Investment performance The table below shows the investment performance over the year to 31 December 2023, as well as the average yearly performance over the three and five-year periods.
1 year (%)
3 years (% p.a.)
5 years (% p.a.)
Scheme return
5.05 7.27
(10.21)
(1.97) (1.66)
Benchmark
(9.44)
Please note that any figures shown in brackets are negative amounts.
Investment split The Scheme’s investment strategy includes the use of Liability Driven Investments (known as LDI) and bond investments. These LDI and bond investments respond in a similar way to the Scheme’s liabilities when government bond yields and expected inflation change over time, which helps to protect the funding level of the Scheme. This chart shows how the assets in the Scheme were allocated to these portfolios as at 31 December 2023.
If you paid Additional Voluntary Contributions (AVCs) AVCs are extra contributions you may have paid into the Scheme while you were an active member. This pot of money is invested, which means the value of your AVCs can go up or down in line with market changes. Although the Scheme has six AVC providers, the vast majority of members’ AVCs are held with Scottish Widows. The other two main providers are Legal & General and Standard Life. Some members may have AVCs with Prudential, Phoenix Life or Aviva. If you have AVCs, you’ll receive an annual statement from your provider, setting out how much is in your account and how it’s changed over the year. If you have a question about your AVCs,
contact the Scheme administrator using the details on the back cover.
Equities
8% 6%
Target return Secure income
14% Buy and maintain corporate bonds 33.5% Liability Driven Investment (LDI) 37.5% Cash 1%
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