Equities
9.10%
Target Return Secure Income
13.00% 11.57% 33.27% 30.04%
Buy and Maintain Bonds
LDI
Cash Total
3.02% 100%
• The insurance policy in respect of ex-Sutrak members of £1.012m • Members’ additional voluntary contribution (AVC) investments of £23.2m held in the Scheme’s various AVC policies.
The chart shows how the assets in the Scheme were allocated to these portfolios as at 31 December 2022. The above table does not include the value of the following assets held by the Scheme outside of the CIF: • The income-producing asset backed funding arrangements of £212.6m If you paid AVCs AVCs are extra contributions you may have paid into the Scheme while you were a contributing member. This pot of money is invested, so the value of your AVC account can go up or down in line with market changes. • If your AVCs are with Scottish Widows The lifestyle investment strategy is the default investment for your AVC funds, unless you decided to move your funds elsewhere. A lifestyle investment strategy will gradually adjust and move your funds into lower-risk investments, as you get closer to retirement. The lifestyle investment strategy assumes you will want to take this money as cash at retirement, and your AVC fund will therefore be fully invested in cash at your selected retirement date. This is probably suitable for most members, who might want to put their AVC account towards their tax-free cash allowance at retirement, but you may have something else in mind, in which case this approach might be too cautious. It’s important to review your investment choices regularly, particularly as you approach retirement, to make sure they remain appropriate to your individual circumstances. You can find out
more about your investment options in this document prepared by Scottish Widows: bit.ly/3ZqW6na or visit the Scheme’s Scottish Widows infosite: bit.ly/45HcKjL • If your AVCs are in a Standard Life with-profits fund Some members have AVCs in a with-profits fund managed by Standard Life. Standard Life informed the Trustee of its intention to transfer its insurance business (including these with-profits funds) to Phoenix Life Limited (PLL). The transfer received court approval on 3 October, so at the time of going to print, the transfer of your with- profits AVCs investment was expected to take place on 27 October. The only change you will notice is that your next benefit statement will be issued by PLL rather than Standard Life. If you have any questions about the transfer, you can explore the dedicated area of Standard Life’s website at www.standardlife.co.uk/businesstransfer or call the freephone helpline on 0808 196 6804, 9am to 5pm Monday to Friday, excluding bank holidays. If you live abroad, please call +44 (0) 1234 298 298 (there will be a charge for this number).
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