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


Total outgoings

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
Global bonds
UK equities
Infrastructure 5.1%
Alternative credit
Private equity 3.9%
Real estate 3.1%
Cash & other assets
Commodities 0.5%
Fixed interest gilts

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
Comcast £27.6m
American Express £26.2m
Total SA £23.9m
Charter Communications
Thermo Fisher Scientific
Facebook        £18.9m
Total £251.7m