Money in and out

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

Money in 2017/18

Money out 2017/18

Total income


Total outgoings

Employers' contribution £374.9m Pensions and other benefits paid £357.7m
Investment income £127.3m Investment management £18.7m
Members' contribution £64.1m Other payments £4.3m
Transfers in from other pension schemes £20.0m Administration £4.2m
Payments in respect of leavers £7.6m
Pension levies £10.0m
Change in value of investments £286.2m

Administration expenses

Item  Cost
Staff costs  £2.4m
Fund office running costs  £0.6m
Professional fees  £0.8m
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 2018.

Who manages the Fund 

Blackrock Investment Management UK Limited (Index tracking and liability matching assets) 38.9%

Active Specialist

Pzena (Global equities) 6.4%
Goldman Sachs (Global bonds) 6.4%
JO Hambro (Global equities) 4.5%
Veritas (Global equities) 4.2%
Nomura (PacificBasin equities) 2.7%
Ardevora (Global equities) 2.4%
Russell (Global Emerging Market equities) 2.2%
Burgundy (North American Small Cap equities) 2.0%
Oak Hill (Alternative credit) 1.9%
Coronation (Global Emerging Market equities) 1.4%
JO Hambro (Asia (ex Japan) equities) 1.3%
Paradice (Global Small Cap equities) 1.2%
JP Morgan (Emerging Market debt) 1.0%
Wellington (Alternative credit) 0.8%
Currency overlay 0.4%

Alternative Assets

Bridgewater (Global Macro Systematic Hedge Fund) 2.9%
Semperian (Infrastructure assets) 2.5%
CBRE (Real Estate (Fund of Funds exposure)) 2.4%
Neuberger Berman (Global equity Fund of Funds) 2.1%
Credit Suisse (Reinsurance Hedge Fund) 1.9%
Partners Group (Private Equity Fund of Funds) 1.3%
Colonial First State (Infrastructure Assets) 1.2%
Goldman Sachs (Alternative Risk Premium Hedge Fund) 1.0%
AQR (Futures Hedge Fund) 1.0%
Anchorage (Multi-Strategy Credit Hedge Fund) 1.0%
Blackrock (UK renewables Private equity) 1.0%
Brevan Howard (Global Macro Discretionary Hedge Fund) 1.0%
Blue Mountain (Multi-Strategy Credit Hedge Fund) 1.0%
Industry Funds (Infrastructure debt) 0.7%
Siguler Guff (Distressed Debt Private Equity) 0.6%
GS Mezzanine (Private Mezzanine debt) 0.4%
IFC (Emerging Market Infrastructure Fund) 0.3%

The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2018.

The Fund's assets
Overseas equities 48.1%
Index linked instruments 11.6%
Liquid alternatives
Global bonds
UK equities
Private equities 4.2%
Infrastructure 3.9%
Alternative credit
Real estate 2.9%
Cash & other assets
Commodities 0.5%
Fixed interest gilts

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 1 December 2018 are shown in the table below:

Company Sector Value
Charter Communications Communication Services £33.0m
Oracle Information Technology £31.4m
Thermo Fisher Scientific Health Care £28.7m
Unilever Consumer Staples £27.1m
Cigna Health Care £26.8m
Microsoft Information Technology £25.6m
Alphabet Inc Communication Services £23.0m
Roche Health Care £21.7m
CVS Health Health Care £20.3m
Reckitt Benckiser Consumer Staples £19.5m
Comcast Communication Services £18.3m
Honda Consumer Discretionary £17.9m
Total SA Energy £17.5m
Rolls-Royce Industrials £17.3m
United Health Health Care £16.8m
American Express Financials £16.5m
Safran SA Industrials £16.4m
Taiwan Semiconductor Information Technology £16.1m
Philip Morris International Consumer Staples £15.8m
Baxter International Health Care £15.6m
General Electric Industrials £15.5m
Allergan Health Care £15.2m
Tencent Holdings Communication Services £15.2m
Travis Perkins Industrials £15.1m
Facebook Communication Services £15.0m
Total   £501.3m