The Fund is managed within the rules and guidelines set out in the 1998 Regulations (which consolidated and simplified previous regulations). These regulations set parameters for the types and limits that the Fund can invest in certain asset classes.
The investment strategy of the Fund has been to maximise returns over the medium to long term whilst having regard to its liability commitments. This has led to a more bespoke structure, better suited to matching the Fund's maturity and liability profile.
The requirement to maintain a balanced portfolio of assets across a diversified portfolio invested in a range of stocks and sectors, remains of paramount importance. At the beginning of the year the asset/liability relationship was reviewed by Mercer HR Consulting and the recommendations have been implemented.