Money in and out
The table below shows the money coming into and going out of the Fund during the year.
| Money in 2024/25 | |
|---|
| Total income | £591.1m |
| Employers' contribution | £297.7m |
| Investment income | £197.1m |
| Members' contribution | £92.6m |
| Transfers in from other schemes | £3.7m |
| | |
| | |
| Change in value of investments | £161.3m |
| Money out 2024/25 | |
|---|
| Total outgoings | £554.1m |
| Pensions and other benefits paid | £547.7m |
| Investment management | £31.8m |
| Other payments | £6.0m |
| Administration | £6.3m |
| Payments in respect of leavers | £1.0m |
| Pension levies | £9.4m |
Administration expenses
| Item | Cost |
|---|
| Staff costs | £3.2m |
| Fund office running costs | £0.7m |
| Professional fees | £1.9m |
| Communications and consumables | £0.5m |
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 2025.
| Who manages the Fund | |
|---|
| BlackRock (Index tracking and liability matching assets) | 24.7% |
| Active Specialist | |
|---|
| Goldman Sachs (Global bonds) | 5.1%
|
| Pzena (Global equities) | 3.5%
|
| Oak Hill (Alternative credit) | 3.1% |
| Veritas (Global equities) | 2.9%
|
| JO Hambro (Global equities) | 2.6% |
| JP Morgan (Emerging Market debt) | 1.5% |
| Nomura (Pacific Basin equities) | 1.4% |
| Paradice (Global Small Cap equities) | 1.4% |
| Coronation (Global Emerging Market equities) | 1.1% |
| JO Hambro (Asia (ex Japan) equities) | 0.7% |
| Wellington (Alternative credit) | 0.7% |
| Russell (Global Emerging Market equities) | 0.3% |
| Russell (Currency overlay) | 0.2% |
| Alternative Assets | |
|---|
| Neuberger Berman (Global equity Fund of Funds) | 7.1% |
| Bridgewater (Global Macro Systematic Hedge Fund) | 5.9% |
| Cash | 5.7% |
| Cambridge Associates (Hedge Fund) | 4.2%
|
| CBRE (Real Estate (Fund of Funds exposure)) | 3.4% |
| Stonepeak (Infrastructure Private Equity Fund) | 3.4% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 2.3% |
| Credit Suisse (Reinsurance Hedge Fund) | 2.3% |
| Siguler Guff (Distressed Debt Private equity) | 2.2% |
| Harrison Street (Social Infrastructure Fund) | 2.0% |
| Semperian (Infrastructure assets) | 1.9% |
| SCM ManCo 1 Limited (Infrastructure assets) | 1.7% |
| Goldman Sachs (Alternative credit) | 1.4% |
| BlackRock (Real Estate) | 1.3% |
| Industry Funds (Infrastructure debt) | 1.3% |
| BlackRock (Commodities) | 1.2% |
| Man (Alternative Risk Premium Hedge Fund) | 1.2% |
| Goldman Sachs (Beta Trend Hedge Fund) | 1.1% |
| Man (Multi Strategy Hedge Fund) | 1.1% |
| GS Mezzanine (Private Mezzanine debt) | 0.9% |
| Harrison Street (Infrastructure Equity Fund) | 0.8% |
| BlackRock (UK Renewables Private equity) | 0.5%
|
| Brevan Howard (Macro Opportunities Drawdown Fund) | 0.4% |
| Augment (Infrastructure Emerging Market Fund) | 0.3% |
| Equilibrium (Agriculture Capital Fund) | 0.3% |
| Goldman Sachs (Private equity) | 0.3% |
| Partners Group (Private Equity Fund of Funds) | 0.2% |
| Anchorage (Multi-Strategy Credit Hedge Fund) | 0.1% |
| Blackstone Management (Transition Infrastructure Equity Fund) | 0.1% |
The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2025.
| The Fund's Assets | |
|---|
| Overseas equities | 24.6% |
| Liquid alternatives | 18.8% |
| Liability Hedging | 12.3% |
| Infrastructure | 10.2% |
| Private equities | 8.0% |
| Alternative credit | 6.7% |
| Global bonds | 5.1% |
| Real estate | 4.7% |
| Private credit | 4.4% |
| Cash & other assets | 1.8% |
| UK equities | 1.7% |
| Commodities | 1.2% |
| Renewables | 0.5% |
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 30 September 2025 are shown in the table below:
| Company | Sector | Value |
|---|
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Information Technology | £46.0m |
| AMAZON.COM INC | Information Technology | £37.8m |
| ALPHABET INC | Communication Services | £29.7m |
| AIRBUS SE | Industrials | £29.1m |
|
MICROSOFT CORP | Information Technology | £26.8m |
| SAMSUNG ELECTRONICS CO LTD | Consumer Discretionary | £24.4m |
| SALESFORCE.COM INC. | Information Technology | £23.8m |
| UNITED HEALTH GROUP INC | Health Care | £20.7m |
| UNILEVER PLC | Consumer Staples | £20.6m |
| VINCI SA | Industrials | £19.6m |
| SAFRAN SA | Industrials | £19.1m |
| TENCENT HOLDINGS LTD | Information Technology | £18.6m |
| HONG KONG EXCHANGES & CLEARING LTD | Financials | £18.4m |
| UBS GROUP AG | Financials | £18.2m |
| DIAGEO PLC | Consumer Staples | £17.3m |
| MERCADOLIBRE INC | Information Technology | £17.0m |
| BROADCOM INC | Information Technology | £16.8m |
| AMADEUS IT GROUP SA | Information Technology | £16.6m |
| SEA LTD | Information Technology | £16.6m |
| AON PLC | Financials | £16.3m |
| INTERCONTINENTAL EXCHANGE INC | Financials | £16.2m |
| CANADIAN PACIFIC KANSAS CITY LTD | Industrials | £15.7m |
| BECTON DICKINSON & CO | Healthcare | £15.5m |
| SONY GROUP CORP | Communication Services | £15.2m |
| TDK CORP | Information Technology | £15.2m |
| Total | | £531.2m |
