The following funds are available for investment:

• Cash Fund

  This fund aims to provide stability in the value of your investment but by doing so it has lower potential for growth.

  The fund invests in short-term, sterling based assets which are issued by governments, high quality banks and companies.

  The interest earned on this fund may not keep up with inflation or the fund’s charges so you may end up with less than you initially invested. This fund may be suitable if you want a lower risk investment or if you’re close to retiring.

   

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.24

  Additional variable expenses apply to the Cash Fund. These are currently 0.013%, and are incorporated in the charge shown but can go up or down over time.

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• Shariah Global Equity Fund

  This fund aims to track as closely as possible the performance of the Dow Jones Islamic Market Titans 100 Index. The Index is comprised of shares of companies in emerging and developed markets globally.

  The fund will only invest in shares of companies that meet Shariah compliance principles, as interpreted or approved by HSBC’s Shariah Committee.

  As this fund tracks a share index, its value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

  This fund is provided by LGIM and managed by HSBC.

  Charge you pay (% pa)

  0.48

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• Short Dated GBP Corporate Bond Index Fund

  This fund aims to provide a combination of growth and income by tracking the performance of the Markit iBoxx GBP Corporates 1-5 Index.

  This fund invests in short-dated company bonds with less than 5 years to maturity, which tend to be less sensitive to changes in interest rates than longer-dated bonds.

  This may be a relevant consideration if you are approaching retirement.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.27

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• Sustainable Global Equity Index Fund

  The fund aims to track the performance of the Solactive L&G ESG Global Markets Index, which aims to provide exposure to shares of companies in developed and emerging markets while reflecting significant environmental, social and corporate governance (ESG) issues.

  As this fund tracks a share index, its value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.27

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• Sustainable Multi Asset Fund

  This fund invests in a range of assets which may include (developed and emerging markets) equities, government and corporate bonds and cash.

  As it is invested in a mixture of assets including shares, its value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you would like a more stable fund or if you're close to retiring.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.31

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• Sustainable UK Equity Index Fund

  The fund aims to track the performance of the Solactive L&G ESG UK Index which aims to provide exposure to the UK equity market while reflecting significant environmental, social and corporate governance (ESG) issues.

  As this fund tracks a share index, its value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.21

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• Target Date Fund: 2020 – 2025 Retirement

  Each Target Date Fund invests in a wide range of assets such as equities, government and corporate bonds, property and infrastructure.

  The mix of investments changes over time as you get closer to retirement. For instance, if you’re a long way from your target retirement date, the fund will invest more of your pension savings in higher risk investments, such as company shares. Although they are more likely to go up and down in value in the short term, this type of investment is also more likely to grow your pension savings over the longer term.

  If you’re closer to retirement, the fund will invest more of your pension savings in lower-risk investments, such as bonds and cash. Although they may not grow by as much, your savings are less likely to fall in value, enabling you to plan for your retirement with more confidence.

  For more information on Target Date Funds, LGIM has produced a Target Date Fund Member Guide which you can find on their website here. When reading this guide, please be aware it covers a broad range of defined contributions (DC) examples, some of which may not apply to BTPS members. For instance, it gives examples of money remaining in a Target Date Fund past a target date. However, within BTPS, your AVCs are disinvested in full when you take your pension, so a graph showing an investment at ‘Stage 4’ may not apply.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.40

  Additional variable expenses will be applied on the Target Date Funds. These are currently 0.019% for this fund but can go up or down over time. These expenses are not incorporated in the charge shown.

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• Target Date Fund: 2025 – 2030 Retirement

  Each Target Date Fund invests in a wide range of assets such as equities, government and corporate bonds, property and infrastructure.

  The mix of investments changes over time as you get closer to retirement. For instance, if you’re a long way from your target retirement date, the fund will invest more of your pension savings in higher risk investments, such as company shares. Although they are more likely to go up and down in value in the short term, this type of investment is also more likely to grow your pension savings over the longer term.

  If you’re closer to retirement, the fund will invest more of your pension savings in lower-risk investments, such as bonds and cash. Although they may not grow by as much, your savings are less likely to fall in value, enabling you to plan for your retirement with more confidence.

  For more information on Target Date Funds, LGIM has produced a Target Date Fund Member Guide which you can find on their website here. When reading this guide, please be aware it covers a broad range of defined contributions (DC) examples, some of which may not apply to BTPS members. For instance, it gives examples of money remaining in a Target Date Fund past a target date. However, within BTPS, your AVCs are disinvested in full when you take your pension, so a graph showing an investment at ‘Stage 4’ may not apply.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.40

  Additional variable expenses will be applied on the Target Date Funds. These are currently 0.006% for this fund but can go up or down over time. These expenses are not incorporated in the charge shown.

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• Target Date Fund: 2030 – 2035 Retirement

  Each Target Date Fund invests in a wide range of assets such as equities, government and corporate bonds, property and infrastructure.

  The mix of investments changes over time as you get closer to retirement. For instance, if you’re a long way from your target retirement date, the fund will invest more of your pension savings in higher risk investments, such as company shares. Although they are more likely to go up and down in value in the short term, this type of investment is also more likely to grow your pension savings over the longer term.

  If you’re closer to retirement, the fund will invest more of your pension savings in lower-risk investments, such as bonds and cash. Although they may not grow by as much, your savings are less likely to fall in value, enabling you to plan for your retirement with more confidence.

  For more information on Target Date Funds, LGIM has produced a Target Date Fund Member Guide which you can find on their website here. When reading this guide, please be aware it covers a broad range of defined contributions (DC) examples, some of which may not apply to BTPS members. For instance, it gives examples of money remaining in a Target Date Fund past a target date. However, within BTPS, your AVCs are disinvested in full when you take your pension, so a graph showing an investment at ‘Stage 4’ may not apply.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.40

  Additional variable expenses will be applied on the Target Date Funds. These are currently 0% for this fund but can go up or down over time. These expenses are not incorporated in the charge shown.

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• Target Date Fund: 2035 – 2040 Retirement

  Each Target Date Fund invests in a wide range of assets such as equities, government and corporate bonds, property and infrastructure.

  The mix of investments changes over time as you get closer to retirement. For instance, if you’re a long way from your target retirement date, the fund will invest more of your pension savings in higher risk investments, such as company shares. Although they are more likely to go up and down in value in the short term, this type of investment is also more likely to grow your pension savings over the longer term.

  If you’re closer to retirement, the fund will invest more of your pension savings in lower-risk investments, such as bonds and cash. Although they may not grow by as much, your savings are less likely to fall in value, enabling you to plan for your retirement with more confidence.

  For more information on Target Date Funds, LGIM has produced a Target Date Fund Member Guide which you can find on their website here. When reading this guide, please be aware it covers a broad range of defined contributions (DC) examples, some of which may not apply to BTPS members. For instance, it gives examples of money remaining in a Target Date Fund past a target date. However, within BTPS, your AVCs are disinvested in full when you take your pension, so a graph showing an investment at ‘Stage 4’ may not apply.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.40

  Additional variable expenses will be applied on the Target Date Funds. These are currently 0% for this fund but can go up or down over time. These expenses are not incorporated in the charge shown.

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• Target Date Fund: 2040 – 2045 Retirement

  Each Target Date Fund invests in a wide range of assets such as equities, government and corporate bonds, property and infrastructure.

  The mix of investments changes over time as you get closer to retirement. For instance, if you’re a long way from your target retirement date, the fund will invest more of your pension savings in higher risk investments, such as company shares. Although they are more likely to go up and down in value in the short term, this type of investment is also more likely to grow your pension savings over the longer term.

  If you’re closer to retirement, the fund will invest more of your pension savings in lower-risk investments, such as bonds and cash. Although they may not grow by as much, your savings are less likely to fall in value, enabling you to plan for your retirement with more confidence.

  For more information on Target Date Funds, LGIM has produced a Target Date Fund Member Guide which you can find on their website here. When reading this guide, please be aware it covers a broad range of defined contributions (DC) examples, some of which may not apply to BTPS members. For instance, it gives examples of money remaining in a Target Date Fund past a target date. However, within BTPS, your AVCs are disinvested in full when you take your pension, so a graph showing an investment at ‘Stage 4’ may not apply.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.40

  Additional variable expenses will be applied on the Target Date Funds. These are currently 0% for this fund but can go up or down over time. These expenses are not incorporated in the charge shown.

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• Target Date Fund: 2045 – 2050 Retirement

  Each Target Date Fund invests in a wide range of assets such as equities, government and corporate bonds, property and infrastructure.

  The mix of investments changes over time as you get closer to retirement. For instance, if you’re a long way from your target retirement date, the fund will invest more of your pension savings in higher risk investments, such as company shares. Although they are more likely to go up and down in value in the short term, this type of investment is also more likely to grow your pension savings over the longer term.

  If you’re closer to retirement, the fund will invest more of your pension savings in lower-risk investments, such as bonds and cash. Although they may not grow by as much, your savings are less likely to fall in value, enabling you to plan for your retirement with more confidence.

  For more information on Target Date Funds, LGIM has produced a Target Date Fund Member Guide which you can find on their website here. When reading this guide, please be aware it covers a broad range of defined contributions (DC) examples, some of which may not apply to BTPS members. For instance, it gives examples of money remaining in a Target Date Fund past a target date. However, within BTPS, your AVCs are disinvested in full when you take your pension, so a graph showing an investment at ‘Stage 4’ may not apply.

  This fund is managed by LGIM.

  Charge you pay (% pa)

  0.40

  Additional variable expenses will be applied on the Target Date Funds. These are currently 0% for this fund but can go up or down over time. These expenses are not incorporated in the charge shown.

  VIEW FUND FACTSHEET

In May 2022, we closed our previous range of AVC funds and moved members' investments to our current range of funds. The table below shows where investments in each of the closed funds moved to. Our letter in March 2022 explained these changes - read a copy here.

• Standard Life With-Profits Fund

  Category

  With-Profits Fund

  
  

  Invesments in

  A wide spread of UK and overseas shares, property holdings and government and corporate bonds.

  
  

  Aim of the fund

  With-profits is a medium to long-term investment policy which aims to offer a protection from short-term market movements.

  The fund is invested in a mix of assets. The return on those assets is one of the factors that affects the with-profits fund value and the rate of bonuses paid. Other factors might include smoothing or deductions (such as expenses and the cost of guarantee). Smoothing is a hold back of proportion of the return in good years with the aim of supporting bonus pay-outs in years where returns are weaker.

  There are two types of bonuses: regular (added during the term of the investment, usually in February) and a final bonus which might be added when your benefits are paid depending on how the assets have performed.

  The bonus rate growth is typically not guaranteed but the original investment amount less deductions, such as expenses plus accrued regular bonuses, (the “guaranteed amount”) is, subject to continued solvency of the insurer and the withdrawal of the policy being made at particular times – for instance a retirement date.

  Please note that if you switch from the Standard Life with-profits fund, you may be giving up valuable guarantees and your fund may be subject to a reduction in value. A guide to Standard Life’s with-profits funds is available here.

  
  

  Charge you pay: Charges for administration expenses, investment management and the cost of guarantees are not taken directly from the fund but are taken account of before any bonuses are paid.

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