How we invest
We pool most of the individual pension scheme assets through a Common Investment Fund.
Funds under stewardship as at 31 December 2025
We pool most of the individual pension scheme assets for investment purposes through a Common Investment Fund. This allows the smaller schemes to access economies of scale and investment opportunities that might not be available to them otherwise.
The Liability Driven Investment (LDI) portfolios, which are primarily invested in UK gilt, are specific to each scheme so sit outside the Common Investment Fund.
Here is the breakdown of investments within the fund at the end of 2025.
Global Equities
Global equities are shares (stocks) in companies from around the world
Emerging Market Equities
Emerging market equities are shares (equities) of companies based in “emerging market” countries—economies that are developing rapidly
Property
Property means real estate as an asset class, held either directly or indirectly
Private Equity
Private equity is an investment in companies that are not listed on public stock market
Infrastructure
Infrastructure means putting money into the essential physical systems and services that keep the economy running
Private Debt
Private debt is an investment where money is lent directly to companies
Emerging Market Debt
Emerging market debt is debt issued by governments or companies in emerging market countries
Alternative Income
Alternative income is a collective term for income‑generating investments outside traditional assets
Global High Yield Bonds
Global High Yield Bonds are bonds issued by companies around the world with lower credit ratings, meaning they pay higher interest (yields)
Corporate Bonds
Corporate bonds are loans that investors make to companies, in return for regular interest payments
Cash
Cash (as an investment asset) means money held in very low‑risk, highly liquid forms
Gilts and LDI
Gilts are UK government bonds
LDI is an investment approach designed to match the value of a scheme’s assets to its future pension liabilities
