Statement of investment principles

The Statement of Investment Principles (SIP) records the investment arrangements (and the rationale behind those arrangements) adopted by the Trustee. The formal SIP is available to download here.

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 established 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.

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