Our Investment Strategy Statement has been published

The triennial actuarial valuation is close to completion and part of this process included a review of the Fund's investment strategy. The Investment Strategy Statement (ISS) has been updated following this review and is published. 

One of the key themes of the review was "Evolution rather than Revolution". 

More substantive changes to the ISS occurred in March 2021 with the adoption of climate scenario modelling and development of responsible investment policy.

Summary of main changes are as follows:

• The Strategic Asset Allocation (SAA) and balance of investments have been updated
• Contextual amendments have been made to reflect the funding position, which has moved from recovering the deficit, to maintaining the fully funded position
• Cashflow and risk considerations have been updated due to higher inflation and the cost-of-living crisis
• The sections on environmental, social and governance factors (ESG) and voting have been removed as these are now covered in detail in a separate [but interlinked] responsible investment policy document

Investment Strategy Statement 2023 (PDF, 20 MB)(opens new window)

Find out more on our Investment pages