Investment implementation document. How we deliver on our investment principles

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1 Investment implementation document How we deliver on our investment principles As at June 2015

2 2 Contents Introduction 3 Background 4 Schedule A NEST fund managers 6 Schedule B NEST funds asset allocation 8 Schedule C other partners 11 Schedule D signatories 12 Appendix useful information 13

3 3 Introduction Our funds are managed by professional fund managers, each of whom is authorised and regulated by the Financial Conduct Authority and operates within the framework of principles and policies set down by the Trustee of the National Employment Savings Trust (NEST) 1. The Investment implementation document (IID) shows how these investment principles and policies are implemented in the dayto-day management of NEST funds. It is intended as a companion to the Quarterly investment report and Statement of Investment Principles (SIP). The SIP outlines the principles and policies that govern the investment decisions taken by or on behalf of NEST. It should also be read alongside Looking after members money, which has more detail on the development and delivery of NEST s investment approach. The information in the IID, including all schedules and tables, will be amended as necessary by the NEST in-house investment team to reflect changes to NEST s SIP or investment arrangements. 1 In this document we use the term NEST to refer to the scheme s legal name, the National Employment Savings Trust. We sometimes also use it to refer to the scheme s trustee, the National Employment Savings Trust Corporation.

4 4 Background 1.1 Based on our understanding of the diverse needs of our target group, we have aimed to develop an approach to investment that offers: a well-constructed default strategy the NEST Retirement Date Funds with clear return objectives and a carefully managed risk profile a selection of fund choices for those who want a different level of risk, an approach that matches their ethical concerns or an approach based on Islamic law. As a whole, the complete range of NEST Retirement Date Funds and the selection of fund choices are called NEST funds. 1.2 The NEST Retirement Date Funds use a portfolio of returnseeking assets, which aim to maximise long-term growth, and income-seeking assets, which primarily aim to preserve capital value and generate steady income. Our objective is to provide investment returns above the rate of inflation 2 over the long term, after charges are taken into account. 1.3 Each fund will be dynamically moved between return-seeking and income-seeking assets in a lifecycle of three phases that reflects the differing needs of members at different times of their lives. The Foundation phase is designed for young investors (in their 20s) to build up a savings pot. The Growth phase is about making a member s retirement pot grow quickly. 2 Our chosen measure of inflation is the Consumer Price Index (CPI)

5 5 1.4 The Consolidation phase prepares a scheme member s assets for retirement and typically begins ten years before their NEST Retirement Date Fund matures. Investments in this phase are progressively switched out of higher risk assets. The primary objective of the Consolidation phase for funds maturing from 2021 is to outperform CPI after all charges while aiming to progressively dampen volatility as a scheme member s fund approaches maturity. For NEST Retirement Date Funds maturing through 2020, the Consolidation phase objective is to manage the risks associated with converting a member s accumulated savings into a cash lump sum. 1.5 Each of NEST s other fund choices has an investment goal that focuses on a specific member investment preference. For some members this will be a position on risk, while other members will want to match the investment approach with their ethical concerns or Sharia provisions. We tailor these products to meet these preferences. 1.6 NEST has researched the range of assets needed to achieve the goals of the fund range. On the basis of this research we have engaged world-class asset managers to provide a range of funds that support the management of risk and return through diversification across asset classes within the NEST funds. This range of asset classes is being expanded over time. 1.7 Full detail of the comprehensive member research and investment consultation that formed NEST s investment approach can be found in the NEST Member Research Brief and PADA s Building personal accounts: designing an investment approach, Key findings of the public consultation.

6 6 Schedule A NEST fund managers 2.1 Schedule A shows the underlying investment funds used by NEST to implement the investment strategy of the NEST fund range. It also shows the total exposure of all NEST funds to each underlying fund as a percentage of all the money managed by NEST, as at end June By investing in the current range of underlying funds NEST s investments are held 100 per cent in regulated markets and 100 per cent in assets that can be easily sold, as at end June Table 1 Asset class Fund manager Date appointed Investment approach Benchmark Fund name Exposure to asset class as at June 2015* Global developed equities UBS Global Asset Management February 2011 Passive FTSE All World Developed Index UBS Life World Equity Tracker Fund 41.1% UK gilts State Street Global Advisors February 2011 Passive FTSE Actuaries All Stocks Index SSgA UK Conventional Gilts All Stocks Index Fund 6.0% UK indexlinked gilts State Street Global Advisors February 2011 Passive FTSE Actuaries Index Linked Gilts over 5 years Index SSgA UK Index Linked Gilts over 5 Years Index Fund 4.8% Low-risk sterling liquidity BlackRock February 2011 Active Seven-day LIBID BlackRock Aquila Connect Cash Fund 11.8% Global ethical equities F&C Investments April 2011 Active MSCI World Index F&C Responsible Global Equity Fund 0.1% Sharia compliant equities HSBC Global Asset Management April 2011 Passive Dow Jones Islamic Titans 100 HSBC Amanah Global Equity Index Fund 0.1%

7 7 Table 1 continued Asset class Fund manager Date appointed Investment approach Benchmark Fund name Exposure to asset class as at June 2015* Sterling investment grade bonds Royal London Asset Management April 2012 Active iboxx Sterling Non-Gilt All Maturities Index Royal London UK Corporate Bond Pooled Pension Fund 11.0% UK direct property Legal & General Investment Management July 2013 Active REF/IPD UK Quarterly Property All Balanced Funds Index LGIM Managed Property Fund 0.2% Hybrid property (UK direct property and global listed property) Legal & General Investment Management July 2013 Active FTSE EPRA/NAREIT Global REITS/REF/ IPD UK Quarterly Property All Balanced Funds Index LGIM Hybrid Property Fund (70% UK direct property, 30% Global listed property) 19.6% Ethical corporate bonds F&C Investments April 2014 Active iboxx Sterling Non- Gilt All Maturities Index F&C Responsible Sterling Bond Fund 0.02% Emerging markets (alternative index) HSBC Global Asset Management June 2014 Passive HSBC Economic Scale Emerging Markets Index HSBC GIF Economic Scale Index Emerging Markets Equity Fund 1.5% Emerging markets (alternative index) Northern Trust July 2014 Passive MSCI Emerging Markets Custom ESG Index Northern Trust Emerging Markets Custom ESG Equity Index Fund 1.3% Single year gilts LGIM April 2015 Buy and hold N/A LGIM Single Year Gilt Funds 2.6% * Figures shown to 1 decimal place and may be affected by rounding.

8 8 Schedule B NEST funds asset allocation 3.1 Schedule B shows the selection of funds adopted by NEST to enable delivery of our investment approach. This includes the strategic asset allocation set for all NEST funds within which NEST s assets will be invested and managed, as at June Table 2 NEST fund NEST fund phase Asset class building blocks Target asset allocation** Foundation phase 1. Global developed equities NEST Retirement Date Funds Growth phase Consolidation phase 2. UK gilts 3. UK index-linked gilts 4. Low-risk liquidity 5. UK single year gilts 6. Sterling investment grade bonds 7. UK direct/global listed property See Schedule B - Figure 1 Each NEST Retirement Date Fund follows a glide path with a varying asset allocation each year. The glide path allocation is managed dynamically and factors in market conditions that contribute to delivering the investment objectives. 8. Emerging market equities (alternative and ESG index) 1. Global ethical equities % 2. UK direct property % Foundation phase 3. UK gilts - 8.9% 4. UK index-linked gilts - 8.7% NEST Ethical Fund 3 Growth phase 1. Global ethical equities 2. Ethical corporate bonds 3. UK gilts 4. UK index-linked gilts 5. UK direct property 5. Ethical corporate bonds % 6. UK single year gilts % 1. Global ethical equities - 51% 2. UK direct property - 21% 3. UK gilts - 5.2% 4. UK index-linked gilts - 5.1% 6. UK single year gilts 5. Ethical corporate bonds % 6. UK single year gilts - 6% 1. UK gilts % Consolidation phase 2. Ethical corporate bonds % 3. UK single year gilts - 25% **Figures shown to 2 significant figures and may be affected by rounding. 3 The Ethical Fund is automatically lifecycled across three phases. Switching from Foundation to Growth is linear and occurs annually over five years. Switching from Growth to Consolidation is linear and occurs annually over 10 years. 4 Members in the Higher Risk Fund are wholly switched into the appropriate Retirement Date Fund when they are 10 years from their expected year of retirement.

9 9 Table 2 continued NEST fund NEST fund phase Asset class building blocks Target asset allocation** NEST Sharia Fund 1. Sharia compliant equities 1. Sharia compliant equities - 100% 1. Global developed equities 1. Global developed equities % NEST Higher Risk Fund 4 Growth phase 2. UK direct/global listed property 3. Emerging market equities (alternative and ESG index) 2. UK direct/global listed property % 3. Emerging market equities (alternative and ESG index) - 8% NEST Lower Growth Fund 1. Low-risk liquidity 1. Low-risk liquidity - 100% NEST Pre-retirement Fund 1. UK gilts 2. Sterling investment grade bonds 3. Low-risk liquidity 1. UK gilts % 2. Sterling investment grade bonds % 3. Low-risk liquidity - 25% **Figures shown to 2 significant figures and may be affected by rounding. 3 The Ethical Fund is automatically lifecycled across three phases. Switching from Foundation to Growth is linear and occurs annually over five years. Switching from Growth to Consolidation is linear and occurs annually over 10 years. 4 Members in the Higher Risk Fund are wholly switched into the appropriate Retirement Date Fund when they are 10 years from their expected year of retirement.

10 Figure 1 shows the asset allocation as at June 2015 for each asset class in the NEST Retirement Date Funds Figure 1 100% 80% 60% 40% 20% 0% NSF Low-risk liquidity Global developed equities UK gilts Sterling bonds Single gilts UK index-linked gilts Property Emerging markets

11 11 Schedule C Other partners 5.1 NEST has also employed the following Partners to engage in jointly delivering the scheme with NEST. Service Partner Detail Fund administration and global custody services State Street Bank and Trust Company Investment in the asset classes shown in Schedule A and any additional asset classes procured to facilitate NEST s investment of assets in the early years of NEST will generally be made through pooled investment funds. The manager of each of these funds is responsible for appointing a custodian with regard to the safekeeping of the assets. Additionally NEST appointed State Street Bank and Trust Company in October 2010 to facilitate and account for the investment in these pooled funds including calculating daily prices of the Retirement Date. Once NEST starts investing in its own segregated funds, State Street will provide custody services. Risk management services MSCI Barra International MSCI Barra was engaged in July 2011 to help the NEST Investment Team in the day-today implementation of the NEST Risk Management Framework. This includes the four high-level guiding principles set out in the SIP. Investment advisory services Allianz Global Investors (RiskLab) Allianz GI provide a range of investment advisory services including the provision of Capital Market Assumptions and economic scenarios for Monte Carlo simulation. Active ownership partner Royal London Asset Management (RLAM) NEST has a duty to act responsibly with regards to the assets it owns on behalf of NEST members. RLAM supports NEST in its in-house policy development and delivers advice on issues relating to responsible investment.

12 12 Schedule D Signatories 6.1 NEST has become signatories to the following standards. United Nations-backed Principles for Responsible Investment (PRI) in October 2011 Financial Reporting Council UK Stewardship Code in December 2011

13 13 Appendix Useful information The following documents can be found on our website. Statement of investment principles (SIP) This outlines the investment principles that guide the way we have put together our investment approach and fund range. Looking after members money A companion document to the SIP outlining our investment approach, including how it was developed by our Trustee Members and how we deliver it. Quarterly investment report A quarterly report on the default range of NEST Retirement Date Funds and NEST s fund choices. This report outlines the asset allocation and performance of funds including the performance of each of the NEST Retirement Date Funds.

14 NEST Corporation Riverside House 2a Southwark Bridge Road London SE1 9HA nestcorporation.org.uk/nestforadvisers Visit our website: nestpensions.org.uk Nest Corporation All rights reserved. This information does not constitute financial, investment or professional advice and should not be relied upon as such. Reproduction in any form of all or any part of this document is prohibited. NS059 IID 08/2015

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