Investment Managers and Performance

Investment Manager Mandates

The mandates agreed with the investment managers set out performance targets and are shown in the table below.

The Scheme specific liability benchmark is calculated to reflect the change in value of the projected future cash flows of the Scheme provided by the Actuary.

Investment Manager Historical Performance

The numbers in this table may not add up exactly because of rounding differences. The returns have been calculated using the Modified-Dietz method. We have excluded the M&G ABS Sleeve as this was only invested for a short amount of time during the start of the Scheme Year.

Notes to the table:

1. Or since inception if performance monitoring period is shorter (AXA PCS 8 - 29 July 2022)

2. Mandates using primarily investment grade bonds.

3. The AXA PCS6 and Amundi Broad Bonds Funds were fully redeemed in March 2025 (noting there was a residual c£0.4m in the Amundi Broad Bond account which was transferred out of the account after 31 March 2025).

4. Mandates investing in bank regulatory capital release transactions.

5. The bulk of the cash assets are invested in the BlackRock Institutional Sterling Liquidity Fund.

6. Net current assets include cash in the Trustee Bank Account less a reserve for GMP equalisation.

7. This represents the Strategic Target rather than the aggregate of the individual Investment Manager’s targets.