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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 fund

The table below shows the actual asset mixes for the three sub-funds as at 30 June 2019.

Asset Type Conventional with-profits Unitised with-profits taxable Unitised with-profits tax exempt
UK Equities
13.9% 14.6% 14.3%
Overseas Equities
35.6% 37.3% 36.7% 
Property 12.6% 8.4% 10.0% 
UK government interest-bearing securities 15.4% 16.1% 15.9%
Other interest-bearing securities 18.2% 19.2% 18.8%
Deposits and cash 4.3% 4.4% 4.3%
 Total 100.0% 100.0% 100.0%

Asset Type Conventional with-profits Unitised with-profits taxable Unitised with-profits tax exempt
UK Equities
13.9% 14.6% 14.3%
Overseas Equities
35.6% 37.3% 36.7% 
Property 12.6% 8.4% 10.0% 
UK government interest-bearing securities 15.4% 16.1% 15.9%
Other interest-bearing securities 18.2% 19.2% 18.8%
Deposits and cash 4.3% 4.4% 4.3%
 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
15.50% 5.00%-30.00%
Overseas Equities
37.00% 0.00%-40.00%
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 Fund

The table below shows the actual asset mix as at 30 June 2019.

Assets %
Corporate Bonds
59.9%
Gilts
38.7%
Cash/Other
1.4%

Assets %
Corporate Bonds
59.9%
Gilts
38.7%
Cash/Other
1.4%