Money in and out

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

Money in 2020/21

Money out 2020/21

Total income


Total outgoings

Employers' contribution £401.5m Pensions and other benefits paid £394.7m
Investment income £117.2m Investment management £21.6m
Members' contribution £70.1m Other payments £5.2m
Transfers in from other pension schemes £0.5m Administration £4.1m
    Payments in respect of leavers £4.9m
    Pension levies £15.4m
Change in value of investments £2,301.7m    

Administration expenses

Item  Cost
Staff costs  £2.3m
Fund office running costs  £0.6m
Professional fees  £0.9m
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 2021.

Who manages the Fund 

Blackrock (Index tracking and liability matching assets) 27.9%

Active Specialist

Goldman Sachs (Global bonds) 5.9%
Pzena (Global equities) 5.4%
JO Hambro (Global equities) 4.8%
Veritas (Global equities) 4.1%
Ardevora (Global equities) 2.9%
Oak Hill (Alternative credit) 2.6%
Nomura (Pacific Basin equities) 2.4%
Paradice (Global Small Cap equities) 1.9%
Russell (Global Emerging Market equities) 1.7%
JP Morgan (Emerging Market debt) 1.7%
Coronation (Global Emerging Market equities) 1.5%
JO Hambro (Asia (ex Japan) equities) 1.5%
Wellington (Alternative credit) 0.7%
Russell (Currency overlay) 0.6%

Alternative Assets

Neuberger Berman (Global equity Fund of Funds) 4.1%
CBRE (Real Estate (Fund of Funds exposure)) 3.0%
Bridgewater (Global Macro Systematic Hedge Fund) 2.8%
Brevan Howard (Global Macro Discretionary Hedge Fund) 2.3%
Semperian (Infrastructure assets) 2.1%
Harrison Street (Social Infrastructure Fund) 1.8%
Cash 1.8%
BlackRock (Real Estate) 1.6%
Industry Funds (Infrastructure debt) 1.6%
Credit Suisse (Reinsurance Hedge Fund) 1.5%
Stonepeak (Infrastructure Private Equity Fund) 1.4%
Siguler Guff (Distressed Debt Private equity) 1.3%
Man (Alternative Risk Premium Hedge Fund) 1.0%
SCM ManCo 1 Limited (Infrastructure assets) 1.0%
Goldman Sachs (Alternative Risk Premium Hedge Fund) 0.9%
Man (Multi Strategy Hedge Fund) 0.9%
Anchorage (Multi-Strategy Credit Hedge Fund) 0.8%
Goldman Sachs (Beta Trend Hedge Fund) 0.8%
Partners Group (Private Equity Fund of Funds) 0.7%
BlackRock (UK Renewables Private equity) 0.7%
Colonial First State (Infrastructure Private Equity Fund) 0.6%
BlackRock (Commodities) 0.5%
GS Mezzanine (Private Mezzanine debt) 0.4%
IFC (Emerging Market Infrastructure Fund) 0.3%
Goldman Sachs (Alternative credit) 0.2%
Blue Mountain (Multi-Strategy Credit Hedge Fund) 0.1%
Equilibrium (Agriculture Capital Fund) 0.1%
Goldman Sachs (Private equity) 0.1%

The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2021.

The Fund's assets  
Overseas equities 42.4%
Liquid alternatives 11.0%
Index linked instruments 9.3%
Infrastructure 7.3%
Global bonds 5.9%
Alternative credit 5.1%
Private equities 5.0%
Alternative credit 4.5%
Private credit 3.7%
Real estate 4.7%
Private credit 3.4%
Cash & other assets 3.1%
UK equities 2.3%
Commodities 0.5%

Top 25 shares

The Fund has significant direct holdings in the shares (equities) of a number of major quoted companies. The twenty five largest direct holdings as at 31 December 2021 are shown in the table below:

Company Sector Value
Alphabet Inc Consumer Discretionary £53.8m
Microsoft Information Technology £49.1m
Charter Communications Communication Services £41.1m
Catalent Inc Health Care £37.1m
CVS Health Health Care £35.8m
Thermo Fisher Scientific Health Care £32.8m
Canadian Pacific Railway Industrials £32.8m
Sony Consumer Discretionary £31.4m
Intercontinental Exchange Financials £29.3m
Taiwan Semiconductor Manufacturing Information Technology £28.7m
Prosus Consumer Discretionary £27.9m
Meta Platforms Consumer Discretionary £25.6m
Amazon Information Technology £25.1m
Baxter International Health Care £24.2m
Unilever Consumer Staples £23.4m
United Health Group Health Care £22.7m
BAE Systems Industrials £22.5m
Mediatek Information Technology £22.4m
Safran SA Industrials £22.1m
Fortescue Metals Industrials £21.6m
Mastercard Financials £20.6m
Lam Research Information Technology £20.4m
Hong Kong Exchanges and Clearing Financials £20.4m
Vinci SA Industrials £20.3m
Applied Materials Information Technology £20.2m
Total   £711.3m