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The Fund’s investments are divided between four separate portfolios, these being the;

• Active Member and Deferred Pensioner Portfolio
• The Pre-Retirement Switch Portfolio – designed to preserve members capital as they approach retirement. The portfolio is therefore conservative by nature, focusing on providing steady growth with minimal risk.
• The With-Profit Pensioner Portfolio - a fairly conservative portfolio that preserves pensioners’ capital while generating steady return.
• The Without-Profit (Non-Profit) Pensioner Portfolio – incorporates an annual growth figure as agreed with the member and risk does not lie with the member.

Each portfolio has distinct characteristics, a specific purpose, and performs differently from the others. It is important to consider this when comparing the different portfolios’performance, as these would not be like-for-like comparisons.