)1.1%
Coronation Fund Managers (Global Equities)1.1%
Oak Hill Advisors LP (Alternative Credit)1.1%
Paradice Investment Management Pty Limited (Global Equities)1.1%
Siguler Guff & Company (Distressed Debt Private Equity)1.0%
Wellington Management Company LLP (Alternative Credit)1.0%
AQR Capital Management LLC (Managed Funds Hedge Fund)0.9%
Neuberger Berman Alternatives Advisers LLCP (Private Equity Fund of Funds)0.9%
Arrowgrass Capital Partners LLP (Multi Strategy Hedge Fund)0.8%
Industry Funds Management Pty Limited (Infrastructure Debt)0.8%
Goldman Sachs Asset Management (Alternative Risk Hedge Fund)0.7%
Gresham Investment Management LLC (Commodities)0.7%
GS Mezzanine Partners (Private Mezzanine Debt)0.6%
Brevan Howard Asset Management LLP (Global Macro Discretionary Hedge Fund)0.5%
OZ Management LP (Multi Strategy Hedge Fund)0.4%
IFC Global Infrastructure Fund LP (Global Infrastructure)0.3%
Rogge Global Partners PLC (Emerging Market Currencies)0.1%
Russell Implementation Services Limited (Currency Overlay)0.07%

The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2015.

The Fund's assets
Overseas equities47.8%
Index linked instruments12.9%
Liquid alternatives
Global bonds
UK equities
Alternative credit
Private equity3.7%
Real estate2.4%
Cash & other assets
Fixed interest gilts

Top 10 shares

The Fund has significant holdings in the shares (equities) of a number of major quoted companies. The top 10 direct holdings on 30 September 2016 are shown in the table below:

Company Value
Charter Communications£27.8m
Tencent Holdings£22.4m
Baxter International
British American Tobacco
United Health Group         £19.0m
Total £249.0m

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