Money in and out
The table below shows the money coming into and going out of the Fund during the year.
| Money in 2025/26 | |
|---|
| Total income | £462.3m |
| Employers' contribution | £149.7m |
| Investment income | £207.9m |
| Members' contribution | £101.3m |
| Transfers in from other schemes | £3.4m |
| | |
| | |
| Change in value of investments | £1,570.2m |
| Money out 2025/26 | |
|---|
| Total outgoings | £608.8m |
| Pensions and other benefits paid | £562.8m |
| Investment management | £30.1m |
| Other payments | £8.5m |
| Administration | £6.0m |
| Payments in respect of leavers | £0.9m |
| Pension levies | £0.5m |
Administration expenses
| Item | Cost |
|---|
| Staff costs | £3.2m |
| Fund office running costs | £0.8m |
| Professional fees | £1.5m |
| 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 2026.
| Who manages the Fund | |
|---|
| BlackRock (Index tracking and liability matching assets) | 22.8% |
| Active Specialist | |
|---|
| Goldman Sachs (Global Bonds) | 4.9%
|
| Wellington (Absolute Return Credit) | 3.1% |
| Oak Hill (Global High Yield Credit) | 2.9% |
| Pzena (Global Equities) | 2.7%
|
| JO Hambro (Global Equities) | 2.0% |
| Veritas (Global Equities) | 1.8%
|
| JP Morgan (Emerging Market Debt) | 1.5% |
| Nomura (Pacific Basin Equities) | 1.4% |
| Paradice (Global Small Cap Equities) | 1.2% |
| Coronation (Global Emerging Market Equities) | 1.1% |
| JO Hambro (Asia (ex Japan) Equities) | 0.4% |
| Russell (Currency Overlay) | (0.1%) |
| Alternative Assets | |
|---|
| Bridgewater (Global Macro Systematic Hedge Fund) | 7.6% |
| Neuberger Berman (Global equity Fund of Funds) | 6.7% |
| Cash | 4.6% |
| Cambridge Associates (Hedge Fund) | 3.9%
|
| Stonepeak (Infrastructure Private Equity Fund) | 3.3% |
| CBRE (Real Estate (Fund of Funds exposure)) | 3.1% |
| Euler (Reinsurance Hedge Fund) | 2.3% |
| Siguler Guff (N. America Opportunist Private Credit) | 2.2% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 2.1% |
| Harrison Street (Social Infrastructure Fund) | 1.9% |
| BlackRock (Commodities) | 1.8% |
| Semperian (UK Core Infrastructure Investment) | 1.7% |
| SCM ManCo 1 Limited (Infrastructure assets) | 1.6% |
| Goldman Sachs (Alternative credit) | 1.4% |
| BlackRock (Real Estate) | 1.3% |
| Industry Funds (Infrastructure debt) | 1.3% |
| Man (Alternative Risk Premium Hedge Fund) | 1.3% |
| Man (Multi Strategy Hedge Fund) | 1.1% |
| GS Mezzanine (Private Mezzanine debt) | 1.0% |
| Goldman Sachs (Beta Trend Hedge Fund) | 1.0% |
| Blackstone Management (Transition Infrastructure Equity Fund) | 0.7% |
| Harrison Street (Infrastructure Equity Fund) | 0.7% |
| BlackRock (UK Renewables Private equity) | 0.4%
|
| Brevan Howard (Macro Opportunities Drawdown Fund) | 0.4% |
| Augment Brazil (Infrastructure Emerging Market Fund) | 0.2% |
| Equilibrium (Agriculture Capital Fund) | 0.2% |
| Goldman Sachs (Private equity) | 0.2% |
| Partners Group (Private Equity Fund of Funds) | 0.2% |
| Anchorage (Multi-Strategy Credit Hedge Fund) | 0.1% |
| IFC (Emerging Market Infrastructure) | 0.1% |
The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2026.
| The Fund's Assets | |
|---|
| Liquid alternatives | 19.7% |
| Overseas equities | 18.9% |
| Liability Hedging | 13.4% |
| Infrastructure | 10.2% |
| Alternative credit | 8.9% |
| Private equities | 7.2% |
| Global bonds | 4.9% |
| Cash & other assets | 4.5% |
| Private credit | 4.4% |
| Real estate | 4.4% |
| Commodities | 1.8% |
| UK equities | 1.3% |
| Renewables | 0.4% |
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 31 December 2025 are shown in the table below:
| Company | Sector | Value |
|---|
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Information Technology | £45.2m |
| AMAZON.COM INC | Information Technology | £25.2m |
| NVIDIA CORP | Information Technology | £17.8m |
| AIRBUS SE | Industrials | £17.2m |
| VINCI SA | Industrials | £16.3m |
| ALPHABET INC | Communication Services | £15.9m |
| SAMSUNG ELECTRONICS CO LTD | Industrials | £15.7m |
| NU HOLDINGS LTD/CAYMAN ISLANDS | Financials | £14.9m |
| LEAR CORP | Consumer Discretionary | £14.6m |
| LONDON STOCK EXCHANGE GROUP PLC | Financials | £14.3m |
| SAFRAN SA | Industrials | £13.9m |
| BRISTOL-MYERS SQUIBB CO | Health Care | £13.8m |
| BASF SE | Materials | £13.5m |
| CANADIAN PACIFIC KANSAS CITY LTD | Industrials | £13.5m |
| DAIMLER TRUCK HOLDING | Industrials | £13.0m |
| AON PLC | Financials | £12.8m |
| UNITED HEALTH GROUP INC | Health Care | £12.6m |
| MASTERCARD INC | Financials | £12.5m |
| MICROSOFT CORP | Information Technology | £12.4m |
| UBS GROUP AG | Financials | £11.8m |
| DAIKIN INDUSTRIES LTD | Industrials | £11.3m |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | Information Technology | £11.2m |
| BAXTER INTERNATIONAL | Healthcare | £11.1m |
| MAGNA INTERNATIONAL INC | Consumer Discretionary | £11.0m |
| PROSUS NV | Financials | £10.9m |
| Total | | £382.4m |
