Money in and out

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

Money in 2019/20

Money out 2019/20

Total income


Total outgoings

Employers' contribution £287.5m Pensions and other benefits paid £386.6m
Investment income £143.4m Investment management £19.6m
Members' contribution £67.1m Other payments £4.5m
Transfers in from other pension schemes £2.8m Administration £4.2m
    Payments in respect of leavers £4.1m
    Pension levies £13.7m
Change in value of investments £436.6m    

Administration expenses

Item  Cost
Staff costs  £2.3m
Fund office running costs  £0.7m
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 2020.

Who manages the Fund 

Blackrock Investment Management UK Limited (Index tracking and liability matching assets) 31.3%

Active Specialist

Goldman Sachs (Global bonds) 6.7%
JO Hambro (Global equities) 4.4%
Pzena (Global equities) 4.1%
Veritas (Global equities) 3.9%
Nomura (Pacific Basin equities) 2.5%
Ardevora (Global equities) 2.4%
Oak Hill (Alternative credit) 2.4%
Russell (Global Emerging Market equities) 1.6%
Paradice (Global Small Cap equities) 1.5%
Coronation (Global Emerging Market equities) 1.2%
JO Hambro (Asia (ex Japan) equities) 1.2%
JP Morgan (Emerging Market debt) 1.2%
Wellington (Alternative credit) 0.8%
Russell (Currency overlay) (0.5%)

Alternative Assets

Neuberger Berman (Global equity Fund of Funds) 4.3%
CBRE (Real Estate (Fund of Funds exposure)) 3.3%
Semperian (Infrastructure assets) 2.6%
Bridgewater (Global Macro Systematic Hedge Fund) 2.2%
Brevan Howard (Global Macro Discretionary Hedge Fund) 2.2%
Credit Suisse (Reinsurance Hedge Fund) 1.9%
BlackRock (Real Estate) 1.7%
Industry Funds Management (Infrastructure debt) 1.5%
Siguler Guff (Distressed Debt Private equity) 1.5%
Man (Alternative Risk Premium Hedge Fund) 1.3%
Cash 1.3%
SCM ManCo 1 Limited (Infrastructure assets) 1.2%
Goldman Sachs (Alternative Risk Premium Hedge Fund) 1.1%
Partners Group (Private Equity Fund of Funds) 1.1%
Man (Multi Strategy Hedge Fund) 1.1%
Stonepeak (Infrastructure Private Equity Fund) 1.1%
Colonial First State (Infrastructure assets) 1.0%
BlackRock (UK Renewables Private equity) 1.0%
Anchorage (Multi-Strategy Credit Hedge Fund) 0.9%
Goldman Sachs (Beta Trend Hedge Fund) 0.8%
GS Mezzanine (Private Mezzanine debt) 0.6%
Blue Mountain (Multi-Strategy Credit Hedge Fund) 0.4%
BlackRock (Commodities) 0.4%
IFC (Emerging Market Infrastructure Fund) 0.3%
Goldman Sachs (Alternative credit) 0.2%
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 2020.

The Fund's assets  
Overseas equities 39.0%
Index linked instruments 12.7%
Liquid alternatives 11.9%
Global bonds 6.7%
Infrastructure 6.2%
Private equities 5.5%
Real estate 5.0%
Alternative credit 4.5%
Private credit 3.7%
UK equities 2.2%
Cash & other assets 1.8%
Commodities 0.4%
Fixed interest gilts 0.4%

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 2020 are shown in the table below:

Company Sector Value
Alphabet Inc Consumer Discretionary £39.2m
Alibaba Group Communication Services £37.4m
Charter Communications Communication Services £35.3m
Intercontinental Exchange Financials £35.0m
Microsoft Information Technology £32.9m
Taiwan Semiconductor Manufacturing Information Technology £32.2m
Canadian Pacific Railway Industrials £30.2m
Thermo Fisher Scientific Health Care £28.9m
Safran SA Industrials £26.8m
Hong Kong Exchanges and Clearing Financials £26.3m
Airbus Industrials £25.3m
Lear Corp Consumer Discretionary £24.9m
Samsung Electronics Information Technology £24.3m
Tencent Holdings Communication Services £24.2m
Oracle Information Technology £21.8m
United Health Group Health Care £20.4m
Fiserv Inc Information Technology £20.2m
BAE Systems Industrials £20.0m
General Electric Industrials £19.8m
Honda Consumer Discretionary £19.8m
Baxter International Inc Health Care £19.6m
Unilever Consumer Staples £19.1m
BASF SE Materials £19.1m
Prosus NV Consumer Discretionary £18.9m
Vinci SA Industrials £18.9m
Total   £640.5m