The Target Date Funds used as the default investment arrangement for members of the DC Section of the Scheme are a ‘wrapper’ fund, which invest in a range of equity, bond, and diversified investments managed by AllianceBernstein ("AB").
Each Target Date Fund is a multi-asset investment fund, where the underlying investment components are anchored to a long-term asset allocation strategy. Each Target Date Fund includes a diversified mix of opportunities from across the investment spectrum and from around the world. These are implemented through individual stocks as well as through funds as components. AB sources the investments from other fund managers, and some are designed as custom investment components for the Target Date Funds. These are not all publicly available for wider access, or publicly reported upon (via Trustnet, for example).
Custom investment components: Examples of the custom investment components include Private Equity and Sustainable Opportunities. Since 2021 AB has been adding to these components to further diversify the range of growth-oriented investments within the Target Date Funds, and to enhance long-term return opportunities without changing the risk profile of the Target Date Funds.
Private Equity: Invests in a combination of listed public equity of private equity-related companies and investment trusts, along with an index-tracking fund.
Sustainable Opportunities: Includes holdings in renewable energy infrastructure like wind, solar, and battery storage, and digital infrastructure that serves to connect and empower individuals and businesses.
Target Date Fund Charges: Each member pays a single all-in charge. There are no additional costs derived from the investment components, including if/when they change and new ones are added, or through the method of investment implementation.
Fund identifiers for ‘wrapper’ funds: In line with The Pension Regulator’s guidance for a ‘wrapper’ fund such as a Target Date Fund, we have provided ISINs for the underlying funds below.
The information is correct at 30 June 2024 and is reviewed quarterly.
Please note that the mix of underlying investment components, holdings, and funds in which a Target Date Fund invests can change over time to provide a smoother investment journey towards a targeted retirement date.
You can download factsheets for each of the Target Date Funds (as at 30 June 2024) here.
Diversifiers |
|
Underlying fund/investment |
|
Private Equity
|
Custom sleeve
|
iShares MSCI World SRI UCITS ETF – IE00BMZ17T93 HgCapital Trust Plc – GB00BJ0LT190 iShares ESG Screened Global Corporate Bond Index Fund Hedged – IE00BP2C1Z01 3I Group Plc – GB00B1YW4409 Onex Corporation – CA68272K1030 Brookfield Business Partners – BMG162341090 KKR & Co Inc – US48251W1045 Blackstone Group – US09260D1072 Oakley Capital Investment Ltd – BMG670131058 Eurazeo Sa – FR0000121121 Apax Global Alpha - GG00BWWYMV85 HarbourVest Global Private Equity – GG00BR30MJ80 Pantheon International – GB00BP37WF17 ICG Enterprise Trust – GB0003292009 Aberdeen Private Equity Opportunities Trust PLC – GB0030474687 |
| Property & Infrastructure |
Global Real Estate |
Amundi Index FTSE EPRA NAREIT Global – LU1854486229 |
|
AB Sustainable Opportunities
|
Amundi Index MSCI World SRI – LU2022263029 Cordiant Digital infrastructure Ltd – GG00BMC7TM77 The Renewables Infrastructure Group – GG00BBHX2H91 Pantheon Infrastructure – GB00BLNNFL88 iShares MSCI World SRI UCITS ETF – IE00BMZ17T93 Asian Energy Impact Trust – GB00BLBJFZ25 Greencoat Renewable – IE00BF2NR112 GCP Infrastructure Investments – JE00B6173J15 Octopus Renewables Infrastructure Trust PLC – GB00BJM02935 3i Infrastructure – JE00BF5FX167 |
|
| Commodities | Commodities |
iShares Roll Select Commodity Index Fund – IE00B79N2S02 |
Bonds |
|
Underlying fund/investment |
| UK Government – Fixed | Short Duration | Aquila Life Up to 5 Years UK Gilt Index Fund – GB00B00C2321 |
| Medium Duration | Aquila Life 5 to 15 Years UK Gilt Index Fund – GB00B00C1M40 | |
| Long Duration | Aquila Connect Over 15 Year Gilt Fund – GB00B00C3H37 | |
| UK Government – Index Linked | Short Duration | Aquila Life Up to 5 Years Index-Linked Gilt Index Fund – GB00B00C2214 |
| Long Duration | Aquila Connect Over 5 Year Index-Linked Gilt Fund – GB00B00C3J50 | |
| Corporate – Investment Grade | ESG Global Corporate Bonds (AB Blended Global Bond) | iShares ESG Screened Global Corporate Bond Index Fund Hedged –IE00BP2C1Z01 |
| ESG Short Duration Global Credit | Amundi Global Corp SRI 1 to 5 Years GBP Hgd – LU2382233182 |