Before we get started...
Market and Economic Review
This review is based on information and commentary provided by Columbia Threadneedle Investments
Global equities rose at a double-digit pace in 2021, even as volatility increased towards the end of the year. After a weak start in January, shares notched seven straight monthly gains, driven by robust corporate profits, ultra-loose monetary policy, the rollout of Covid vaccines and optimism about further US fiscal stimulus. From September onwards however, performance was more mixed as central banks in developed markets looked to address rising inflation concerns. Volatility spiked in November amid concerns about a rapid rise in Covid cases driven by the new Omicron variant. Nonetheless, equities ended the year strongly, posting a gain in December and trading near record highs. Commodities (natural resources and agricultural products) also ended the year strongly, lifted by pandemic-related supply bottlenecks and the positive demand implications of economic reopening. Core government bond markets posted negative returns as accelerating inflation fostered anticipation of higher interest rates. Corporate debt held up better; the positive earnings backdrop and a low default rate helping.
The pandemic continued to dominate investor sentiment over the period. Developed markets countries rolled out vaccines in the first few months of the year with relative smoothness, helping to promote a revival in economic activity, which bolstered equities. Less positively, initial progress was slow in many emerging markets, but some Asian countries made good headway later in the year. But there was some relief as initial evidence suggested that Omicron, while highly contagious, was relatively mild in effect and caused fewer hospitalisations and deaths.
A shift in the outlook for monetary policy was a prominent theme of the year as inflation readings in numerous countries indicated that prices were rising swiftly. During the initial months, the key developed markets central banks argued that higher prices would likely prove to be temporary and maintained their ultra-loose policies, continuing monetary stimulus and holding their key interest rates near or below zero. The picture began to change around mid-year as inflation continued to accelerate, rising well above official targets in the US, the UK and the Eurozone. As the year came to a close, core developed markets central banks made a dramatic shift toward tightening policy: just days apart in mid-December, the Federal Reserve in the US projected as many as three rate hikes before the end of 2023, while the UK’s Bank of England raised rates for the first time since 2018 and the European Central Bank laid out plans to end their pandemic stimulus programme.
Teachers with-profits fund performance review
The Teachers with-profits fund provides the main benefits for with-profits policies originally provided by Teachers Assurance.
In core government bond markets, yields rose (meaning prices fell) owing to rising inflation and anticipation that key central banks would rein in their stimulus measures. Our allocation in government bonds – especially Gilts – has been below that of the funds’ benchmark; this decision has helped to cushion the underperformance.
Corporate bonds proved more resilient, helped by generally robust earnings and a low default rate. Over the year we favoured High Yield bonds which delivered a positive return over Investment Grade bonds which were slightly negative.
These figures show the investment return (before tax and charges) on the Teachers with-profits fund (for conventional with-profits policies) each calendar year for the last five years
Year | Investment return % |
Year to 31 December 2021 | 7.8% |
Year to 31 December 2020 | 10.5% |
Year to 31 December 2019 | 15.1% |
Year to 31 December 2018 | -3.3% |
Year to 31 December 2017 | 8.9% |
Year | Investment return % |
Year to 31 December 2021 | 7.8% |
Year to 31 December 2020 | 10.5% |
Year to 31 December 2019 | 15.1% |
Year to 31 December 2018 | -3.3% |
Year to 31 December 2017 | 8.9% |
Inherited estate fund performance review
This is a separate fund for with-profits policies originally provided by Teachers Assurance which includes the ‘inherited estate’ and allocations of special bonus.
This fund has a long-term investment strategy of investing in a mix of fixed-interest securities and cash.
For more information on the Teachers with-profits fund and separate inherited estate fund please see the guide ‘Your guide to how we manage the Teachers Assurance Fund for with-profits business'.
These figures show the investment return (before tax and charges) on the Teachers inherited estate fund each calendar year for the last five years
Year | Investment return % |
Year to 31 December 2021 | -2.6% |
Year to 31 December 2020 | 5.2% |
Year to 31 December 2019 | 6.0% |
Year to 31 December 2018 | 0.4% |
Year to 31 December 2017 | 1.8% |
Year | Investment return % |
Year to 31 December 2021 | -2.6% |
Year to 31 December 2020 | 5.2% |
Year to 31 December 2019 | 6.0% |
Year to 31 December 2018 | 0.4% |
Year to 31 December 2017 | 1.8% |
Columbia Threadneedle Investments
Since 1 February 2019 the asset management of Teachers funds has been undertaken on our behalf by Columbia Threadneedle Investments. Columbia Threadneedle is responsible for the day to day management of the assets within investment guidelines set by LV=.
Columbia Threadneedle is a leading international investment manager that manages £557bn of assets (as at 31 December 2021), investing on behalf of individuals, pension funds, insurers and corporations. Columbia Threadneedle is the global asset management group of Ameriprise Financial, a leading US-based financial services provider.
Asset allocation
Unit price history - Teachers unitised with-profits policies
Under each of the Teachers unitised with-profits policy types listed below are tables that show the unit prices at the end of each of the last five calendar years. Just click on the policy type to see the tables.
Unitised with-profits policies hold units in the two funds:
For more information on how Teachers unitised with-profits policies work please refer to:
Fund Name - Main Benefits: | Unitised With-Profits Fund | ||
UWP Unit Price Date |
Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 143.4p | 0.3% | 3.9%* |
Year to 31 December 2020 | 143.0p | 0.5% | |
Year to 31 December 2019 | 142.3p | 1.1% | |
Year to 31 December 2018 | 140.8p | 1.1% | |
Year to 31 December 2017 | 139.2p | 0.8% |
* Teachers Anniversary Bonds are also eligible for final bonus to be added on encashment.
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Regular Savings Plan | ||
UWP Unit Price Date |
Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 243.9p | 6.0% | 30.5% |
Year to 31 December 2020 | 230.0p | 7.5% | |
Year to 31 December 2019 | 213.9p | 10.8% | |
Year to 31 December 2018 | 193.1p | -3.3% | |
Year to 31 December 2017 | 199.6p | 6.8% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Guaranteed Savings Plan Series 2 | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 232.2p | 6.7% | 39.5% |
Year to 31 December 2020 | 217.7p | 10.0% | |
Year to 31 December 2019 | 197.9p | 13.5% | |
Year to 31 December 2018 | 174.3p | -2.5% | |
Year to 31 December 2017 | 178.8p | 7.5% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Guaranteed Savings Plan Series 3 | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 182.7p | 6.3% | 34.4% |
Year to 31 December 2020 | 171.8p | 8.6% | |
Year to 31 December 2019 | 158.2p | 12.0% | |
Year to 31 December 2018 | 141.2p | -3.0% | |
Year to 31 December 2017 | 145.5p | 7.1% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Tax Free Savings Plan Series 1 | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 281.5p | 7.3% | 40.4% |
Year to 31 December 2020 | 262.4p | 10.3% | |
Year to 31 December 2019 | 237.9p | 14.7% | |
Year to 31 December 2018 | 207.5p | -4.2% | |
Year to 31 December 2017 | 216.7p | 8.1% |
Fund Name - Estate Units: | Teachers Estate Units - Tax Exempt | ||
Estate Unit Price Date |
Estate Unit Price (Non-Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 112.5p | -2.8% | 10.4% |
Year to 31 December 2020 | 115.8p | 5.1% | |
Year to 31 December 2019 | 110.2p | 4.4% | |
Year to 31 December 2018 | 105.6p | 0.3% | |
Year to 31 December 2017 | 105.3p | 3.3% |
Fund Name - Main Benefits: | Teachers UWP - Tax Free Savings Plan Series 2 | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 260.7p | 7.9% | 50.3% |
Year to 31 December 2020 | 241.6p | 12.8% | |
Year to 31 December 2019 | 214.1p | 17.6% | |
Year to 31 December 2018 | 182.1p | -3.5% | |
Year to 31 December 2017 | 188.7p | 8.8% |
Fund Name - Estate Units: | Teachers Estate Units - Tax Exempt | ||
Estate Unit Price Date |
Estate Unit Price (Non-Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 112.5p | -2.8% | 10.4% |
Year to 31 December 2020 | 115.8p | 5.1% | |
Year to 31 December 2019 | 110.2p | 4.4% | |
Year to 31 December 2018 | 105.6p | 0.3% | |
Year to 31 December 2017 | 105.3p | 3.3% |
Fund Name - Main Benefits: | Teachers UWP - Tax Free Savings Plan Series 3 | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 197.7p | 7.3% | 41.3% |
Year to 31 December 2020 | 184.2p | 10.6% | |
Year to 31 December 2019 | 166.5p | 15.0% | |
Year to 31 December 2018 | 144.8p | -4.4% | |
Year to 31 December 2017 | 151.4p | 8.2% |
Fund Name - Estate Units: | Teachers Estate Units - Tax Exempt | ||
Estate Unit Price Date |
Estate Unit Price (Non-Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 112.5p | -2.8% | 10.4% |
Year to 31 December 2020 | 115.8p | 5.1% | |
Year to 31 December 2019 | 110.2p | 4.4% | |
Year to 31 December 2018 | 105.6p | 0.3% | |
Year to 31 December 2017 | 105.3p | 3.3% |
Fund Name - Main Benefits: | Teachers UWP - Taxable - Guaranteed Growth Bond, 10 year term, 10% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 157.1p | 5.2% | 20.7% |
Year to 31 December 2020 | 149.3p | 4.8% | |
Year to 31 December 2019 | 142.5p | 7.5% | |
Year to 31 December 2018 | 132.6p | -3.9% | |
Year to 31 December 2017 | 138.0p | 6.0% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Taxable - Guaranteed Growth Bond 2014, 10 year term, 10% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 143.6p | 5.4% | 21.4% |
Year to 31 December 2020 | 136.3p | 4.9% | |
Year to 31 December 2019 | 129.9p | 7.7% | |
Year to 31 December 2018 | 120.6p | -3.9% | |
Year to 31 December 2017 | 125.5p | 6.1% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Taxable - Guaranteed Growth Bond 2014, 10 year term, 15% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 142.6p | 5.3% | 20.7% |
Year to 31 December 2020 | 135.4p | 4.7% | |
Year to 31 December 2019 | 129.3p | 7.5% | |
Year to 31 December 2018 | 120.3p | -3.9% | |
Year to 31 December 2017 | 125.5p | 6.0% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Taxable - Guaranteed Growth Bond 2014, 10 year term, 20% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 141.6p | 5.2% | 20.1% |
Year to 31 December 2020 | 134.6p | 4.6% | |
Year to 31 December 2019 | 128.7p | 7.3% | |
Year to 31 December 2018 | 120.0p | -4.0% | |
Year to 31 December 2017 | 125.0p | 6.0% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Taxable - Guaranteed Growth Bond 2014, 10 year term, 25% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 140.6p | 5.2% | 19.4% |
Year to 31 December 2020 | 133.7p | 4.4% | |
Year to 31 December 2019 | 128.1p | 7.0% | |
Year to 31 December 2018 | 119.7p | -4.0% | |
Year to 31 December 2017 | 124.7p | 5.9% |
Fund Name - Estate Units: | Teachers Estate Units - Taxable | ||
Estate Unit Price Date |
Estate Unit Price (Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 109.9p | -2.3% | 8.3% |
Year to 31 December 2020 | 112.5p | 4.1% | |
Year to 31 December 2019 | 108.1p | 3.4% | |
Year to 31 December 2018 | 104.5p | 0.3% | |
Year to 31 December 2017 | 104.2p | 2.7% |
Fund Name - Main Benefits: | Teachers UWP - Tax Exempt - Guaranteed ISA | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 171.3p | 5.6% | 18.1% |
Year to 31 December 2020 | 162.2p | 4.0% | |
Year to 31 December 2019 | 156.0p | 7.4% | |
Year to 31 December 2018 | 145.3p | -5.9% | |
Year to 31 December 2017 | 154.4p | 6.5% |
Fund Name - Estate Units: | Teachers Estate Units - Tax Exempt | ||
Estate Unit Price Date |
Estate Unit Price (Non-Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 112.5p | -2.8% | 10.4% |
Year to 31 December 2020 | 115.8p | 5.1% | |
Year to 31 December 2019 | 110.2p | 4.4% | |
Year to 31 December 2018 | 105.6p | 0.3% | |
Year to 31 December 2017 | 105.3p | 3.3% |
Fund Name - Main Benefits: | Teachers UWP - Tax Exempt - Guaranteed Growth ISA, 10 year term, 10% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 170.1p | 6.3% | 26.9% |
Year to 31 December 2020 | 160.0p | 6.6% | |
Year to 31 December 2019 | 150.1p | 10.4% | |
Year to 31 December 2018 | 136.0p | -5.3% | |
Year to 31 December 2017 | 143.6p | 7.2% |
Fund Name - Estate Units: | Teachers Estate Units - Tax Exempt | ||
Estate Unit Price Date |
Estate Unit Price (Non-Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 112.5p | -2.8% | 10.4% |
Year to 31 December 2020 | 115.8p | 5.1% | |
Year to 31 December 2019 | 110.2p | 4.4% | |
Year to 31 December 2018 | 105.6p | 0.3% | |
Year to 31 December 2017 | 105.3p | 3.3% |
Fund Name - Main Benefits: | Teachers UWP - Tax Exempt - Guaranteed Growth ISA 2014, 10 year term, 10% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 152.6p | 6.2% | 26.2% |
Year to 31 December 2020 | 143.7p | 6.4% | |
Year to 31 December 2019 | 135.0p | 10.1% | |
Year to 31 December 2018 | 122.6p | -5.3% | |
Year to 31 December 2017 | 129.4p | 7.0% |
Fund Name - Estate Units: | Teachers Estate Units - Tax Exempt | ||
Estate Unit Price Date |
Estate Unit Price (Non-Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 112.5p | -2.8% | 10.4% |
Year to 31 December 2020 | 115.8p | 5.1% | |
Year to 31 December 2019 | 110.2p | 4.4% | |
Year to 31 December 2018 | 105.6p | 0.3% | |
Year to 31 December 2017 | 105.3p | 3.3% |
Fund Name - Main Benefits: | Teachers UWP - Tax Exempt - Guaranteed Growth ISA 2014, 10 year term, 15% Guarantee | ||
UWP Unit Price Date |
UWP Unit Price | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 152.6p | 6.2% | 26.2% |
Year to 31 December 2020 | 143.7p | 6.4% | |
Year to 31 December 2019 | 135.0p | 10.1% | |
Year to 31 December 2018 | 122.6p | -5.3% | |
Year to 31 December 2017 | 129.4p | 7.0% |
Fund Name - Estate Units: | Teachers Estate Units - Tax Exempt | ||
Estate Unit Price Date |
Estate Unit Price (Non-Taxable) | Growth % for the 12 Months to date shown | Total percentage growth for the 5 year period ending 31 December 2021 |
Year to 31 December 2021 | 112.5p | -2.8% | 10.4% |
Year to 31 December 2020 | 115.8p | 5.1% | |
Year to 31 December 2019 | 110.2p | 4.4% | |
Year to 31 December 2018 | 105.6p | 0.3% | |
Year to 31 December 2017 | 105.3p | 3.3% |