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Funds and Performance

The Funds that your Pension Account* is invested in and performance charts

In this article
The Funds Fund Performance and Factsheets Coronavirus Update

*If you are a member of the Hybrid Section of the Scheme who has saved AVCs with Legal & General, the information on this page applies equally to the money in your Legal & General AVC Account.

The Funds

The Which? Mixed Investment Funds and Selected Retirement Age

With the help of their investment advisers the Trustees have constructed three investment Funds, known as the Which? Mixed Investment Funds A, B and C.

The Funds are run by Legal & General Investment Management (LGIM), and the underlying assets that make them up are described below.

Which of the three funds your money is invested in at any point in time depends upon your choice of Selected Retirement Age (SRA).

Your fund choice in the last 3 years before your SRA is chosen by you, see below.

If you were auto-enrolled into the Scheme, your SRA was set at 65 and you will have been emailed to ask you to consider whether this age is right for you. 

Your SRA may be any age and you may change your SRA at any time, subject to giving the Pensions Manager one month's written notice. 

Your SRA is not meant to be the age at which you are bound to take your benefits, however it does tell the Pensions Team how you wish us to invest your money, as summarised in this table.

These gradual changes in how your Pension Account is invested is the way in which the Trustees provide you with some protection against a sudden change in the value of your Pension Account as you approach your SRA.

This is known as 'Lifestyling' and is intended to help you plan your retirement.

As the above table shows you the Funds are invested in a diversified range of underlying assets:

  • equities (i.e. company shares),
  • bonds issued by governments and companies around the world (a bond is a loan made to the bond issuer in return for a regular interest payment),
  • property (retail and commercial) and
  • cash.

You may read more about the current asset allocations in the most recent Investment Newsletter

To see how the Funds have performed in the last year against the Trustees’ Investment Target see the most recent Chair's Statement.

For more detail about these investments see the Pensions Team pages on the Intranet or contact us.

The Gilt and Cash Funds

Gilts are a type of bond: they pay a rate of interest and are issued and backed by the British Government.

The Gilt Fund is a tracker that aims to mirror the returns of the UK gilt market. 

It tracks the 'FTSE Government (Over 15 Year)' gilt index, which invests in medium and long-term government-issued fixed interest gilts.

Gilts offer less risk than stocks and shares because their price and therefore their capital value tends to be less changeable. Their capital value is linked to interest rates.

Generally less risk means lower returns, and gilt returns have historically been lower than returns from stocks and shares over the long-term.

The Cash Fund aims to deliver competitive rates of return from cash deposits and other short-term investments.

It offers security of capital over the short-term, rather than growth in the long-term.

Cash is generally not considered a suitable asset for longer periods of investment of years rather than months, because historically it has lacked the ability to keep pace with inflation.

Investment Options when You Get Closer to Retiring

As you approach the three years before your SRA we will ask you to make a choice between three different investment options designed to cater for different retirement plans. These are:

Your Trustees urge you to seek independent financial advice before making a decision on your retirement option.

The Additional Voluntary Contribution (AVC) Funds

If you add more money to your Pension Account by making additional voluntary contributions to the 'Lifestyled AVCs', this money is invested and lifestyled in exactly the same way as described above.

If you add money to the 'Ethical UK Equity AVC Fund' it is not lifestyled in this way, so all the money stays invested in the same fund unless you tell us you want to move it.

The Ethical UK Equity AVC Fund is not available to members of the Hybrid Section of the Scheme.

Protection for your Pension Account in the event of Legal & General default

The Trustees may be able to claim compensation under the Financial Services Compensation Scheme if Legal & General are unable to meet their liabilities.

The current level of compensation available is 100% of the claim with no upper limit. 

Legal & General Investment Management Limited, the DC Section's investment manager, is a subsidiary of Legal & General Group plc, one of the UK's largest insurance companies, and is authorised and regulated by the Financial Conduct Authority.

Fund Performance and Factsheets

Fund Performance Comparison

The following performance chart shows side-by-side the performance figures for each of the Funds over one year. The performance is measured as the percentage change in each Fund's unit price.

To see the performance of one particular Fund over different periods, please refer to the Fund's factsheet below.

*(No performance figures are available for the Gilt Fund AVC because there has been no money invested in it).

Factsheets

The following factsheets are provided every quarter by the investment manager, LGIM.

For each Fund they show a snapshot of the performance over various time periods. The performance is measured as the percentage change in the unit price over three months, six months, one year, three years and five years.

Where the period is for more than one year, the performance has been scaled to show you an annual performance for each year in the period.

The factsheets also detail the underlying assets that comprise the Fund and the annual charges made by LGIM for managing your investment.

Funds A, B, C, Gilt and Cash

While you are a current member of the DC Section your monthly mandatory contributions are paid into these Funds.

2021 Quarter 2

 
Fund A 2021 Q2 74 Kb | 30 Jun 2021
Fund B 2021 Q2 75 Kb | 30 Jun 2021
Fund C 2021 Q2 76 Kb | 30 Jun 2021
Gilt Fund 2021 Q2 70 Kb | 30 Jun 2021
Cash Fund 2021 Q2 307 Kb | 30 Jun 2021

2021 Quarter 1

 
Fund A 2021 Q1 74 Kb | 31 Mar 2021
Fund B 2021 Q1 75 Kb | 31 Mar 2021
Fund C 2021 Q1 76 Kb | 31 Mar 2021
Gilt Fund 2021 Q1 70 Kb | 31 Mar 2021
Cash Fund 2021 Q1 352 Kb | 31 Mar 2021

2020 Quarter 4

 
Fund A 2020 Q4 69 Kb | 31 Dec 2020
Fund B 2020 Q4 70 Kb | 31 Dec 2020
Fund C 2020 Q4 71 Kb | 31 Dec 2020
Gilt Fund 2020 Q4 65 Kb | 31 Dec 2020
Cash Fund 2020 Q4 349 Kb | 31 Dec 2020

AVC Funds A, B, C, Gilt and Cash plus Ethical UK Equity AVC Fund

If you add more money to your Pension Account by making additional voluntary contributions it can be invested in these AVC Funds.

2021 Quarter 2

 
Fund A AVC 2021 Q2 74 Kb | 30 Jun 2021
Fund B AVC 2021 Q2 75 Kb | 30 Jun 2021
Fund C AVC 2021 Q2 76 Kb | 30 Jun 2021

Gilt Fund AVC

No performance figures are available for this Fund because there has been no money invested in it. The underlying assets are the same as in the Gilt Fund factsheet above.

Cash Fund AVC 2021 Q2 306 Kb | 30 Jun 2021
Ethical Fund AVC 2021 Q2 127 Kb | 30 Jun 2021

2021 Quarter 1

 
Fund A AVC 2021 Q1 74 Kb | 31 Mar 2021
Fund B AVC 2021 Q1 75 Kb | 31 Mar 2021
Fund C AVC 2021 Q1 76 Kb | 31 Mar 2021

Gilt Fund AVC

No performance figures are available for this Fund because there has been no money invested in it. The underlying assets are the same as in the Gilt Fund factsheet above.

Cash Fund AVC 2021 Q1 352 Kb | 31 Mar 2021
Ethical Fund AVC 2021 Q1 126 Kb | 31 Mar 2021

2020 Quarter 4

 
Fund A AVC 2020 Q4 69 Kb | 31 Dec 2020
Fund B AVC 2020 Q4 71 Kb | 31 Dec 2020
Fund C AVC 2020 Q4 71 Kb | 31 Dec 2020

Gilt Fund AVC

No performance figures are available for this Fund because there has been no money invested in it. The underlying assets are the same as in the Gilt Fund factsheet above.

Cash Fund AVC 2020 Q4 349 Kb | 31 Dec 2020
Ethical Fund AVC 2020 Q4 121 Kb | 31 Dec 2020

Hybrid AVC Funds A, B, C, Gilt and Cash

If you are a member of the Hybrid Section these are the Legal & General AVC Funds that you may have invested in.

2021 Quarter 2

 
Fund A Hybrid AVC 2021 Q2 74 Kb | 30 Jun 2021
Fund B Hybrid AVC 2021 Q2 75 Kb | 30 Jun 2021
Fund C Hybrid AVC 2021 Q2 76 Kb | 30 Jun 2021
Gilt Fund Hybrid AVC 2021 Q2 70 Kb | 30 Jun 2021
Cash Fund Hybrid AVC 2021 Q2 307 Kb | 30 Jun 2021

2021 Quarter 1

 
Fund A Hybrid AVC 2021 Q1 74 Kb | 31 Mar 2021
Fund B Hybrid AVC 2021 Q1 75 Kb | 31 Mar 2021
Fund C Hybrid AVC 2021 Q1 76 Kb | 31 Mar 2021
Gilt Fund Hybrid AVC 2021 Q1 70 Kb | 31 Mar 2021
Cash Fund Hybrid AVC 2021 Q1 353 Kb | 31 Mar 2021

2020 Quarter 4

 
Fund A Hybrid AVC 2020 Q4 68 Kb | 31 Dec 2020
Fund B Hybrid AVC 2020 Q4 70 Kb | 31 Dec 2020
Fund C Hybrid AVC 2020 Q4 71 Kb | 31 Dec 2020
Gilt Fund Hybrid AVC 2020 Q4 65 Kb | 31 Dec 2020
Cash Fund Hybrid AVC 2020 Q4 349 Kb | 31 Dec 2020

Coronavirus Update

Read Which?'s advice on how pension funds are being affected during the coronavirus outbreak here.