Statement of investment principles
The Scheme's strategic asset allocation policy is summarised below.
The Trustee has appointed a firm of professional investment consultants - Mercer - to provide relevant advice and has estabished an investment sub-committee to focus on investment matters.
The investment managers are responsible for the day-to-day management of the Scheme's assets in accordance with guidelines set by the Trustee.
A strategic asset allocation policy is in place which sets the proportion of bonds in the portfolio at 56.5%, the proportion of global equities at 31.5%, property at 10% and cash at 2%. Investment ranges are also specified. Asset allocations are reviewed quarterly and are generally rebalanced to within agreed benchmark ranges.