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 30 June 2021 are shown in the table below:

Company Sector Value
Alphabet Inc Consumer Discretionary £47.7m
Microsoft Information Technology £44.2m
Charter Communications Communication Services £40.5m
Vinci SA Industrials £39.4m
Alibaba Group Consumer Discretionary £33.4m
Taiwan Semiconductor Manufactury Information Technology £33.2m
Thermo Fisher Scientific Health Care £33.2m
Canadian Pacific Railway Industrials £33.2m
Intercontinental Exchange Financials £30.6m
Catalent Inc Health Care £27.7m
Lear Corp Consumer Discretionary £26.7m
Hong King Exchanges and Clearing Financials £24.5m
General Electric Industrials £24.5m
Unilever Consumer Staples £24.2m
United Health Group Health Care £23.0m
Sony Group Consumer Discretionary £23.0m
Samsumg Electronics Information Technology £22.9m
Honda Consumer Discretionary £22.5m
Halliburton Energy £22.1m
Nvidia Corp Information Technology £21.6m
Naver Corp Communication Services £21.5m
Facebook Communication Services £21.5m
BAE Systems Industrials £21.3m
Safran SA Industrials £20.6m
Moody's Corp Financials £20.4m
Total   £703.4m