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 table below shows the actual asset mixes for the three sub-funds as at 31 March 2026.

Asset Type	Conventional with-profits	Unitised with-profits taxable	Unitised with-profits tax exempt
UK equities	8.1%	8.1%	8.1%
Overseas equities	56.2%	56.4%	56.4%
Property	0.0%	0.0%	0.0%
UK government interest-bearing securities	10.5%	10.5%	10.5%
Other interest-bearing securities	21.2%	21.2%	21.3%
Deposits and cash	4.0%	3.8%	3.7%
Total	100.0%	100.0%	100.0%

Asset Type	Conventional with-profits	Unitised with-profits taxable	Unitised with-profits tax exempt
UK equities	8.1%	8.1%	8.1%
Overseas equities	56.2%	56.4%	56.4%
Property	0.0%	0.0%	0.0%
UK government interest-bearing securities	10.5%	10.5%	10.5%
Other interest-bearing securities	21.2%	21.2%	21.3%
Deposits and cash	4.0%	3.8%	3.7%
Total	100.0%	100.0%	100.0%

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

View table for the target asset mix for each asset type.

Asset Type	Target Asset mix
UK Equities	8.0%
Overseas Equities	53.5%
Property	0.0%
UK government interest-bearing securities	10.5%
Other interest-bearing securities	26.0%
Deposits and cash	2.0%
Total	100.0%

The table below shows the actual asset mix as at 31 March 2026.