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Asset Allocation - Teachers Assurance fund

Asset allocation of the Teachers Assurance Fund

We want to make it transparent to our policyholders about where their money is being invested. This section looks at the spread of investment and the breakdown of the share of our with-profits fund. It also shows the target asset mix and the permitted range for each asset type.

The spread of investments in the with-profits fundThe table below shows the actual asset mixes for the three sub-funds as at 30 September 2018.
Asset Type Conventional with-profits Unitised with-profits taxable Unitised with-profits tax exempt
UK Equities
33.6% 34.4% 34.1%
Overseas Equities
19.0% 19.6% 19.4% 
Property 10.3% 8.1% 8.9% 
UK government interest-bearing securities 12.9% 13.1% 12.9%
Other interest-bearing securities 17.0% 17.4% 17.2%
Deposits and cash 7.2% 7.4% 7.5%
 Total 100.0% 100.0% 100.0%

Asset Type Conventional with-profits Unitised with-profits taxable Unitised with-profits tax exempt
UK Equities
33.6% 34.4% 34.1%
Overseas Equities
19.0% 19.6% 19.4% 
Property 10.3% 8.1% 8.9% 
UK government interest-bearing securities 12.9% 13.1% 12.9%
Other interest-bearing securities 17.0% 17.4% 17.2%
Deposits and cash 7.2% 7.4% 7.5%
 Total 100.0% 100.0% 100.0%

The table below shows the target asset mix and the permitted range for each asset type. The same target mix is used for each sub-fund.

View table for the target asset mix and the permitted range for each asset type.
Asset Type Target Asset mix Permitted Range
UK Equities
35.00% 30.00%-40.00%
Overseas Equities
17.50% 12.50%-22.50%
Property 7.50% 2.50%-12.50%
UK government interest-bearing securities 17.50% 12.50%-22.50%
Other interest-bearing securities 17.50% 12.50%-22.50%
Deposits and cash 5.00% 0.00%-10.00%

The spread of investments in the Estate FundThe table below shows the actual asset mix as at 30 September 2018.
Assets %
Corporate Bonds
55.5%
Gilts
39.6%
Cash/Other
4.9%

Assets %
Corporate Bonds
55.5%
Gilts
39.6%
Cash/Other
4.9%