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Member profile
The DC Section of the Scheme is made up of three Sections. At 31 March 2022, the DC Section overall had a total of 43,061 members. The dials below show you the membership numbers of each of the three Sections.
Active members
(still building up savings in the Section)
■ Retirement Savings Section - 362
■ Auto-Enrolment Section - 13,009
■ Pension Builder Plan - 3,098
Deferred members
(with savings left in the Section)
■ Retirement Savings Section - 2,477
■ Auto-Enrolment Section - 19,077
■ Pension Builder Plan - 5,038
Accounts snapshot (£m)
333.8
Section assets at 1 April 2021
40.5
What came in
(contributions and transfers from other schemes)
(19.0)
What went out
(benefits to members)
22.2
Change to investment value
377.5
Section assets at 31 March 2022
A full version of the Trustee’s Annual Report and Financial Statements is available on request. If you would like a copy, please use the contact details here.
Investments snapshot
The Trustee Board understands that you want to make sure that while your pension savings grow, and they get the best return they can, your money is also invested in a socially responsible manner. This is why an environmental, social and governance (ESG) fund has been introduced to the Scheme. Additionally, the Board wanted to ensure that there was a fund available that was designed for members who want to invest in a way that complies with Sharia principles. To make sure everyone has an investment choice, the Islamic Global Equity Fund has been introduced.
Here are the individual fund performance figures for the one-year and three-year periods to 31 March 2022.
| Fund | 1 year to 31 March 2022 (% investment return, net of fees) | 3 years to 31 March 2022 (average % investment growth each year, net of fees) |
|---|---|---|
| UK Equity Fund | 12.3 | 5.0 |
| 30/70 Global Equity Fund | 9.8 | 11.0 |
| Market Advantage | 2.1 | 2.5 |
| Corporate Bonds | -8.8 | 1.2 |
| LGIM Pre-Retirement | -6.7 | 0.4 |
| Cash Fund | 0.0 | 0.3 |
| Fixed-Interest Gilts | -8.0 | -0.9 |
| Index-Linked Gilts | 3.6 | 2.8 |
Asset spread
These dials show how members’ pension accounts were invested at 31 March 2022.
Retirement Savings Section
■ 30/70 Currency Hedged Global Equity Fund - 53.2%
■ Market Advantage Fund - 36.5%
■ LGIM Pre-Retirement - 6.6%
■ Cash Fund - 3.7%
Auto-Enrolment Section
■ 30/70 Currency Hedged Global Equity Fund - 74.2%
■ Market Advantage Fund - 20.1%
■ LGIM Pre-Retirement - 2.2%
■ Cash Fund - 3.4%
Pension Builder Plan
■ UK Equity Fund - 1.5%
■ 30/70 Currency Hedged Global Equity Fund - 56.4%
■ Market Advantage Fund - 29.7%
■ Fixed-Interest Gilts (Over 15 Years) - 0.2%
■ Corporate Bonds (Over 15 Years) - 0.5%
■ Index-Linked Gilts (Over 5 Years) - 0.2%
■ LGIM Future World Annuity Aware - 7.1%
■ Cash Fund - 4.4%
DC section overall asset allocation at 31 March 2022
■ UK Equity fund - 0.8%
■ 30/70 Currency Hedged Global Equity Fund - 61.4%
■ Market Advantage Fund - 27.6%
■ Fixed Interest Gilts (Over 15 Years) - 0.1%
■ Corporate Bonds (Over 15 Years) - 0.3%
■ Index Linked Gilts (Over 5 Years) - 0.1%
■ LGIM Future World Annuity Aware - 5.6%
■ Cash Fund - 4.1%
The Cash at Retirement Lifestyle Option is the default option for most members. This utilises the 30/70 Global Equity Fund, Market Advantage Fund and Cash Fund.
Investment changes
The Trustee Board is considering replacing the current Scheme’s DGF manager and changing to glidepath de-risking phase duration. These changes will be confirmed and implemented in 2023.